Pure Price Action For Dummies

[tonyro44]

Tc Holland , you hit it right on the head , that is they way i did it. I was in noooo hurry to get up there at all because i wanted to experience every way of trading possible, and then pick and choose want i felt comfortable with. experience is key to success in anything you do in life. So wants you have that experience and you feel that good about trading, then is ok to put more money on risk. so you can add extra $$ to your acct when ever you can to hurry up where you want to be at. So those 4 years as you pointed out can be cut down to half that time. Its all about NOT hurting yourself while your on the process of building up your future.

Thanks Tony and Sharebazar,

Ok I will start relatively small but a little bit bigger then today to get use to the emotional part of life trading bigger lot sizes To build up an account from $500 making 10% consistently a month and no withdrawals will take you about 4 years. My respect if you did it that way.

I use MT4 and I don’t think it has that option to merge weekend data. The trading station doesn’t work on my computer. Standard account starts from $2000 on fxcm . Will take an other look to get the software running and look for opening an account

[Jason_Rogers]

@TC_Holland

Sharebazar You use FXCM I have demo and I have some problems with the software but MT 4 works fine Only charts are 6 days and not NY close The Commissions are a little confusing. Do they charge commission for withdrawal?

Hi TC,

As I mentioned to you previously, all of FXCM’s US-dollar denominated MT4 servers have New York Close charts. That means the server time zone is set to GMT+2, so midnight on the MT4 charts coincides with 5pm New York time.

All of FXCM’s Euro-denominated MT4 servers are set to GMT which means you will see a 6th Sunday candle each week. To get an MT4 demo with New York Close charts, simply register for a US-dollar denominated demo instead.

This page has examples of how the commissions work for a US dollar-denominated trading account: Forex Pricing - FXCM

In regards to withdrawals, FXCM offers several options. Some are free like credit/debit card, and some have a fee like bank wire. You can review all the options and request a withdrawal from your account anytime 24 hours a day on the MyFXCM.com website.

[Jason_Rogers]

I use MT4 and I don’t think it has that option to merge weekend data. The trading station doesn’t work on my computer.

If you prefer to have a Euro-denominated trading account, then you can still get New York Close charts if you use our Trading Station platform. If you can’t run Trading Station Desktop because you use a Mac or Linux, you should still be able to use Trading Station Web: https://tsweb.fxcorporate.com/

[TC_Holland]

@Jason_Rogers

Hi TC,

As I mentioned to you previously, all of FXCM’s US-dollar denominated MT4 servers have New York Close charts. That means the server time zone is set to GMT+2, so midnight on the MT4 charts coincides with 5pm New York time.

All of FXCM’s Euro-denominated MT4 servers are set to GMT which means you will see a 6th Sunday candle each week. To get an MT4 demo with New York Close charts, simply register for a US-dollar denominated demo instead.

This page has examples of how the commissions work for a US dollar-denominated trading account: Forex Pricing - FXCM

In regards to withdrawals, FXCM offers several options. Some are free like credit/debit card, and some have a fee like bank wire. You can review all the options and request a withdrawal from your account anytime 24 hours a day on the MyFXCM.com website.

Thanks Jason

I need 5 day NY close and I am going to open a life account. The web version has problem with keeping information The desktop version doesn’t run on my computer (my computer is the problem) So I need 5 day NY close on MT4 Do I have to open a dollar account or euros?
TC

[TC_Holland]

Tc Holland , you hit it right on the head , that is they way i did it. I was in noooo hurry to get up there at all because i wanted to experience every way of trading possible, and then pick and choose want i felt comfortable with. experience is key to success in anything you do in life. So wants you have that experience and you feel that good about trading, then is ok to put more money on risk. so you can add extra $$ to your acct when ever you can to hurry up where you want to be at. So those 4 years as you pointed out can be cut down to half that time. Its all about NOT hurting yourself while your on the process of building up your future.

Thanks Tonyro44

That is giving me the right direction to go and it starts with opening an account. I can open an account on the level where I want to be at but I am not going to that. I will follow your advice and build it up slowly. I know I need the experience and I have time

[Jason_Rogers]

I need 5 day NY close on MT4 Do I have to open a dollar account or euros?
TC

If you want New York Close charts on MT4, then you should open a US dollar-denominated trading account.

[sharebazar]

Trade closed on NZD / USD pair. Trailing stop hit and closed with 138 pips, price is still going down.

[TC_Holland]

@sharebazar

Trade closed on NZD / USD pair. Trailing stop hit and closed with 138 pips, price is still going down.

Nice trade But I dont see what bias you used? BPC on weekly?

[sharebazar]

Nice trade But I dont see what bias you used? BPC on weekly?

Hi TC,

It was on daily bias, and my entry was near resistance. I can’t upload the picture now I will try to upload again later.

[isaactai]

Dear Nikitafx,

Thank you so much for your kind sharing. I just started reading your post yesterday. I am new to forex.

Can I know what do you mean “confirmed candle” ? Are them the 6 basic candle pattern you mentioned ?

Thank you and best regards,
Isaac

The Following are the D TF Charts of three USD pairs.

GU

EU

AU

They are not complete candles as the trading day has not ended. I look at these in the morning ± 9 am GMT + 8 so that I can see what is going to happen today.

