I’m afraid I lost money on that one. The annoying thing is if I had waited for the daily signal, which was very similar my entry would have been higher and I would not have been entered in as price went straight down.
I didn’t see the NZD trade you spotted, what timeframe was that in?
Is this strategy working out for you? It’s still a bit hit and miss for me.
I was in the same trade. Same entry and got out a little bit before you. Well done.
Check H8 charts.
And I love this strategy out of all the ones I’ve used. I’ve traded Johnathan Fox’s strategy, Nial Fuller’s, Chris Capre’s and a few other price action strategies on this forum. I enjoy this one the most because NickB teaches to trade indecision rather than particular candlestick formations like pin bars, engulfing bars etc. This gives traders a wider variety of trade opportunities. He also places huge emphasis on predefine S/R levels. A huge mistake I was making was looking for the price action signals like PBs and engulfing bars first then looking for a S/R level where that signal formed rather than vice versa. His strategy helped me rid that habit. I just generally found his strategy to be the most versatile, the easiest to learn and the most profitable (for me).
I ended up trading half the amount of pairs as I did with the other strategies, having more trades each week and being more profitable.
What’s funny is that all these other trade mentors have a ton more content in their respective forum threads/websites, but I found that I was the most profitable with Nick’s strategy that has relatively less content. Still a healthy amount of content though.
But alot of strategies are profitable. It’s about finding one that resonates with you.
Just my 2c.
Hey Xtromist,
I’m really glad to hear you are doing well with this system.
I’ve read up on all the free stuff from Jonathan, Nial and Nick B as well, and couldn’t decide who to go with as they were so similar. In the end I paid for Nial’s course (just four days ago) and was very disappointed with it.
You find all the advertising for more courses, platforms and toolbars that he makes money from before you finally find the PDF files that contain the course (took me about 30 minutes to find). Then on reading it the grammar and spelling mistake was as bad as Jonathan’s which is one reason I had gone with Nial in the first place.
It feels a bit like the handouts you get after you have attended a seminar somewhere, luckily there are lots of diagrams to make up for the poor description.
The worst thing about it is that I learnt nothing new from it that I didn’t already know from all the freebies provided by Jonathan and Nick B. Also, his teaching is very confusing, because there are so many variables that he talks about, there is no clear cut strategy in place, instead you have to figure out which one of his different proposals might fit in to each scenario, and there are quite a few.
The two good things about the course seems to be the daily commentary, which you can use to the check your s/r levels with his. And also in the member’s area you can see what other people are thinking about the same setups that you have identified. Both helpful for beginners.
But it’s the confusing strategies and few other things that have led me back here.
UPDATE:
Since writing the above post I have asked Nial for a refund and offered my feedback, he has been a true gentleman and given me refund within hours of my request. The least I can say is that he is a very honest man.
I know how you feel. I have spent a year dipping my toe in each of those mentor’s courses.
I have paid for Nial’s course as well. If you are disappointed, you can get a refund within 30 days of your purchase which is what I did. The stuff he teaches in his course is nothing new compared to his free stuff. The daily commentary, which people argue is worth buying the course purely for, is almost identical to the free one except for maybe 1-2 additional commentaries on more currency pairs. I have also paid for Chris Capre’s course from http://www.2ndskies.com. I don’t trade the way he teaches but he has helped me alot on the psychological side of trading.
Honestly, I found myself better off avoiding all these daily commentaries and forums on what other traders think. It maybe have been a helpful resource at the start but I think it is detrimental in the long run. Back when I looked at them each day, I wasn’t satisfied with many of the setups but ended up convincing myself that the ones posted were decent and I should take them even though I knew they were marginal. This resulted in additional money being lost. Although I have strengthened psychologically as a trader since then.
When you talk about there being no clear cut strategy–that’s just price action trading all together. All the mentors can really do is give you a set of guidelines to follow and for you to go practice them on a live/demo trading account and ultimately master them via practice. It’s a discretionary form of trading rather than something like EMA crossovers which are more rule based.
If you want to learn more about Nick B’s strategy, I found that his youtube videos are alot more useful than anything on the website. Although I think he recently started revamping the website.
Where is your trading going? Or are you just kinda stuck in limbo? What aspects of all the mentors’ teaching resonates with you the most?
