Price action is an attempt to find order in the chart’s movements. Furthermore it encompasses technical analysis; such as charting patterns, support and resistance, swing highs, swing lows, and candlestick formations. These methods are used to help you read the story and psychology of the chart so you can see the bias of the world wide view of a currency. Price action traders are focused on reading the charts price patterns instead of reading indicators. They think that the raw chart itself has all the answers they need to make a successful trade that is why price action traders don’t clutter there charts with lagging indicators.
no offense money but this thread is for price action trading. Reading candle sticks not how you use indicators or about how many MA’s it take to completely block out the candles resting behind it. Dont you have a thread for posting your system.
You all good money. Just this thread was to teach newbs to read candles without the help of any indicators at all. There is nothing wrong with what you posted. The renko charts is a nice addition as they are pure price action charts.
I have been trading Aussie for over a week trade setups. as i have seen that the movements are mostly when the trade is being carried out for a longer duration of time.
I have not had to many trades last over a week. Most of my setups are a couple days generally unless I hit a unexpected move in my favor. Or most of the time I trail my stop down to tight and get tagged out. But you are correct as of lately longer term trades are going the distance.
Pls NIKITAfx plus any other seasoned trader I’ll need ur help on how entry is being made on 1H I guess am a slow learner. Pls explain in the simplest term u can think of. Pls I really need the help.
Nikitafx am sorry if I’m too slow to get this entry rule. If yesterday was BUY today will be BUY does it mean I will BUY when the price crosses the opening price up on 1H chart?
Hi sepramfx welcome to the thread, rule is when you know the bias we wait until the price crosses the opening price, we only trade in the direction of the bias. when the price crosses in 1H time frame wait for the candle to close near support/resistnce.we determine the bias with the daily candle and enter in 1H time frame.
For example suppose yesterday daily bias was bullish so we will only look for long entry today.
What about the E-book. I also waiting. It will be much helpful to revisit the rules and strategy. It’s immeasurable treasure for all traders, not only for the newbies.
I learned much from this thread. But, what I should say? I don’t know what happened to me. I read a lot. Expert in using many indicators, Listening to experts, Watching news, More Knowledge about the market. All of these spoil my trading ability.
I want to know from the thread followers how many of you strictly follow Nikita’a trading strategy?
I forget to trade by the rule. I broke my trading plan many many times. The Forex geeks and news analysis gave me much fear to enter a trade.
What I learned now a days is not listen anyone. Any news, no matter what impact, most of the time it will go to the direction of current bias and trend. Just trade in the direction of the bias.
In this market more intelligent will hurt you seriously. Just be an innocent. Less knowledgeable. It’s enough for a better life in the world.
So all newbies just follow the trading rule. Avoid all indicators and news.
Hi Salimvp, I am following this thread very strictly,now I only tread according to this method. I don’t know about other trader but it is working for me slowly but surely. This is the only method I can say most easiest and simple method to follow, If I can do it most (dummiest trader in the world) then any one can do it. With the nikita’s method I follow bob’s advise as well, which a great mixture of best ingredients of the trading.
I’ve been in your position, but eventually got out of it. I first followed this thread, and was succesful trading this method. Later on, went on to other threads, traded different systems in vain. Just wasted my time and yes, i followed news a lot, but its just clutters our mind and nothing much more than that. All i can say that almost 90% of the time news is in our favour excpt speeches n some disasters.
Also followed many experts in twitter n fb, may times i had closed my positions which were about to hit my TP cause of the expert reviews that, this may happen or that may happen, but truly speakin ntn has happened so far…
Now im so reluctant to follow any other thread or experts or new. I jus see the charts, if i find the oppurtunity, i take it or else there’s no trade for me that day. Simple. They say that Less is more in forex, its very true. The less u analyse, the more profits u will gain.
