Pure Price Action For Dummies

[teb5108]

Hey Nikita,

I’ve been looking at the markets recently and I am not sure whether I got the bias thing correctly.

You mentioned about looking at the previous day candles to determine the bias for the day. However there were quite a few times where daily candles changed directions. Instead, my current thinking right now is to look at 4H and 1H charts and look at the HH, HL, LH and LL to determine the bias.

On that kind of thinking, I entered the EU yesterday on a short trade at the green line, with my stop loss on the red and targeted profit on the yellow line. All these three lines were kind of significant resistance / support lines on my chart.

Could you give me some comments on this?

Nice trade man! I took that exact same one yesterday. Same profit target except my stop was on the wave we entered on.

[sharebazar]

hi everybody is any one trade today.

[zellwk]

D TF is a guide for me to decide if I am only going to buy or only looking for sell today.

When you have Bias change direction abruptly for a few days in a row, than we know that price has reached a significant S & R level on D TF.

This is where picking entries on H1 and H4 and being very thrifty with our SL comes into play.

If we are not sure, than we dont trade. Simple as that.

So we pick entries based on H1 and H4. Buy or sell, we use DTF.

Make sure your profit target is atleast 1.5 times larger than what you are risking.

That way, even if you only have 5 profitable trades out of ten, your account will still grow.

Thanks Nikita, I’ll keep those in mind when I’m trading.

Teb: To be honest, I am still pretty clueless about how to set stop loss on the same wave while entering. I often set my entry position way in advance because I am always too jittery to think about clicking the “sell / buy by market”

[sharebazar]

just enter short on GU, 10 pip SL and 35 pips TP, lets see where market took us.

[sharebazar]

hit my trailing stop got 13 pips profit…

[teb5108]

hit my trailing stop got 13 pips profit…

Better than me haha. I’ll be happy to end this week at break even. I guess it’s the greece crisis thats messing with traders minds or something.

I’m feeling a little sad that some of my favorite threads are slowly dieing here on BP (including this one). I suppose that everything that could be covered has been covered here, but it still makes me sad. This was my introduction to price action after all…

[gs8888]

hit my trailing stop got 13 pips profit…

Were u following the bias ? i mean if we look at the daily chart, it was down trend, so was lookin to short the cable…am i wrong this way ?

[Nikitafx]

Better than me haha. I’ll be happy to end this week at break even. I guess it’s the greece crisis thats messing with traders minds or something.

I’m feeling a little sad that some of my favorite threads are slowly dieing here on BP (including this one). [B][U]I suppose that everything that could be covered has been covered here, but it still makes me sad. [/U][/B]This was my introduction to price action after all…

I am still around Sharebazar.

Just got nothing new to add and I dont think there has been any new questions either.

Happy Trading.

[sharebazar]

Hi Nikita I hope you are doing great, nice to hear that you still around.

[sharebazar]

Were u following the bias ? i mean if we look at the daily chart, it was down trend, so was lookin to short the cable…am i wrong this way ?

Hi gs8888 you are wright.but you have to wait for the good opportunity to go short.

[Nikitafx]

Hi gs8888 you are wright.but you have to wait for the good opportunity to go short.

What Sharebazar means by good opportunity is to watch out for BPC action once you are happy with your bias reading.

[Nikitafx]

Hi gs8888 you are wright.but you have to wait for the good opportunity to go short.

What Sharebazar means by waiting for a good opportunity is to wait for BPC action on smaller timeframe when you are happy with your bias reading.

Without BPCs forming, you wont get the highest price to short, or the lowest to buy.

[Nikitafx]

Euro Aussie.

Watch out for this pair to break upwards.

Draw the support levels and buy low for the coming week.

Keep a tight SL. This pair tends to move suddenly and strongly.

Have fun.

[sharebazar]

Thanks Nikita for the explanation, I just missed the GU long trade today, I will look for EA pair.

[sharebazar]

I think it is too late for the EA for today.

[Nikitafx]

I think it is too late for the EA for today.

This is not for today. This is for the coming week.

Wait for it to touch a support area. Wait for the pullback.

I had a marathon three trades today. GU was my best.

[teb5108]

Euro Aussie.

Watch out for this pair to break upwards.

Draw the support levels and buy low for the coming week.

Keep a tight SL. This pair tends to move suddenly and strongly.

Have fun.

Already have my ticket and am waiting at the station! And If the price action plays out nicely I’ll be looking for a nice long short back to current levels in three or four months.

[sharebazar]

Hi Nikita thanks for the advance notification for next week.

Have a nice weekend

[InvestorX]

Nikita,

First time poster on your thread. I have read about the first 45 pages so far and hope to finish the thread in the next week. I have really enjoyed the simplicity of the way you have laid everything out, especially the market bias off the daily chart. I found your money management strategy very interesting and I was wondering if you could expand on it a little more or maybe point me in the direction of where you learned it or where I could read a little more about it. I apologize if you this is has been explained in further detail later in the thread. Just basically want to get a good solid 100% understanding on you apply the strategy money management on a daily basis.

[zellwk]

Hey Nikita,

Im not sure whether Im getting the methodology correct here. Do you mind if I bombard this thread with some charts starting next week to better my understanding?

Thanks in advance!