Pure Price Action For Dummies

Beginner Questions Candlesticks, Chart Patterns, and Price Action
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Trading Tools / Parameters.

  1. Time Frame ( TF )
  • Day TF for market bias
  • Hour 1 TF for entry, SL and TP
  1. Indicators
  • None
  • Candlesticks only
  • Warning. Adding Indicators to this without knowing what you are doing will cause you to loose pips / money.

3.Trading Hours.

  • All market hours. Monday to Friday. The only thing that matters is valid bias and entry.
  • Preferably UK open ( 3pm GMT + 8 ) to US close ( 5 am GMT + 8 ).

4.Stop Loss ( SL )

  • None / Imaginary *Warning, not recommended for newbies
  • Practical SL. Previous wave peak. Or previous D TF wave peak if entry is on today’s HH or LL.
  1. Holding Period
  • Rarely more than a few hours. Max one day. Greed occasionally makes me hold longer.

Take Profit ( TP )

  • 40 to a 100 ++ pips per entry. Ability to read waves really helps.
  1. Entry Per Day.
  • Maximum of 2 entries. Ideal is one entry per day as only one valid entry is available per day if you look at it technically.

$$$$$$$$$$$$$$$$------------ EDIT : 24/05/2013 ----------$$$$$$$$$$$$$$$

  1. This trading method remains profitable to date.

  2. This method has changed a little over the years, where I no longer use correlation of currency pairs as a entry rule. Correlation has been discarded, only price action is used.

  3. Entry is focused on Day TF and Weekly now. Smaller TF is just used to pick entry signals.

  4. I only trade one or two times a week.

  5. USE A FREAKING SL!!! Was made to eat the humble pie once, and it cost me alot of money. Not recommended not to muse SL!!!

Thank you.

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