Trading with Price Action

[Kiwi 16]

Agreed BlowFish,

 

We do seem to have adopted a "send us your hungry, unwashed, and unwanted" approach given some of the posters here.

 

As long as they stay in their threads and don't keep starting new ones in bursts of self-promotion they can be as mad as hatters or as honest as Chicago politicians and it really doesn't affect their welcome much.

[thetatrader1520887476 10]

I have been reading a book called price action bar by bar, by al brooks. It seems pretty detailed, but like many reviewers on amazon mention, poorly edited.

 

Al's work is very good. He is doing a free webinar on Dec. 6 through futures magazine. check out thier wed sit for more info. he all so has a free wed site were he post his end of day charts. and explains what he was looking at through out the day. very helpfull if your trying to understand the nuances of his method.

 

Hope it helps

 

Funny thread was really a waist of my time to read. that is to bad.

[ZOSO 10]

As easy as ABC.

 

Maybe I should consider becoming an educational trading vendor. People are opening their wallets for stuff like this.

 

[ZOSO 10]

I like indicators. I think they get a Bad Rap by the PA cult.

 

Strangely enough, people are opening their wallets for this type of stuff too. LOL

 

 

[lujin66 10]

ZoSo, what indicator is this? I assume it is on NinjaTrader.

[dwt1020 10]

there is now a live webinar where Brooks comments on the market live using this Price Action

 

if you are interested go to Brooks Price Action - IntegraMOD Default .

 

Not SHILLING.. just sharing.....

 

d

[pricetrader99 10]

Not really sure why people are saying I am "giving price action a bad name". I just wanted to post up some charts of trade setups I have learned as a result of taking Nial Fullers course. I will just keep posting trades and people can decide for their self wither or not they choose to be negative. I am long off this daily pin bar that formed today. Target at 1.6600.

 

[thalestrader 14]

I am long off this daily pin bar that formed today. Target at 1.6600.

 

 

What was the entry point and why?

 

Is your stop loss below the low of day or somewhere else?

 

Thus far you've not posted what is conventionally considered to be a "set-up." A "set-up" would include, at the very least, an explanation of how one is to make the decision to enter a position and the where and when of the entry, as well as establishing the initial risk of the trade.

 

If you are here to discuss and share what you have learned, we're all ears. But telling us you are long off this here pin bar is not at all useful.

 

Best Wishes,

 

Thales

Edited December 8, 2009 by thalestrader
typo

[brownsfan019 17]

I like indicators. I think they get a Bad Rap by the PA cult.

 

Strangely enough, people are opening their wallets for this type of stuff too. LOL

 

 

 

Wait a minute - a trending indicator works when a market is trending? Bizarre. Now show a day of chop.

[thetatrader1520887476 10]

Futures Magazine ITrade show starts tomorrow and goes to wed. Al Brooks is giving his webinar Wednesday at 4pm ct. Imho Al's description to price action is second to none. The link to sign up for all the webinars free is.

Futures I-Trade

 

Hope it helps.

[DugDug 10]

Hi pricetrader99 - as I was one of the critics - I apologise it was more a response to reading lots of sales info on the day - but I also think Thalestrader makes the point perfectly.

forums are easy to misread/mis-interpret etc; and there are only so many hours in the day.

I think all information can be valuable, but when people push a product/person/idea then it would ideally need more substance.

[thalestrader 14]

I am long off this daily pin bar that formed today. Target at 1.6600.

 

 

TFunny thing about pin bars: Change the time frame and they disappear.

 

Now you see it, now you don't.

 

Best Wishes,

 

Thales

[ektrader 10]

Now you see it, now you don't.

 

Best Wishes,

 

Thales

 

Sure, you change the time frame, and you will see something else. trading is not a perfect science. It's about groups of people seeing the same thing and what it represents. There was no mistake that demand was present at that line, so the next logical movement is up. It doesn't mean that's what will happen. It just means that it should be the next logical step.

 

I agree that he could have been a little more desciptive but i just assume he went long at the close with no stop:doh:. Anyway.....

 

Happy Trading

 

Ektrader

[pricetrader99 10]

Thank you ektrader,

I did take a small loss on that trade. It's ok though because I manage my risk. In hindsight the market momentum was down so I was going against the trend which is not usually wise.

 

Here is a great setup called the "fakey" that Nial Fuller teaches. Go look it up on youtube, theres tons of free videos. This is my favorite setup; on the daily charts it works more often than not.

