Pure Price Action For Dummies

Beginner Questions Candlesticks, Chart Patterns, and Price Action
3738

Hello Sharebazar,

                      How is this method going for you overall, do you get many trades per week/month. Are you doing this long enough to know is it successful long term? Appreciate response wherever you get chance.
   Cheers John
3739

Hi John

I just learn how to find most profitable trade from this method and how to protect the account.This thread open my eyes how to look for the pattern. I have read this thread several times and uncounted hours of chart time to get where I am now.

Overall for me this method is 10 out of 10 but I don’t know about anyone else.

With my experience with this method you can get 1 or 2 trade setup every week with different pairs. But it all depends on your R:R that you will take the trade or not. Normally I don’t take every single trade I get because of limited fund on my account. Any time I follow this method I make money.

Nikita’s method is very simple to understand and very powerfull but it took me several years to stick with this method only.

When you understand this method all other method looks very easy to understand, because market goes according to the same principal.

I am not sucessful yet to leave my job but hopefully near future it will happen,many thanks to Nikita.

3740

Thanks for reply Sharebazar,
I have been studying this thread for a long time too but I am not spotting trades, I must be missing something.
Would it be possible if you could post any potential setups for this coming week using Nikita’s method. I would love to discuss potential trades with you seen as you seem to be very consistent with your postings on this thread.
John

3741

[QUOTE=“fishmoyne1;630846”]Thanks for reply Sharebazar,
I have been studying this thread for a long time too but I am not spotting trades, I must be missing something.
Would it be possible if you could post any potential setups for this coming week using Nikita’s method. I would love to discuss potential trades with you seen as you seem to be very consistent with your postings on this thread.
John[/QUOTE]

Hi John

I am not good at explaining but I will try my best to do it. Before I say anything I want to know how you are following this method when you open position or looking for a setup.

So please upload a chart it can be any pair and then explain your idea according to the method.

If anything you are missing I will try to explain or other member of the this thread can explain if they are interested.

3742

[quote=“sharebazar,post:3736,topic:38997”]

Hi Sharebazar,

Thanks for your answer. I have been reading all weekend in this thread and also Lumious Neo. I saw your name many times You made a big contribution to this thread and you should be proud of that.

Reading the start of this thread and the end of it confused me. It seemed an other method I went back to the middle and start reading from there. I see Nikita developed this method as what it is today and I will study it and test it on demo. She is a good teacher and she ex-planes everything clear. Before this thread I studied Nial Fullers site and many things are the same in price action. I made screen time but I was not going forward anymore and I start looking to learn more about price action I am lucky to be here and I like the atmosphere on this thread.

Like they say here: Happy Pipping

3743

Hi John

I am looking to go long on USD/CHF pair.
I will wait for the price to touch the horizontal line. Previous week bias was long we will wait to see how the daily candle close today.

Weekly TF

D TF

4HR TF

1HR TF

Once the price touch the line I will wait for the signal from Daily,4 HR and 1HR candle for the confirmation.

If the price does not touch the horizontal line then no trade or if I don’t get any confirmation from the lower TF then no trade.

Market can do anything go up or down. so please do not take it as for sure that it will happen.

3744

Hi Sharebazar,

10 out of 10 Do you mean 100% profitable trades? I call that very successful!!!

3745

John. Weekly TF Euro Aussie.

Not the best of entries.

I would have preferred to enter at where my current SL is, and the SL thrown right at the bottom of the left hand wave.

Took it because of DTF candle and it was a sure fire up for about twenty pips and a few hundred dollars.

I dont have 100% track record on a month on month basis, but most of my losses are not because of misreading bias, but because of early entries and inadequate room for SL.

Still, this has been the most consistent method Ive seen so far. It suits my psychology.

3746

Hi Nikita

I had a look for the daily candle and dont see your setup. How about your R/R ? SL is about 60 pips? and you are aiming for 20 pips profit?

Thank for sharing

3747

[QUOTE=“TC Holland;631019”]Hi Nikita I had a look for the daily candle and dont see your setup. How about your R/R ? SL is about 60 pips? and you are aiming for 20 pips profit? Thank for sharing[/QUOTE]

DTF, look at the candle two trading days ago.
I took that price did a pullback to that rejection area.