Hi Xtromist,
Luckily I signed up for the 3 Ducks system just over a month ago, it is the only system that is making money for me. Though in the first month I lost money because I failed to follow his strategy properly because of my own bad habits / psychology. It is the easiest system I have ever come across.
However, I think by his own admission (Andy) as it is a trend strategy there are some months where you will have small losses or no trades. For that reason I wanted a second strategy under my belt that was quite different and price action seemed to fit the bill as you can trade it in a range once you’re good.
The most valuable lessons I’ve learnt are about Support and Resistance lines which I had not given enough importance to before. And I’m also starting to see the real value of Pin Bars.
I’ve also set up an excel sheet which acts as a rule reminder and trade journal. This has been invaluable in using the 3 Ducks method so I’m trying to apply it to Price Action now.
On PA, I’m slightly below breakeven, but to be honest I’m pretty much practising on a micro account so I’m not actually losing lots of money, but I find I learn much more this way than demo trading because it is a real loss that forces me to investigate why a trade didn’t work out.
: )
this is the Setup I was waiting for, i will try to enter on Monday opening. usd/cad Daily chart Pin from Support,
thanks Xtromist. what is your openion about USD/CAD setup i posted…
I actually got in that one too. Got triggered early Friday. Except I got in a little earlier and on the H8 chart I believe. Or it might have been the H4 instead of the daily. I would check but I can’t access my platform since trading is closed for the weekend. I don’t mind holding it for the weekend contrary to Nick’s ideologies.
I don’t quite like this one. Not much of a preceding trend.
force199,
My advice as a relatively new trader is to stick with one and master that system/strategy. Learning a variety isn’t going to make you a profitable trader. I started with that “Cowabunga” that you see everywhere on this site. It was more rule based and I wanted something more “pure” which led me to naked charts. Went through JFox’s, NFullers’s, CCapre’s, JKruger’s strategies. They all had their own spin on PA all fundamentally similar. Ended up liking Nick’s the most because his was very simple. And his strategy doesn’t have much to it.
JFox’s strategy is to trade pinbars and engulfing bars… but I knew there were more reversal opportunities in the charts and wanted to take advantage of them rather than stick to predefined candle formations.
NFuller’s… I don’t know. I really don’t. Couldn’t stick around. As I mentioned before, the paid course was nothing new from the free content. He also preaches predefined candle formations like pinbars, inside bars etc. I think JFox was taught by NFuller anyway. Similar style.
JKruger’s “Price Action That Matters” thread on this forum is also similar as he was taught mostly by JFox. But I may be wrong.
CCapre’s strategy is all over the place (not necessarily in a bad way). He teaches to trade predefined candles, candle formations, and advises trading lower time frames (I hate it) as his system is more statistic based so the more the merrier. I’d argue his course has the most content that’s also the highest quality compared to the other mentors. However he’s one of those people that only show mostly perfect examples in his trade videos, which is important to have because you need a benchmark but if the majority are them are “perfect” then it’s hard to learn. If anything, he helped me alot with the psychological side of trading more than anything.
Another thing that also seems to be common with all these mentor except for maybe JFox is the 50% retrace entry on candles like pinbars. Long story short–place an entry at the 50% fib retrace level on a pinbar and wait for it to trigger. I found that I lost more money to the trend continuing on after my entry was hit and also losing alot of trades because I didn’t hit my entry at all. And I don’t know, maybe Nick teaches it in his advanced course and maybe he can change my opinion on it if he does but otherwise trading on confirmation (at the low/high) works beautifully for me.
I think what alot of those mentor do wrong is place more emphasis on the candle formations (pinbars etc) than they do the actual S/R levels. Which is a huge trap that’ll make you lose money. Nick B actually posts his levels on his website and that almost forced me to go place them on my own charts. And in doing that I learned how he places his levels and how I should place mine (although his videos on S/R are pretty good too). His strategy all together is alot more about the level than the candle which I appreciate.
It’s all finding a strategy that resonates with you and just putting it to practice. Out of all the ones I’ve been through I stuck with Nick’s. I wouldn’t worry so much about profitability-- I’d argue that all these strategies are profitable. It’s more about the person that uses it rather than the strategy itself.
Hi Sallu,
I’ve also spotted this USDCAD setup, I was just wondering on yours and Xtromists take on entry as according to Nick’s rules (point 3. below), we should still wait for a confirmation candle after the indecision candle.