[thalestrader 14]

Here is a great setup called the "fakey" that Nial Fuller teaches. Go look it up on youtube

 

You go look it up on Youtube.

 

Thales

[ektrader 10]

Thank you ektrader,

I did take a small loss on that trade. It's ok though because I manage my risk. In hindsight the market momentum was down so I was going against the trend which is not usually wise.

 

Here is a great setup called the "fakey" that Nial Fuller teaches. Go look it up on youtube, theres tons of free videos. This is my favorite setup; on the daily charts it works more often than not.

 

Man, why is everyone down on you? Is it because you're new? :confused:Oh well, anyway..

 

Hmmm. I don't know anything about this Nial Fuller guy. But I understand the setup. "fakey". I've heard several names for this chart pattern and here's sanew one to add to the list. I've heard it called pin needle, shooting star, no show, and now fakey. I think people will learn more by letting them know why the pattern happen, what it represents, and a description of how you trade them.

 

Happy Trading

 

Ektrader

[Kiwi 16]

Why does Nial feel a need to sleeze it up here by having a lickspittle promoting him. Are there not enough suckers out there without spamming the site?

[ekshay 10]

Why does Nial feel a need to sleeze it up here by having a lickspittle promoting him. Are there not enough suckers out there without spamming the site?

Looks to me like he just wants more google results for his name, so he can brag about him having a big one.

 

:haha: ... I mean a big number search result.

Edited December 9, 2009 by ekshay
grammar

[ekshay 10]

Man, why is everyone down on you? Is it because you're new?

No Ektrader. Not because he is new. But because he is a liar.

 

Just look for the inconsistencies.

 

First he says "I am wondering how other people use price action to trade ..."

When pointed to a popular price action thread, he replies with "I sort of wanted to get my own thread devoted to price action though. I've been learning from Nial Fuller, and he has a unique take on price action."

 

Now ofcourse, there is no mention of what and how is Nial's take unique. All I see in the pics is extremely BASIC Candlestick patterns.

 

Actually I don't even see what market he is trading. So, if he assumes we are intelligent enough to guess it, I am sure he doesn't assume we are ignorant of Candlesticks.

 

... BTW pt99, my broker's data doesn't have that Pin bar. So should I not take that trade ???

 

Next ... he says "He has a bunch of videos on youtube that I recently came across ..."

And now after over 11 days of silence after people asked him to explain the rules of the 'setups' ... he's got "I just wanted to post up some charts of trade setups I have learned as a result of taking Nial Fullers course."

 

Oh wow. Now that you are a Nial Certified Trader, how about posting in the Trader P/L Thread.

 

Anyway Ek, I can go on for a while, but we both know what the ROI is for this time investment.

[ektrader 10]

No Ektrader. Not because he is new. But because he is a liar.

 

Just look for the inconsistencies.

 

First he says "I am wondering how other people use price action to trade ..."

When pointed to a popular price action thread, he replies with "I sort of wanted to get my own thread devoted to price action though. I've been learning from Nial Fuller, and he has a unique take on price action."

 

Now ofcourse, there is no mention of what and how is Nial's take unique. All I see in the pics is extremely BASIC Candlestick patterns.

 

Actually I don't even see what market he is trading. So, if he assumes we are intelligent enough to guess it, I am sure he doesn't assume we are ignorant of Candlesticks.

 

... BTW pt99, my broker's data doesn't have that Pin bar. So should I not take that trade ???

 

Next ... he says "He has a bunch of videos on youtube that I recently came across ..."

And now after over 11 days of silence after people asked him to explain the rules of the 'setups' ... he's got "I just wanted to post up some charts of trade setups I have learned as a result of taking Nial Fullers course."

 

Oh wow. Now that you are a Nial Certified Trader, how about posting in the Trader P/L Thread.

 

Anyway Ek, I can go on for a while, but we both know what the ROI is for this time investment.

 

Ohh my! I guess Ill stay outta this one.....

 

Happy Trading

 

Ektrader

[pricetrader99 10]

Wow,

This seems to be a very hostile thread. I have no affiliation with Nial Fuller, I just recently purchased his trading course and I feel it is the best piece of forex educational material I have ever come across. One of the previous posters was implying that the way I trade is extremely "BASIC' because it relies on simple candlestick patterns. Well, I would agree with you, and I would like to ask you, why is that a bad thing? How is trading off the price data the market inherently supplies us with a bad thing? Have you found success in analyzing multiple lagging indicators? I doubt it. Most people realize indicators are a fools game pretty fast into trading. I honestly just wanted to find a good forum to share what I have recently learn and get others' take on price action trading. I really feel like all the hostility sent my way for apparently no reason is really strange. I will not fire back and sink down to a level that I have long since taken myself out of.

