Thank you for the lengthy reply 
I totally agree with you regarding with not trading retracements and always going with the trend as your chances of success increase dramatically.
The reason I looked at that pinbar is because it reached a strong pivot line which might reverse the trend.
But I am 100% sure something was missing with my calculations.
lallous,
You were correct in thinking that AUDUSD counter-trend setup was valid, it was a valid setup. It just goes to show that counter-trend trading is inherently risky. There was nothing āwrong with your calculationsā, price action trading involves discretion, and part of that discretion is knowing which counter-trend setups are worth taking a risk on and which are not, and most of them are not. It can take years to develop the discretion required to successfully trading counter-trend setups. You are on the right track however, I can tell by your attitude!
Thanks Trader2000,
I believe what also helped the trade work was the prior strong uptrend.
If you delve into the 1hr/4hr and watch the PA you also see why it was not logical to go short.
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lallous,
I agree with you, it was not logical to short at the point you are talking about. It is always best to trade with the trend. I follow Nial Fullerās trend-trading methods with price action setups and according to what I have learned from him I only take trades in the direction of the dominant trend that are setup by a solid price action signal.
Hi trader2000 - once again, great thread!
Iām about 2 moths away now from my goal of virtual-trading successfully for 3 months before going in with real money :p, and Iām a big fan of Nialās approach.
So I wanted to know (if u r willing to share) a few things about the āreal worldā:
Thanks in advance
zoomba,
I do usually set my target at either 2 times risk or 3 times risk, but depending on how the trade progresses I might use a trailing stop technique to create a āfree tradeā situation as my trade moves into profit. I also do this to let certain trades run if I think they might push further than 2 or 3 times risk. But, overall, most moves will typically terminate or at least pause after moving about 3 times your risk, this is just a general rule of thumb that I have found to be true on average. Taking profits is still very much an art for me.
I typically use the pin bar , inside bar, and fakey, a lot of times the fakey setup will also be a pin bar, but you can trade the fakey without any pin bar present, this is a more refined approach that you can learn over at Nial Fullerās website, I would post a link but apparently babypips wonāt let me. I also try to trade these price action setups with the trend as opposed to against it, however sometimes there are some very good counter-trend setups at confluent levels.
I have been profitable month over month for about 3 straight months now. Nialās methods alone wonāt make you profitable though. Any trading strategy is only as good as the trader who is using it. Meaning, even a trading strategy with a guaranteed 80% accuracy rate could lose money if a trader over traded or over leveraged from lack of discipline. I like Nialās methods because I hate looking at indicators all over my charts and I like to keep things simple. But, I also know that I have a trading plan and a trading journal that keeps me accountableā¦a must have.
Hope this helped!
Hey everyone,
I just wanted to post up a chart of the 4hr EURUSD as it has exhibited some very good pin bar setups off support and resistance levels recently. Note all the yellow arrows in the chart, these were all pin bars that resulted in large moves. I actually traded one of these setups and netted about 150 pips.
Anyone catch this HUGE silver pin bar setup?
If you did catch it and ride it down be sure to send a thank you card to JPM.
Who is JPM? I caught this myself, I got he idea from Nial Fullerās commentary, I am a member there and he posted the daily silver pin bar up prior to it coming off.
Hi everyone, I just came across this thread and I have begun getting interested in the mechanics and trading using solely price action.
The problem I am having is where to start, does anyone mind sharing where I could study price action on the Internet? Iāve done plenty of Google searches and the results are somewhat limitedā¦
Thank you,
Clark.
Google ājames16 chart threadā
JP Morgan. They and HSBC have been involved in (ahem, allegedly) manipulating the spot silver market for years. I believe thereās an ongoing investigation into this. Long and the short of the allegations are that they would routinely drive down the market and invite other dealers along for the ride in order to profit from catching out weak paper longs trading on margin while also profiting from various options contracts from which they stood to benefit if silver was under such and such a price on a certain date.
However of late their short positions (and the dealers who they invited in) were getting royally squeezed as the price began to steadily climb up due to buyers of size pushing it up. The announcement of the investigations happened to neatly coincide with the price rocketing up. Hmmm. Anyway, after price was up around 29 margin requirements were increased in order to try and drive the price back down - probably at the behest of the big boys in the market. Thatās the way they play the game. The big pin bar you saw was when those margins were introduced and a lot of the over-leveraged speculative paper longs bailed to the relief of JPM and HSBC no doubt.
I think its pretty cool that I can just trade the price action signals and I donāt need to know any of the fundamental data you just discussed, its all reflected on the charts. Thanks for your input though! Interesting.
I learned from Nial Fuller, he is tons of free stuff, and his paid stuff is way cheaper than James16 because itās a one-time fee instead of a monthly fee of a hundred something dollars, the material is basically the same too, Nial teaches it better I feel, plus his website is way better and the new memberās forum is bomb. You can learn a lot from Nialās free stuff though even if you donāt become a member. I have been a member of both J16 and Nial, and I can say Nial offers much more bang for your buck. Google āNial Fullerā.
Hey everyone, check out this 4hr EURUSD pin bar I recently profited from, 2 times my risk on this one, a nice trade.
wow!!.. thatās errrrrā¦ yellow 
Hey everyone, I am new member and I am interested in learning about trading without indicators, seems like this thread is about that. I have been demo trading for like 6 months with very inconsistent results, I recently stumbled upon some information about price action trading and was wondering if anyone in this thread could give me some pointers / more information. Thanks.
The best advice I ever came across for this was:
Pick one currency to trade that you like
Pick a time-of-day that you like, that youāll be able to analyze chart consistently every day
Pick a timeframe(s) that you want to trade in
Then strip your chart of all indicators.
Sit and watch (or analyze, for longer term) during your time-of-day window.
Make trade selections, see how they work.
Repeat over and over.
Your brain will subconsciously begin to learn what worked in the past and what didnāt. Your #1 job is to follow this plan consistently. Your #2 job is to start a trading journal / markup charts with your ideas and thoughts after-the-fact. Review before new trading sessions.
This is how you train your brain to learn.
Wow I like what you posted
