Pure Price Action For Dummies

LOL.

What can I say?

Its the most important pattern of price movement, used to trade this method.

Its exhaustively discussed earlier in the thread.

LOL just found it. Breakout Pullback Continuation. :slight_smile:

Hi guys. Thank you very much for the good wishes. Two weeks today is the big day, Wednesday 27th Feb - heavy snowfall here at the moment, am kind of hoping this is the last lot as delivering a baby in the back of an old Land Rover doesn’t really appeal…

In terms of trading it’s looking a little mixed to me at the moment - a few decent Pairs are due a pullback so looking a little mixed/undecided. I’m still in my Fiber Long - currently tackling the 1.3500 level - but flat other than that.

ST - This is funny, and back to the correlation of GU and EU…

Not often we can both be correct in opposite directions :wink:

Lol yes - I just couldn’t bring myself, somehow, to enter opposing trades, so was relieved to see that bullish low test on yesterday’s Cable Daily as it made the decision easy. Glad to see that it has dropped for you today. I think Mervyn King wanted you to make some pips!

Congratulations mate. Wishing you all the best :slight_smile:

Thank you Nikitafx, I will wait tomorrow to see the confirmation then …

GOLD D TF

Dont usually trade gold cause of the big SL involved, but this is the best formation I could find for today. I believe gold might break explosively upwards sometime in the very near future.

Trade purely on D TF pullback candle, observe how price pulled back to the low of Monday, providing an entry.

GOLD H4 TF

Pullback on H4.

GOLD H1

This is the SL and the projected TP. Might cut it off earlier, depending how the market moves.

Please no posting AU charts till further notice. My trade that I accidentally left floating somewhere in cyber space looks to be stopped out this morning so I have some hard feelings. It was up quite a bit yesterday would I have trailed my stop down I would have a smile today.

Again that is why I cant stress enough the importance of a stop loss. We are human and we make mistakes along with stuff beyond our control. When these things happen (and they will) we can walk away and live to trade another day. Even though I appear to have taken a small loss if I had not put in a stop loss things could have been worse much much worse.

The same goes to Gold chart!

:stuck_out_tongue:

Nikita what is your win:loss trade ratio?
What is your average win/loss?

Enough for the thread to receive 1182 likes and be 260 pages long !!!

First account, for January, total trades 9. Profit 6, loss 2, BE 1. That makes it two to one. Average risk to reward ratio is 1 : 2.5 ( not all were 1 to 2 min Risk reward ratio ).

Small account. Total trades, 18. Profit 10, loss 6, BE 2. That makes five to four. Risk to reward ratio 1:2.7 average.

But than, there are the other smaller trades, 1 dollar a pip on the first acc, or 10 cents on the micro, which occasionally is done to proof a point to myself etc etc is not included.

The above are major trades that was anywhere between a 1 % to 5 % risk.

Than there is the demo, total 44 trades, win 14, loss 22, BE 8. :stuck_out_tongue:

The book, and the cover.

They really got nothing to do with each other.

:stuck_out_tongue:

Nikita, How about the E-book ? You still working on it ?

Im sorry gs8888, the book is half written, half edited and currently progress on it is absolutely at zero. This is because i dont have my laptop with me and im trading with an ipad.

I will be bringing my personal effects from malaysia to singapore after march, and hopefully i will be able to resume work on it than.

Sorry for the delay.

I think there is no more trades for me this week.

why is that?

I dont see a thing Money. I cant picture it going to any levels before it spiking up one way or the other. So the philosophy is trading should be easy, hence why make it hard by forcing an entry?

We all know forced entries, if it is an entity, loves murphys law, or what I like to call the two percent quota. Two percent quota basically means if there is a two in a hundredth of a possibility of something going wrong, than by god it will go wrong on the day I decide to take a guess or a gamble. The two persons in a hundred people room who will get a dud will definitely include me.

I firmly believe im a magnet for murphys law.

Hence, I have learned, and am continuing to learn not to work hard for my bacon. If i dont trade the whole week, i am fine.

Dont know what its going to do, than dont enter.

That is the edge of trading a naked chart. If you dont have the self control to do that, than this system might not work for you.

Tell yourself you are only looking at the chart for a opportunity, not looking for a profitable entry or worst, profit.

What is your opinion on the growing number of traders using Automated system’s and such ? Previously, the market was 100% human psychology. Now the entries and exits of the trade in a large percentage of systems governed by Algorithms. Do you think it will be possible to use a trading system based on human behavior in the future?

P.s - This question was asked by someone else in a FB page. I just wanted to know your opinion’s…