Blue line is rejection area, red line is as high as I would hold on normal days because there will be sellers waiting st that area to go short, as that is the most valid support that was broken and now is resistance.

I predict heavy selling in that area because of previous weeks bias was a sell.

H1 and H4. Note original SL area. This being the last week of the month etc, I dont see market playing by the rules, so aiming for 150 or 200 pips is not realistic. I took this trade because I knew it will climb up for me to bank in some sure fire profit. Not because the trade confirmed to our rules.

The reason I shared it is because I could show you how price gets batted between waves. If you can read the waves, than the next candle on higher TF can be predicted with reasonable accuracy. Watch how price moves.

3748

Hi TC Holland

It is almost impossible to make money in every single trade. I have mentioned 10 out of 10 because my account is growing and I am getting more winning trade then losing trade. Still long way to go.

3749

Hi Sharebazar,

I think you do very well as you make more winning trades then losing trades With good Money management and a 2R/R ratio you are in profit even with a 50% hit ratio I think you don’t have a long way to go I saw your posts here. Believe in your self! You make profit and give comments on trading I can learn from you as well from Nikita

Thanks,

3750

Thanks for explaining I would look for a sell and not trade that candle I hope it doesn’t turn against you I will watch the price move and try to learn from it

3751

Thanks for Reply Sharebazar and Nikita,
Been very busy so didn’t get chance to discuss trades. I have Aud/Jpy Chart image saved but didn’t get chance to load them till now.

If ye get a chance later you might might be able to comment on this trade idea

Top chart Weekly - Would I be right in saying that last week Candlestick closed down so look for sells this week at strong S/R level if price retraces up to there.

Bottom Chart Daily - Price retracing back up to Major S/R level - Scroll down to lower Time frame and look for price action to sell

          Actually as I am typing just noticing a nice Pinbar on H1 at 7.am  Gmt+1 which is at S/r level marked
3752

Hi John you spotted very nice setup, lets see how it goes.

3753

Nice set up.

Im just worried about the date.

Still good SL

3754

Hi to all,

My Risk money management is with a fix amount per trade. For example $100. When I know my SL I calculate how many lots I can trade and not loosing more then $100 So I don’t look for Pips and Fishmoyne1 saw my mistake in that a few posts before.
How do you manage your risk when you setup a trade? I hope it is not to much of topic. Please respond.

Regards

3755

[QUOTE=“TC Holland;632130”]Hi to all,

My Risk money management is with a fix amount per trade. For example $100. When I know my SL I calculate how many lots I can trade and not loosing more then $100 So I don’t look for Pips and Fishmoyne1 saw my mistake in that a few posts before.
How do you manage your risk when you setup a trade? I hope it is not to much of topic. Please respond.

Regards[/QUOTE]

Hi TC Holland

The best idea to make sure you know how much you will loose before you open a position if the trade goes against you.

You need to know how many lots and how many pips you can loose in single trade.

Risk need to be calculated before you calculate the profit.

I have a bad habit to move my SL early to BE when trade goes on my way and eventually took me out and move according to the plan. But most of the time I left the SL when market move against me. I am trying to learn it slowly to keep my risk low.

You can have fixed amount to loose but SL need to be fixed and adjust according to the trade.

Every trade is different R:R ratio.

Normally I open trade if I can see that I can make double the amount I am risking otherwise I will wait for another trade. But sometimes I open trade where I can see I can make 1:1 R:R but with small lots.

3756

sharebazar i don’t see moving the S/L to break even when your up is a bad habit, it would be worst if you never move the S/L. I hate to be up 15 or 20 pips and then let it go down to a S/L that was negative. I believe that if the S/L is at even and i am taken out, that gives me a chance to buy it back at a better price. just sayin have a great week-nd.

3757

Hi Tonyro44 really appreciate your input.

The reason I said bad habit because it happens with me very frequently. When you wait for a trade for 2-3 days or even a week and open position in good price and you know that it will give you atleast 60 pips or more but end of the day it move more than 60 pips but you make only 5 or 10 pips.

Many times price move 30 + pips and when I move my SL to BE it just pull back and hit my SL and then continue to move in the predicted direction.

Just for an example see the trade I took today on GBP/AUD, open position at good price but I manged to get 40 pips.

15 Min TF