 

SO, in the effort to get back on the track of discussing price action and not petty insults...

Ektrader...

The "fakey" setup as I have learned it from Nial is when there is an inside bar or multiple inside bars followed by a false break of the last inside bar, this tends to suck in traders that always buy break outs and usually will come back the opposite direction quite strongly. I have not seen this taught any where else quite how Nial teaches it, which is why I have been talking about his methods alot on this thread. No, what he teaches is nothing ground breaking or mind blowing, but he has a natural flare for explaining things in a simple yet effective manner, that is why I am a supporter of his, and I love the fakey. Here is a chart of the fakey setup.

Arrow 1 is the inside bar, Arrow 2 is the false break bar, hence the "fakey" setup. It works especially well in the direction of the dominant trend. This chart is a daily chart of AUD/USD.

[Kiwi 16]

If you are for real (and I doubt it based on your posts so far) then when you post these wonderful setups specify your target or profit capture mechanism and your stops as well.

 

FWIW, the fakey you show there doesn't match Nialls earlier videos particularly well.

[ekshay 10]

I have no affiliation with Nial Fuller, I just recently purchased his trading course and I feel it is the best piece of forex educational material I have ever come across.

Good for you. Do post some charts with actual orders placed instead of red arrows.

 

I am one of those who believe that Forex waters are loaded beyond brim with Suckers, Scammers, and Bankers.

We presume you are not a Banker. You say you are not a Scammer. Then, what that implies is not such a good thing.

[sorry if this looks like a petty insult. It was not intended.]

 

One of the previous posters was implying that the way I trade is extremely "BASIC' because it relies on simple candlestick patterns. Well, I would agree with you, and I would like to ask you, why is that a bad thing?

Well, I was that previous poster. Could you please read that line again.

 

Here's a copy ... "Now ofcourse, there is no mention of what and how is Nial's take unique. All I see in the pics is extremely BASIC Candlestick patterns."

 

See, I didnt say that the trading is basic, or that it is a bad thing.

What I was doing, was pointing that I have not seen anything SO unique that it would inspire a person to join a new forum and start a thread.

... And then ignore everyone else's advice, because he has obviously found the holy grail.

 

We are still waiting for that big AHA that you are trying to send across.

 

How is trading off the price data the market inherently supplies us with a bad thing?

Not at all. For that matter, everybody can ONLY trade off the price data the market inherently supplies. So good or bad is not even a choice.

 

But, if you are asking if anything is wrong with trading "price action", then that demands a clear definition of Price Action.

 

My perspective of PA is extremely narrow... its Tape Reading, trading off the Time and Sales Window ... [NOT available in MetaTrader]

If my decision-making is using more than last 5 minutes of price data, then ultimately, I am just using a lagging indicator ... even if its just a sentiment in my brain, and not a squiggly on my chart.

 

I understand that there are many who think Support-Resistance, Chart patterns, Candle patterns, Trendlines, Highs-Lows, etc. are PA. I am not saying my definition is right... I am saying that one must be clear about what they are talking about.

 

Have you found success in analyzing multiple lagging indicators? I doubt it. Most people realize indicators are a fools game pretty fast into trading.

Well, actually I did. I did find success in analyzing multiple lagging indicators. Yes.

So did Edabreu, Larry Williams, John Carter, Alexander Elder, Joe DiNapoli, Ryan Watts, and many more.

For that matter, I recently discovered that the world-famous Turtles also use multiple Donchian Channels... talk about success with lagging indicators !!!

 

If you know any successful traders from your own city, you'll find that quite a few use RSI, or MACD, or Bollinger Bands, or Moving Averages, or whatever ... consistently and profitably.

 

The ONLY reason we ask newbies to remove indicators, is because they have never paid attention to the price at all, which is the reason they are failing.

A losing trader, to protect their ego, will often blame the indicator as the cause of loss.

We just give them a chance to really see the market, and try once more.

... Some people still lose ... and go off blaming everything from Astrology to Market Manipulators.

 

Wow, This seems to be a very hostile thread.

I honestly just wanted to find a good forum to share what I have recently learn and get others' take on price action trading. I really feel like all the hostility sent my way for apparently no reason is really strange.

Hostile? All we have been doing is telling you the etiquette of TradersLab.

