Pure Price Action For Dummies

sharebazar · February 3, 2014, 6:05pm

Hi christopher8827 welcome to the thread, you can identify market bias by previous daily candle and previous weekly candle.

sharebazar · February 4, 2014, 2:51pm

What everybody thinks about the NZD/USD pair.

Velniukstis · February 4, 2014, 3:28pm

NZD/USD is going sideways and it seems that it find support and going to climb up, but NFP announcement is coming up on Friday.

sharebazar · February 4, 2014, 7:10pm

Thanks Velniukstis for the reply,

I was thinking to go short around 0.8250 price.

Atleast we can get 50-70 pips if the trade goes according to the plan before friday.

anishrei · February 4, 2014, 10:20pm

May I ask why u chose to go short? Its sitting on very strong support. So I thought its better to go to long. Pls correct me if I m wrong. Am still learning here…

sharebazar · February 5, 2014, 1:54am

Hi anishrei if we look at the previous week candle which was bearish.

Around 0.8250 level price broke down becomes resistance, so we will wait for the price to pull back around same level to go to the same direction which is short.

Hit my trailing stop, position closed with 42 pips.

aberrant80 · February 11, 2014, 3:58am

Hi everyone, still learning about technical analysis. I’m a little unsure about some statements in this post:

Nikitafx:

[B]Entry Triggers on D TF [/B]

If yesterday was a buy, then today is a buy.

If yesterday was a sell then today is a sell.

Watch for the 6 basic candle patterns

watch for the 6 basic candle patterns that indicate a reversal on D TF. When that occurs, wait for a reversal confirmation candle to complete before taking the trade.
Example : when there is a hammer or tweezer pattern on your D TF Chart, wait for a confirmation candle in D TF to strengthen your analysis.

Entry is based on H1

easiest way to trade when direction is known is to enter when price crosses the opening of D TF candle. Hold for about 40 pips.

Look for HH for a sell and LL for a buy on H1 TF. Again candle stick patterns or even support and resistance areas can be used as a guide for entry in the H1 chart.

The beauty of trading with market bias is, even if you made a mistake or entered too early on the H1 chart and it is going against you by 40 or 50 pips, you can still confidently hold the trade as you know where it will end up.

Its as simple as that. Keep it simple.

Happy Pipping.

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

This trading method remains profitable to date.

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.

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

I only trade one or two times a week.

Thank you.

“If yesterday was a buy…” meaning… if yesterday closed higher than it opened?
“If yesterday was a sell…” meaning… if yesterday closed lower than it opened?

I’m also a bit unsure as to how a smaller TF can be used to pick entry signals. So if the weekly TF shows a pin bar, how would the daily TF help determine the entry point? Would appreciate some pointers.

Thanks in advance.

sharebazar · February 11, 2014, 10:04am

Hi aberrant80 I just want to show you an example. If you check the AUD/NZD pair.

Weekly TF

D TF

1 HR TF

15 Min TF

See the previous weekly candle form bearish pin bar around support and resistance area. So we will only look for sell when the price pull back to the new resistance area which was support previously.

Now look at the lower TF for the entry where I draw the white line.

I don’t know that price will move down as I anticipated. But that is how I try to trade.

Hope it helps.

erinsunc · February 11, 2014, 10:48am

I think you’ll find that this question was asked back in June 2011. Try going through the thread. You’ll find it useful, honestly.

sharebazar · February 13, 2014, 5:16am

Hit my TS got out with 89 pips on AUD/NZD pair.

Nikitafx · February 13, 2014, 5:59am

[QUOTE=“sharebazar;601865”]Hit my TS got out with 89 pips on AUD/NZD pair.[/QUOTE]

Nice trading

sharebazar · February 13, 2014, 5:50pm

Thanks nikita, I hope you are doing good.

AUD/NZD

1HR TF

bobmaninc · February 13, 2014, 5:53pm

Awesome nice trading sharebazar

sharebazar · February 13, 2014, 6:02pm

Thanks bob, greatly missed your presence on this thread.

anishrei · February 13, 2014, 10:03pm

Hi all…
Any opinion about EUR USd?

Nikitafx · February 14, 2014, 1:04am

[QUOTE=“anishrei;602159”]Hi all… Any opinion about EUR USd?[/QUOTE]

Only one. Its friday

Nikitafx · February 14, 2014, 1:04am

[QUOTE=“bobmaninc;602107”]Awesome nice trading sharebazar[/QUOTE]

Welcome home Bobmaninc

Amanfx · February 17, 2014, 11:33pm

Would anyone short GU based on daily pinbar against this strong uptrend…?

I am thinking retrace then look to buy.

salimvp · February 18, 2014, 1:43am

That is what I’m looking for.

sharebazar · February 20, 2014, 4:55am

Missed the entry on EUR/GBP pair , will monitor if the price give another chance to go short.