Pure Price Action For Dummies

Correct your most volatile moves will tend to happen at LO. Do pay attention to all session open/close as around these times are when orders and profit taking will tend to happen (as long as no major news event disrupts the typical flow).

And after trading for quite a while, i started to see and appreciate the value of patience.
Wait for the right setup or dont even trade at all.
Iā€™ve been focusing quite a bit on H4 now, even though i still look at H1.
And i only take a trade if i see different pairs or TF confluence together.

thank you so much guys! :smiley:

thx for the sharing :slight_smile:

Been doing good so far with this method. Doesnā€™t anyone use any other indicatorā€™s apart from support and resistance ? Like the COT analysis,futureā€™s chartā€™s and such thingā€™s ?

Hi Pipstages I donā€™t use anything else, I get confused with too many information, thatā€™s why I like to keep it really simple.

This is the only method I use.

Love it and like it and want to recommend any new trader.

What you need is the patience for the setup thatā€™s it.

Pipstages,

Sharebazarā€™s comments make a lot of sense!!!

IMO the underlining concept behind Nikitafxā€™s ā€œPrice Action For Dummiesā€ is a complete stand alone winning trading method, no need to add indicators or other analysis. (truth is, I donā€™t even pay too much attention to S/R levels and still have had a lot of success with it)

But having said that, I would suggest when you feel you understand and are having success with the method, feel free to make the method [B]your own[/B]. Go ahead and add your own favorite tweaks, twists and analysis. But try not to overly complicate it and lose focus on the underlining cord trading concept. :wink:

I agree with what is already stated. This is a stand alone system and it works. You need nothing to help it out. All you will get is false signals if you add other tools.

COT data can help in determining bias but the problem with using it on this system is this is more of an intra day trading method. Where as COT is more geared toward long term trading. You can use the data and only trade when this system lines up with COT data. This IMO would give a higher probability but less trades and honestly is not needed to trade this system.

Hi all,

Been a while since I visited this thread and it is with sadness that I say that I wiped my 1st live account(wasnā€™t that much but it hurts) after trading for 8 months. To be fair I was surprised it lasted that long but sad because at one stage everything clicked but I wasnā€™t disciplined.

I took a 4 month hiatus and am now restarting a new live account.

My frank opinion is that this method works but the hard part is being disciplined enough to follow it. I created all sorts of rules and styles and in the end I got myself confused.

The hiatus was good as it cleared my mind up and it feels like I am a newbie again starting from scratch. The plan is to reread this thread or rather where I last left and take it easy and stop forgetting about the yacht and Lamborghini Aventador. :slight_smile: Focus on not losing money first and then focus on making money incrementally. I am also in demo mode with a few brokers as I donā€™t really like the previous broker.

Hope to chat with you guys soon and as they say it in hereā€¦happy pipping!

I am waiting for EU to go up. What do you guys think about EU? I find it difficult to see what the next move would be.

Sorry for my bad english. Iā€™m a Norwegian! :wink:

Your English is fine. IF you cant see what price is going to do then sit out. It is simple though is the daily at a significant area of S/R? If yes sit out. If no then follow commie rule. What was yesterday? If yesterday was a buy today we look for longs. If yesterday was a sell we look for shorts. I dont have a chart in front of me worth anything but it appears as though yesterday was a sell. So we wait for price to run into resistance and look to get short. Again it is hard for me to tell but looks as though we are in resistance.

Alright :wink: I will sit out today because i think that daily is around a support area. Patience really is key. It is not easy, this businessā€¦ But i like it :smiley:

Hi psylence welcome back, focus on not losing money and that is you are making money.

Hi magge91, 100 % agree with bob, I hope if you wait until the daily candle close today, you will see very clear chart tomorrow for EU.

I went short on UC missed my TP for 1 pip what a joke, but got out with 16 pips.

Knowing when not to trade is more important than knowing when to trade.

ehh, and I think it wouldnā€™t be patriotic to buy eoroā€¦ (?)
I bought it 2 times today.
btw, what happens when this system turns? are there someone who shorts from 1.2728?

Eur/USD is sitting right at support, does everyone here determine their own resistance and support levels by looking at the graph or does anyone go to the online sites like fx street and look at the suggested levels there?

Always trust you own eyes and not of some site. Who knows what charts timeframe they are looking at. Who knows how they or what they consider to be support. Not everyone thinks alike. You trade what you see not what they see

now am trying to sell it, (just as N/U) but itā€™s not a double top (15min) as I suspect. though, can fall, if masses see it like.
I felt much safer to buy it in dips today.

Could work out. As long as you can get past the Daily open of .8175 on Kiwi. But I would trail the stop down to cut risk fairly quickly. As the system here state if yesterday was an up day then you look for longs. The Kiwi went up yesterday.

I agree 100% with Bob, I would never trade a level that someone else gave me.

Personally Iā€™d say only trade your own analysis, thatā€™s the only way that you will improve. If you want to trade levels given by someone else then in my opinion that is moving away from being a trader, you might as well look into trade copying. Iā€™m not trying to be snippy, just giving my view!