IE: Identify that the next candle after the indecision has a higher close than the open/close of the indecision candle and a higher low than the low of the indecision candle.
Also, I have found that setups that build up on Friday don’t always follow through on Monday, because traders seem to have had time to re-think what they were doing in the last week, take a breather, etc. Hence Monday mornings nearly always being slow in forming a decisive direction.
BUY TRADES
Thanks for the advice Xtromist.
I’ve pretty much mastered the 3 Ducks system as it is so simple. Normally I would give the same advice to others, but because of what I do in my work life, I’ve been doing extreme multi-tasking for several years and have become very good at learning different things without mixing them up. But I do appreciate the advice.
Like you I was also confounded by the 50% entry rule, and when I checked PIN formations on the live charts and the action that followed it didn’t make that much sense to me either.
All the best. Have a good weekend.
I didn’t see the part about the entry. My entry was on the H8 chart rather than the daily. See the picture below.
1 – Strong preceding trend. All bearish candles from the resistance to the support level. Starts off with smaller bearish candles near the resistance. As it gets to the middle between the support and resistance levels, the bearish candles increase in size. And toward the end, near the support level, you see a long wick testing that level, then a smaller bearish candle after that. Almost perfect. Shows the bears are losing control and a change in control to the bulls may occur.
2-- Right above the number 2 is the first bullish candle of the bearish preceding, right at our support level. This is arguably an inverted pinbar or a doji depending on how loosely you define those formations. Most importantly it’s a sign of indecision. Exactly what we’re looking for.
I place my entry above the high of that first bullish candle and a stop below the low. Roughly a 30-35 pip stop.
For my target, I set it just before the next resistance level. However, there is a psychological level in the way of that. So I have set a price alert to let me know when(if) price is at that level so I can see how price is reacting to that level live.
3 – Price heads down and shoots right back up (this formed a nice pin bar on the daily chart). As it shoots back up it triggers my entry.
As I mentioned before, this trade was triggered early on friday and I held it over the weekend. It is kind of in limbo right now (Not moving up or down) but that’s OK because it got triggered on a friday, nothing major happened on the weekend and the banks are closed today (Monday) so it really hasn’t had a chance to move. The problem comes in tomorrow (Tuesday)…
Canadian and US news are to be released tomorrow morning (EST)–one of which is considered to have high impact. I’m most likely going to either close it out before the news for likely a small profit or a small loss, or I will tighten my stop and monitor it live to see how price is reacting to it. I have not decided yet.
Thanks for the step by step walkthrough, really useful. It really shows how your mind was working.
I’ve been waiting for the price to break above the PIN high on the daily, but now my IC Markets demo has frozen I’m just gonna go to bed : )
1 – Strong preceding trend. All bearish candles from the resistance to the support level. Starts off with smaller bearish candles near the resistance. As it gets to the middle between the support and resistance levels, the bearish candles increase in size. And toward the end, near the support level, you see a long wick testing that level, then a smaller bearish candle after that. Almost perfect. Shows the bears are losing control and a change in control to the bulls may occur.
2-- Right above the number 2 is the first bullish candle of the bearish preceding, right at our support level. This is arguably an inverted pinbar or a doji depending on how loosely you define those formations. Most importantly it’s a sign of indecision. Exactly what we’re looking for.
I place my entry above the high of that first bullish candle and a stop below the low. Roughly a 30-35 pip stop.
For my target, I set it just before the next resistance level. However, there is a psychological level in the way of that. So I have set a price alert to let me know when(if) price is at that level so I can see how price is reacting to that level live.
3 – Price heads down and shoots right back up (this formed a nice pin bar on the daily chart). As it shoots back up it triggers my entry.
…
Canadian and US news are to be released tomorrow morning (EST)–one of which is considered to have high impact. I’m most likely going to either close it out before the news for likely a small profit or a small loss, or I will tighten my stop and monitor it live to see how price is reacting to it. I have not decided yet.[/QUOTE]
Good call. My entry/stop is more risky. If you’re taking it on the daily then you might run into an issue with the RR being relatively poor depending on where you put your stop. The issue is that it’s a pretty large pin bar and ideally you would want to place a stop at the low–but that would offer a RR that would not justify taking this trade. However if you do take it and place a tight stop, price may revisit/retest that support again and potentially hit your stop. This is a similar situation to Nick’s most recent video here. But good night :).