I did not take screen shots of yesterdays candle first thing today morning. It was a classic scenario of different bias on different pairs. I should have because it showed a good example of issues with correlation and the reading of bias.

AU had completed the pullback D TF candle as highlighted by the yellow arrow today morning. So AU should most probably be a buy.

But then GU had a bear candle. EU had a bear candle. Bear in mind, you are looking at the chart without today’s candles being there. So ignore the last candle and continue reading.

The validity of a reversal is only comfirmed when there is a confirmation candle. So until the confirmation candle for AU that is currently taking place or the pull back candle on EU at the moment was formed, the scenario was still set for a sell. Can u see what I mean?? Picture it by getting rid of the last candles on the charts.

The first rule is if yesterday was a sell then today is a sell. If your correlation is not spot on and you are not sure then you dont take a trade.

I avoided AU altogether.

Skipped GU because of the cluttered candle patterns on previous days around that price range. There are more than one candle that had long wicks in GU at that price level.

EU looked clean. So I stuck to the communist doctrine and went for a sell.

Now this is where experience helps a little. I took 60 pips, my daily target and not hold for more because the correlation was out of whack with AU, which was showing that it might turn around and be an upper. Looked at GU and it was a mess that didnt inspire confidence. What is there to say that prices wont get rejected at one of those areas and it ends up like an AU candle like the previous day?

EU hit my 60 pips, went down a tad bit more then reversed and now it looks like a reversal.

So this is an example where you use correlation to avoid misreading charts. Its an additional layer of safety. It is what I use to judge if my chart reading for the day is solid or not. If correlation is out of whack and I cant see where prices of a pair are going to go, then I avoid trading.

Correlation has one drawback that you have to keep in mind. Prices dont move just because of USD movement. It also can move because of AD, Euro or Pound. Think about that part.

I hope it helps.

Its NFP today.

Have fun and Happy Pipping.

[sharebazar]

Dear Nikitafx,

Thank you so much for your kind sharing. I just started reading your post yesterday. I am new to forex.

Can I know what do you mean “confirmed candle” ? Are them the 6 basic candle pattern you mentioned ?

Thank you and best regards,
Isaac

Hi Isaac,
Welcome to the thread, you take a very good decision to go through this thread. For a new trader this thread can be very useful and it can save you money and time.

Unfortunately Nikita is no more posting on this thread and babypips. But I think Nikita already written everything we need to know about this trading method.

Yes you are correct she means 6 basic candle pattern for confirmed candle. But always remember that it need to form on or around higher time frame ( daily/ weekly ) support and resistance area.

Hope it helps.

[sharebazar]

Trade closed on silver with 153 pips.

[TC_Holland]

Hi Sharebazar

Nice trade on silver. I am loosing money for the last 2 weeks Cant find good trades on forex I see you are also looking for other markets I made small profit on shorting EURGBP but SL was hit at +50 pip It could have been double but it missed my TP on 2 pips

[tonyro44]

TC Holland a win is a win tomorrow is another day. 50 pips is good money if your pip value is high. :: ))

Hi Sharebazar

Nice trade on silver. I am loosing money for the last 2 weeks Cant find good trades on forex I see you are also looking for other markets I made small profit on shorting EURGBP but SL was hit at +50 pip It could have been double but it missed my TP on 2 pips

[TC_Holland]

Dear Nikitafx,

Thank you so much for your kind sharing. I just started reading your post yesterday. I am new to forex.

Can I know what do you mean “confirmed candle” ? Are them the 6 basic candle pattern you mentioned ?

Thank you and best regards,
Isaac

Hi Isaac,

Sharebazar answered your question already The conformation candle where Nikita is talking about is the candle after the signal on the AU chart (the last candle) It confirms the change of the direction

[TC_Holland]

Sharebazar do you use NY close charts with FXCM?

[TC_Holland]

TC Holland a win is a win tomorrow is another day. 50 pips is good money if your pip value is high. :: ))

Thanks but it didn’t make up for the loss before it missed my target of 110 pips by 2 pips hit my SL and back to my target again But you are right a win is a win

On what time-frame you make your trade decisions? It is hard to find 1 or 2 trades a week

[tonyro44]

Usually i do the daily , but i like the 1hr ,4hr and the daily to trend the same direction and of cause there are other factors to come to play as well. TC Holland your doing fine from what i see you post.

Thanks but it didn’t make up for the loss before it missed my target of 110 pips by 2 pips hit my SL and back to my target again But you are right a win is a win

On what time-frame you make your trade decisions? It is hard to find 1 or 2 trades a week

[sharebazar]

Sharebazar do you use NY close charts with FXCM?

I use trading station and I change the settings to merged weekend data to monday data, and I get 5 day chart, and it will give you NY close chart.

[TC_Holland]

I use trading station and I change the settings to merged weekend data to monday data, and I get 5 day chart, and it will give you NY close chart.

I have the trading station working on demo now. I had some problems installing it. On MT4 I had to open a dollar account to have NY close and still not have 5 day charts You can not merge them in MT4 as far as I know.

I just need some time on this platform not making mistakes and find a good setup to work with. It seem to have a limit on how many instruments you can use.

I made 37 pips today short on GU SL was hit. Just a small trade