Pure Price Action For Dummies

Beginner Questions Candlesticks, Chart Patterns, and Price Action
1835

Ohk. Here we go.

[B][U]Two trades this week[/U][/B].

[U]AUDJPY[/U] : (-11 pips) ( I took short position and later exited with small loss as things din’t seem to be so positive and as expected this pair went into consolidation. This pair is almost dead since 3 days.)

[U]EURNZD[/U] : ( 140 pips) :cool:

[U]Total[/U] : [B]129 pips[/B].

Here’s today’s EURNZD trade that i took. It was a very awesome trade. This is a Exotic and has high pip spread, but the confluences made me take this pair.

[I][U]Reasons to take the trade[/U][/I]

Bias - Down
BPC pattern
Indecisive Candles
Very nice wave pattern - HH-LH

Entry - 1.5608 ( Purple line )
Exit - 1.5466 (Green line )
Stop-loss - 1.5635 ( Red line )

[U]P.S[/U] - This trading method doesn’t give false signals ( Well, i haven’t got any so far ). All you have to do is, learn and execute it. When i don’t find opportunities in Majors, i shift to exotic pairs to see the action. If you dont like trading exotics in real account, do it on demo. Important thing here is not money but learning the actual concept.

1836

hi g888.
what were your confluences that initiated taking this trade…?
just trying to find out if your using candlestick formations…
support and resistance…or other things.

1837

What it looks like from the chart he used Support turned into resistance to sell.
Price broke out of support, pulled back to the same line that is now resistance and then price continued down.

1838

he said confluence…im just curious as to what the confluences were…
confluence meaning several things indicated sell.

1.bounce off resistance
2. ???
3. ???

im always interested in what factors people use.

1839

Hi Brinkfx. Confluences that made me trigger that trade are related to price action and also indies. Like i sometimes throw in MA’s and Stoch, and in this trade stoch divergence, bearish trend, pullback and continuation in daily were indicating the trend is strong and also i have mentioned reasons to take the trade like the HH-LH, indecisive candles. These were good indications for me to take the trade.

1840

hi g8888…thanks for sharing…
your doing a great job with your set ups.
cheers.

1841

Happy Birthday to our thread started by NikitaFX

:smiley: " Pure Price Action For Dummies " :smiley:

It has been one full year today since this thread started.
We have all learned quite a lot from this thread.

Thank you Nikita for starting this thread.

1842

Really honestly seriously love this thread, Happy birthday to “Pure Price Action For Dummies”.

Big thanks goes to Nikita

Second big thanks goes to Bob

And obviously all other member of this thread.

Thanks Amanfx for pointing out, very good job.

1843

Wow… 1 year ??? That’s awesome.
Learned a lot from this threa. I mean, a LOT…
Thnx to Nikita and all the other member’s.

1844

Thought of not taking a trade today. But, couldn’t resist myself from doing so, took this GBPJPY Short trade and news went in my favour.

Holding 70 pips as im writing this. Still riding this one. Let’s see how it goes. Awesome week.

1845

Killer trading this week man. Good to see someone racked in the pips. I took a loss this week but still have a smile on my face due to haveing good risk management. I will live to fight again next week as I continue my quest to short the Aussie into extinction lol

1846

Wow, I just finished the daunting task of going through all 182 pages of this thread. There are a lot of great concepts and lessons in here. I think the one thing that will help me the most is using the wave within a wave within a wave concept to look for better entries and tighter stops on a smaller time frame. Thanks to everyone that’s contributed!

1847

For this trade, or in general, how do you group the exotics in terms of reading bias and correlation (is bias the same as correlation?)?
How do you other guys group your pairs?
I just started up again after a long period of lack of motivation, plus other psych. problems, and I decided I’m sticking with forex this time!
I just used this site: Forex - Forex-Tribe.com - Currency Correlations
and grouped together: GU & EU, and GJ & EJ & UJ

1848

OK so one question here.
Since bias was down on Thursday so it was down on Friday.
There was no good movement in AU EU or GU until the NY open when the NFP came out.
NFP was bad for the $ so I thought price should go up on these pairs before it starts going down in favor of the bias.
Just trying to understand price action in the light of NFP which is a major market mover.

1849

Oops :stuck_out_tongue:

Have come across this thread a few times in the past but have become obsessed with it for the last few days.

Am planning on starting to try and trade this method imminently.

1850

I kicked myself for two reasons.

Cutting of the GU with 80 pips.

Taking AU.

But AU was sort of salvaged even though it didnt do as well as EU or GU cause I knew bias was down. The alternative would have been to cut it off when it hit my max SL per risk at 50 pips!.

I left the trade and went to Singapore on NFP day. Got back and was happy with where it is now. Just hope it opens lower on Monday.

1851

The real important stuff is in the first ten pages or so.

gs8888 suggested we open a new thread just to discuss entries taken using these methods so as not to make this thread longer than it is.

I agree with his idea.

1852

The only exotic I have traded often so far is EuroAussie.

And GBPCHF but that was sometime back.

I dont use correlation on EA because its PA tends to be quite predictable or by the book, when you can see its bias.

1853

Yay! Please do that so i can start fresh on a new thread and not go through so much stuff in this thread. Plus that new one will be full of actual examples!

1854

That is why I dont trade news.

News traders are speculating pure and pure. And the market will always come back to its natural levels if speculators push price against bias.

Its a different story if news speculators push it in the direction of bias. In this case, market will stop at the next level of support and resistance.

The reason why news does not work is because market movement is based on real time real world monetary exchange. Who needs to pay who and in what denominations and where is money moving at London open etc etc.

Effects of interest cuts etc etc only manifest itself once the effect of the monetary policy triggers down to borrowers, lenders, payers and payees.

Thats my take on things. Could be wrong as I have always been someone who cares not about the why, I just need to know how to make a few pips here and there and repeat the whole thing again.

Dont plan to do anything higher than that so all that knowledge is naturally shut off from my ears. :smiley: