Hi, I read with interest on this thread as I am trying to learn more about price action. So far, I have covered 80+ pages of this thread. Interestingly, this strategy is also being mentioned in one of Kathy Lien’s book where she called it multi time frame analysis.
Unfortunately, to date I am still struggling how to determine the bias. I understand Nikitafx doesn’t normally trade on a Mon. Hence I intend to wait for Mon NY close before trying to figure out the bias which is mostly clearly shown on one of the USD pairs. Hopefully, the seniors here can give your comments.
Hi everyone,
I am very new to forex and having a very small knowledge about everything. But I think we can’t create 90 percent of indicators without the historical price data. Rest are meaningless if we are not studying them along with price data. So its up-to an individual whether to derive a trend by directly studying only the historical price data(price action) or by studying the indicators. Few even prefer both.
By the way really awesome thread Nikitafx. One request, as it is getting bigger day by day, can you please take some time off from your busy schedule and make a summery of the whole important things in to 7 to 10 pages. That will be just a great help for all the new members.
Thank you very much. For last 8 months I am studying and demo trading forex. So many indicators and their usage but Nothing can be comparable with ‘Price Action’. Only clear crystal pure Price action. And let me say it loudly, nobody teaches price action like NikitaFX. Please continue educating.
Hi, as mentioned earlier, I am trying to learn how to determine the bias on the daily chart based on NY Mon close. Here is my analysis for your comments so that I can learn and improve.
For EU, GU and AU, I find the bias most apparently on EU. it has formed a hammer like pin after finding support at the key level 1.303. [U]Hence the bias to me look like a buy.[/U]
For GU, it has also formed a hammer like pin though not at any particular key support. But it does look like it is trying to breakout from the mother candle bar formed last Thursday.
As for AU, it seem to be slowing trending up to the upper end of the channel.
Would appreciate if you could comment whether I am on the right track. Thanks in advance!
I looked at the charts real quick and at first glance you appear to be on. I dont trade the EU very much so I wont advise much there as the EU and I dont get along to often. But I agree. My long term bias is short on that pair but short term daily bias would long. I would not be looking to get long right now though. Reason is price is toward the high of yesterdays pin bar. Dont take this as trade advise but I would wait for price to drop to the pinbars wick. I like the 50% mark of the wick personally but thats just my personal preference. The reason for this is 2 fold.
1: once price gets down there and trades into S/R on lower time frames this will give you a smaller Stop loss and better R:R.
2: Greatly increases your chance to get it at the low of the day and ride the waves to nice profits.
For the AU you are spot on but a caution any entries. If you do limit risk. Reason for this is you are correct on reaching the top of the downward channel but it is not quite there yet. We are hitting shortterm resistance indicating price might look to go lower but we broke the doji to the upside witch could entice long entries to push price to test the channel. Also we are testing a nice support level from back in Nov 2011. Not to mention daily bias suggests long. As of right now I am not seeing anything screaming short me. I do suspect something coming soon but realistically probably better to sit out today. I would suspect price to test the highs made on 12/8 and 1/3. This will also test the channel and run stops resting at the trendline. Then you could get short but daily bias is long and according to the daily you have nothing but a trendline telling you price will be heading south. However by waiting it out if price does bounce off the trendline and head south Guess what will happen at market close on the daily? Most likely an inverted hammer and a S/R level and a retest of a channel line. All of a sudden the market is now talking. Again I would wait till Wednesday and watch price move up into to inverted hammers wick (yet to form) then drop to lower time frames to get an entry. Low risk high reward with a high probability setup. Now of course I dont have a crystal ball nor can I predict the future. However thats what I am waiting for to get short for a nice swing trade for the week. 1 shot 1 kill. It may happen it may not only time will tell and we will see. However that AU trade is one I am actually waiting to see on. Nice job reading my mind almost. So thats my thoughts on market as of right now. Good luck
lol I tell you what when you make 7 figures autograph 1 dollar in what ever currency you have over there on your side of the pond. Now that would more of an honor than seeing how much bigger your bank account is than mine
I have contributed where I could but have you read this thread tis you that has been doing the teaching around these parts. I have learned alot on these pages as I continue to grow as a trader and I must say it has been a blessing to have been able to follow along and make you all listen to me rant.
Lastly I want to send out an early congrats on soon to earn your super cool decoder ring your contributions here have been priceless
Hi Bobmaninc
Thanks for the reply and analysis! No worry, I am still learning on a demo account. I agree 100% the AU trade is more lucrative since it is not that range bound. And thanks for highlighting that it is testing a resistance soon (something which I have overlooked :19:)
No your analysis is spot on. Dont listen to me. I just stated what I see coming. Although there is no guarantee my trade will setup. If not I miss it and wait for the next one. With me that could be weeks. Most people dont have enough patience to wait that long. I do I will wait till the market gives me what I consider a high probability setup. But dont let me talk you out of a trade or into a trade. I trade my way as it works for me. You trade your way and what you see (not what I say) and find your way. Then you can learn from your mistakes and build on your strengths to build success. Just food for thought I might get in a tad early as a nice pin bar formed on the 4hr. So using top down analysis might lead to a entry sooner but thats the name of the game trust your eyes not mine
When you are not much concerned about price action, why are u even posting down here ? We all are profitable and much more than satisfied with the price action strategies. And with your not much useful posts, you are just increasing the pages, which becomes difficult for the newbie to go along. Better you’d stick to your so called indicators and follow some other INDICATOR threads.
it is misleading to the newbies and very unethical to have them rely only on price action , they will lose their money unless they supplement price action with an INDICATOR
price action strategies cannot work well without an indicator and no ones profitable with just price action that is dishonest.
your contributions here have been priceless