Always happy to help!
LOL, my boss may think I paid you to say this 
Well then I take back my comment because if you can afford to pay me to say crap like that you are way way over paid at FXCM. You all Hiring? 
Hello all, i went through the whole thread. I know that this question sound so stupid but still imputting it down as i could not find out the answerâŚwhere exactly do we enter the marketâŚIts written that when price crosses the opening of D TFâŚbut when we enter in H1 âŚdo we need to wait for few candles to get closed or do we enter the when there is a start of bearish/bullish patternâŚ?
I am going to throw a couple suggestions to you and let you play with them o figure the best for you. Yes you can enter at the bullish/bearish formation on the one for optimal risk. Or take out your fibs draw the fibs from where you plan to take profit to where you plan on having your stop loss. Enter on the 38% fib. This will normally confirm price has reversed and give you a little better than 2:1 R:R. Using the second suggestion you will sacrifice some pips for the confirmation. Play around with both of them as the first will give you maximum profit potential but I find a lower win rate. The second will give up some profits but I find has a higher win rate. Over time you will learn to read charts better and know when to use what entry.
Im pretty new to forex and still experimenting with systems, I really like the sound of price action and have been watching the charts on this for a few days now, however I am still struggling with confirming the market bias on the daily TF. Could someone give me a bit more info on this. On the first page of this thread it says:-
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If yesterday was a buy, then today is a buy.
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If yesterday was a sell then today is a sell.
This would always mean go for the same direction as yesterday! Am I paying too much attention to this as it sounds too simplistic
many thanks
Martin
Yes you have it right. And if you are not sure (well this is what I do anyways) just donât trade that particular pair. Like if yesterday was a reversal candle on a bullish trend, but it was still a buy candle then I will just leave it alone (at least until I gain more experience)âŚ
Anyways, has anybody been trading EUR/AUD lately? Cuz right now itâs definitely my favorite (I just canât seem to lose going short on it lol).
My entry is based on reversal candle. I.e. If yesterday is buy then today is buy. In this case normally during Asian session it will gravitate low and just before UK session there might be a reversal candle. I would enter long at the close of that reversal candle which most of the times coincide with open of UK session.
This is of course a simplistic explanation as there are a couple of other factors that come into play
Ike support and resistance lines as well as trend lines and correlation to other pairs. The best is to look for a nice pullback culminating in a hammer as that seems to give the best entry signal for me.
I am still learning as well so take my comments with a large pinch of salt. 
I believe in the first few posts of this thread Nikita mentioned to look out for the 6 most common reversal candles. Thus if your daily candle shows any of those 6 reversal candles characteristics then you might want to wait for another daily confirmation candle to confirm the reversal or you can immediately enter a counter bias trade.
I normally try to draw trend lines on D and Weekly TF to better gauge when a reversal might occur on the D TF. Donât forget to draw support and resistance lines on D TF at least as well just to be sure if itâs hitting a strong support or resistance.
As always I am still new to this and learning so please tamper my comments with the rest of the other comments in this thread.
Cheers!
Well, i do draw the support and resistance lines. But i just want to know if you also consider taking previous day support and resistance and also hitorical support ressistances i mean previoud months n weeksâŚcause when i put them all on the chartâŚthe chart looks so clutteredâŚbut i cant deny SRâsâŚ
ukmartin,
If youâre following the original trading method Nikitafx posted on the early pages of this thread, yes, it is that simple only trade in the direction of yesterdayâs market bias,
And also pay attention to what Nikitafx says about correlations between the pairs, I think people might overlook this important part the method. For example, if yesterdayâs EUR/USD was down, GBP/USD was flat and AUD/USD up, maybe wait until they all seem to be trading somewhat in the same direction.
Maybe the hardest part of trading Nikitafxâs original method is having the patience to do nothing waiting for at all to come together. LOL
The magic of this simple method is all in the first few pages, donât try to over complicate it with too many S/R lines, trend lines, fibs and stuff, keep it simple and easy!
I agree with Dpip keep you chart uncluttered. Only use S/R and trendline that are relevant to whats going on in the chart. Meaning is price is a ways away from the S/R then why mark it. If price bounced off an area 5 years ago and never didnt it again why mark it. Yes price can react to it again but dont waste to much effort on things that do not pertain to your trade setup.
Hello! I am new here and I am interested with this strategy. I have a question though. There are times when the markets get oversold or overbought. How will a pure price action strategy deal with these conditions? Thanks in advanced!
100% true.
The term oversold or overbought is a concept âinventedâ for oscillating indicators like stochastics and RSI.
They really mean nothing as far as price movements are concerned.
To imply that when a currency is overbought, we should sell and when its oversold we should buy is a simplistic view of things and does not apply to making a profit in the market.
Even those who use RSI or Stochastics and other Oscillators do not use it in those terms.
There is no overbought or oversold areas in a currency. If there were, than a pair will only trade in a narrow band of value.
This is why price action does not require us to use indicators. You can add them in as secondary or tertiary confirmation, but they are not standalone tools.
Thanks for the information! It makes sense. I have observed that there are times that the market forces are very strong that it contradicts with oscillator signals. In the perspective of profit making, oscillators are not much helpful.
Nikita-
I just got done reading through all of your thread. Great Great way of teaching. Just wanted to say thank you for putting in your time to show new traders on how to use price action.
And also thanks to all of the other contributors to this thread. It was a loooong thread but totally worth reading it all.
There are traders who make money using these tools.
Its just that the way to use them is not as straightforward as the manual or reading material out there suggests them to be.
Oversold, look for buy, overbought, look for sell.
I can teach my 4 year old to trade if it was as simple as that.
You need to pair indicators with a system or some other method. You cannot trade with one set of indicators alone.
Mixing the same type is also not wise. For an example, mixing RSI and Stoch and watching these two for entries.
Its very attractive for newbies, I was one of them long time back. I have tried so many indicators in so many ways I nearly gave up in the quest to achieve consistency.
I always tell people this. The profits to be made are in the candlestick chart. that is the only one true chart. The rest does not matter. How wise is it to ignore the main chart and look at colourful indicators for an entry?
Hope it helps you somewhat Amanfx.
I would like to thank all the other traders who have helped me along the way since I started this thread also.
My trading has now improved by leaps and bounds because I learned alot from this thread also.
Thanks guys and girls.
I wanted to add to what Nakita said and share what I read from a book of legendary traders (donât remember which one)âŚwhen asked when he considers changing his position (reversing direction), he said he lets price tell him. He does not look for a certain level to cash outâŚhis words were and i quote, âI will sell down to zero or buy to the moonâ. So, in other words, as long as itâs still going (trend) he isnât thinking about when to get out - he keeps adding to his position. The key is managing your stop and learning what is the difference between a retrace and a reversalâŚ
That is from the book âThe Adam Theory of Marketsâ by J Wells Wilder Jr.