Price Action

**lktr0926** · 11-18-2009, 20:04

Hi everyone,
Im new to this forum. I was wondering if anyone trades strictly off of price action setups? I have been learning about price action recently and seems to be much more simple than trading with a multiple indicators on my charts. I was just wanting to start this thread to see what people's opinion on price action trading is. And see if we can find some good resources on the web for price action education. I will be posting up some charts of my recent trades that I have done using some price action signals I learned recently from some youtube videos I came across featuring Nial Fuller. Hope to get this thread rockin. Thanks.

**lktr0926** · 11-19-2009, 21:16

Did anyone catch the inside bar break down on gbp/jpy last night? This was a great price action setup. Nothing more than a naked price chart required here. I love price action. I was going to post up a chart of my setup but I guess i need 15 posts or more to do that. Did anyone else catch this trade?

**FXman** · 11-19-2009, 22:31

What time did that happen on GBPJPY?

**tab** · 11-20-2009, 16:54

GBP/JPY isn't a pair I trade usually, spread too high for me

**lktr0926** · 11-20-2009, 22:11

GBP/JPY has some great price action setups sometimes. The one I was referring to in my last post FXman happened on thursday shortly after the New York close. I find when there is a series of coiling or winding inside bars there is almost always a strong move in one direction. They really can become your bread and butter. Go to youtube and type in Nial fuller for some free videos on trading inside bars and other pa signals. The dude is good.

**Torch87** · 11-22-2009, 17:32

Originally Posted by lktr0926

GBP/JPY has some great price action setups sometimes. The one I was referring to in my last post FXman happened on thursday shortly after the New York close. I find when there is a series of coiling or winding inside bars there is almost always a strong move in one direction. They really can become your bread and butter. Go to youtube and type in Nial fuller for some free videos on trading inside bars and other pa signals. The dude is good.

Can y ou post a chart that provides an example of this? Willing to learn your method here

**lktr0926** · 11-24-2009, 01:31

I can't post charts apparently until I have made 15 posts. All I can say is that if you go look at a daily chart of gbp/jpy you can see a series of 4 coiling or winding inside bars from last week. We then got a very profitable break down to the next logical horizontal level. This inside bar area is known as an "event" area. You can find more about trading off pure price action signals by looking up Nial Fuller on youtube. He is alot of free info. and videos that teach you price action. I will posts charts soon. thanks .

**Mike** · 11-24-2009, 03:59

Originally Posted by lktr0926

I can't post charts apparently until I have made 15 posts. All I can say is that if you go look at a daily chart of gbp/jpy you can see a series of 4 coiling or winding inside bars from last week. We then got a very profitable break down to the next logical horizontal level. This inside bar area is known as an "event" area. You can find more about trading off pure price action signals by looking up Nial Fuller on youtube. He is alot of free info. and videos that teach you price action. I will posts charts soon. thanks .

Sorry for the limitation. It's to combat spammers. You're almost there.

**lktr0926** · 11-24-2009, 23:49

Yup, almost there.
Anyone catch all the inside bars today? Looks like most of the major fx pairs are getting ready to explode. For a good video on a recent aud/usd price action trade go to youtube and type in "Forex Training Tutorial on Pin Bar Strategy". Nial is great. Taught me everything I know.

**DickP** · 11-25-2009, 01:40

Trading forex using price action usually isn't something that springs to most newbies' minds. A lot of it has to do with the fact that most traders feel that they can't decipher which direction the market is moving without these indicators.

Trading with indicators is a lot like trading somebody else's signals. You're just hoping that its right. You're really not sure why the price is moving the way it is. What you're following is just someone else's opinion, (or in the case of an indicator, somebody else's formula). The whole point of trading forex using price action is that it eliminates all the clutter and you can trade from an unbiased point of view.

What happens many times when traders have so many indicators on their charts, is that a couple of the indicators are giving conflicting directions (one is saying that its going to go up, the other is saying its going down). Since most traders don't understand price action and movement, they are left waiting on the sidelines for all their indicators to match direction. Its an awkward position to be in when the only reason for taking a trade is because you're waiting for lines to cross each other when you don't really understand what that even signifies. The next time you're thinking about that, just think of all the traders on the New York Stock Exchange floor and think about how they are able to trade without charts, much less lagging indicators.

Found interesting article might be right up your alley.
<-------------------------------------------------------------------->

So, how to create a perfect Forex trading system?

First of all, you need to make sure your trading system fits your trading personality; otherwise you will find it hard to follow it. Every trader has different needs and goals, thus there is no system that perfectly fits all traders. You need to make your own research on various trading styles and technical indicators until you find a concept that perfectly works for you. Make sure you know the nature of whatever technical indicator used.

Secondly, incorporate price action into your system. So you only take long signals if the price behavior tells you the market wants to go up, and short signals if the market gives you indication that it will go down.

Third, and most importantly, you need to have the discipline to follow your Forex trading system rigorously. Try it first on a demo account, then move on to a small account and finally when feeling comfortably and being consistent profitable apply your system in a regular account.

http://www.straightforex.com/perfect.html

**lktr0926** · 11-25-2009, 21:47

Hey DickP,
Thanks for the article. Have you read any thing by Nial Fuller or seen any of his trading videos? He has a bunch on youtube, go check him out. I think you will like his style.

**ChartWizQ** · 11-29-2009, 07:39

I'm more of an indicator kind of guy, I think its more important and beneficial to have (but not necessarily enter trades based on) indicators that tell us where obvious areas of support and resistance are to help determine better places for entry and most certainly exits, places where trends are most likely to reverse.

Ask yourself, what do the big dogs do in forex, and follow them

**lktr0926** · 12-03-2009, 22:36

Actually, I know a professional trader personally, and he uses no indicators at all. I really don't understand why anyone thinks indicators are useful. They are lagging and are only showing you visually what has already happened in the market. You can easily see support and resistance just be drawing horizontal lines across major market turning points, so using indicators to point out support and resistance is pretty counter productive in my opinion. You can see everything that any indicator will tell you just by looking at a naked price charts. If you know a few solid price action setups than that is all you need to make money in the markets, at least technically speaking. I suggest you check out a website called learntotradethemarket it is very good. Indicators are confusing.

**Mike** · 12-04-2009, 06:16

http://www.learntotradethemarket.com/ Will Do

**lktr0926** · 12-07-2009, 23:06

Interesting daily pin bar forming here one EUR/USD. If today's bar closes out like this I will take a long with a target around 1.5000. The 50% pin bar entry method allows you to get a really tight stop. You can find out more about this method at Nial Fuller's website.
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I am currently long GBP/USD from 1.6450 off of the nice daily pin bar that formed today. Target is 1.6600.

**lktr0926** · 12-10-2009, 17:39

The "fakey" setup from last thursday on eur/usd has come off quite nicely. This is my favorite setup. I cleaned up off of it. Hopefully I will be at 15 posts soon so I can post charts for everyone to see what I am talking about.
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Hopefully I can get to 15 so I can post up some charts of my favorite setup; the "fakey".
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No real price action signals yesterday. Looks like some inside bars are forming for today. Could be interesting.

**DickP** · 12-11-2009, 19:55

I think others have asked, are there any videos out there of people just trading price action?

**lktr0926** · 12-12-2009, 00:22

Yes, Nial Fuller has a ton of videos on YouTube where he discusses price action setups and shows how he interprets price patterns and how he uses raw price data to trade. You can actually learn quite a bit from just watching all the videos on YouTube he has. He offers a price action trading course that is really good as well. Here is the link, since I can't post links yet just put www in front and it will work.
.youtube.com/watch?v=_1KUWGS0xKk

**lktr0926** · 12-15-2009, 07:17

There is a pretty good daily pin bar on USD/CAD and AUD/JPY , also a nice inside pin on GBP/CHF. Can't wait to start posting up some charts for everyone!

**lktr0926** · 12-18-2009, 00:23

Really nice daily "fakey" setup on gbp/usd, it's currently coming off pretty good.
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Yesterday's gbp/usd fakey netted us all some very decent pips in the LTTTM forum. Charts are coming very soon.

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