 

What were we saying? Lets see.

 

- wjrusnak: I think you are on the right track to developing a good trading system. Most beginners aren't even thinking about price and what it's actually doing, as compared to lines crossing each other.

- wjrusnak: Explore the site, especially some of the stickies and popular threads in each area of the forum.

- BlowFish: You might want to review this thread. There are a couple of other good (if somewhat older) price action orientated threads here too.

- wjrusnak: I would call your "inside bar" a hinge and I would have taken the same trade. Two different ideas leading to the same trade. Refer to my chart below to see what I'm talking about.

- wjrusnak: what you'll want to pay attention to are support/resistance lines, trend lines, higher highs/lows, lower highs/lows, and different time frames. You will notice most of these concepts in anything you read about price action.

- BlowFish: Price action (manifesting as pin bars and inside bars) at longer term S/R is a pretty sound basis for a trade.

- BlowFish: Anyway I certainly don't want to derail your thread, really nice clear charts keep them coming.

- BlowFish: what size bars are they on the Aussie chart you posted? I could work it out but being lazy.

- sevensa: In all fairness, yesterday you just said it is an interesting setup. I count numerous other inside bars also in the chart you have posted that didn't result in anything. It is easy after the fact to point out the breakout when you ignore the inside bars that didn't do anything and only focus on the one that preceded a breakout.

- Thales: Funny thing about pin bars: Change the time frame and they disappear.

- Thales: you said nothing about a trade - no entry, no stops, no targets, no plan; nothing, that is, until after price had made a move and you then show up hours later and tell us how well your subscribers did.

 

And on and on it goes.

 

Where are the Stops? Why did you NOT trade a pin or inside bar earlier in the chart?

Can you predict a fakey? What if there was a fakey in the direction of the dominant trend?

 

On and on.

 

We are NOT being hostile. We are telling you the etiquette of TradersLab.

This is a Laboratory. We do things rationally and scientifically. We don't indulge with scammers or 'interesting' setups.

This is NOT a safe haven for keyboard jockeys.

 

And when a senior member with hundreds of thanked posts recommends you to read another thread, please understand that he is NOT selling you a course. He is suggesting something that will only make you a better trader. Atleast spend 10 min on that thread, and comment from a place of respect.

 

I will not fire back and sink down to a level that I have long since taken myself out of.

Well, thank you. Hope you RISE to the level of TradersLab.

 

Try this now ...

- From tonight, post one or more daily charts, with a view of what you would do TOMORROW.

- Share the logic. Show the Stops. If your method has a defined way to Take Profit, show that too.

- Ensure that the charts clearly tell what currency pair and timeframe they are from.

- Would you be watching what price does tomorrow in a certain area... and if so, what timeframe chart would that be. If you miss it, no problem.

 

Hope you get the idea. Refer to other threads to see examples of this behavior. Thank you.

 

-------

 

Also, if Nial is reading this... We don't have any prejudice against Course or System vendors as long as they understand and respect the TL environment. There is Richard Todd, FulcrumTrader, Suri Dudella, and more.

Plus, as you can see in this thread, not a lot of suckers here anyway. Either use the thinking minds here, or just ignore the forum.

[Tams 20]

Wow,

This seems to be a very hostile thread. I have no affiliation with Nial Fuller, I just recently purchased his trading course and I feel it is the best piece of forex educational material I have ever come across. One of the previous posters was implying that the way I trade is extremely "BASIC' because it relies on simple candlestick patterns. Well, I would agree with you, and I would like to ask you, why is that a bad thing? How is trading off the price data the market inherently supplies us with a bad thing? Have you found success in analyzing multiple lagging indicators? I doubt it. Most people realize indicators are a fools game pretty fast into trading. I honestly just wanted to find a good forum to share what I have recently learn and get others' take on price action trading. I really feel like all the hostility sent my way for apparently no reason is really strange. I will not fire back and sink down to a level that I have long since taken myself out of.

 

SO, in the effort to get back on the track of discussing price action and not petty insults...

Ektrader...

The "fakey" setup as I have learned it from Nial is when there is an inside bar or multiple inside bars followed by a false break of the last inside bar, this tends to suck in traders that always buy break outs and usually will come back the opposite direction quite strongly. I have not seen this taught any where else quite how Nial teaches it, which is why I have been talking about his methods alot on this thread. No, what he teaches is nothing ground breaking or mind blowing, but he has a natural flare for explaining things in a simple yet effective manner, that is why I am a supporter of his, and I love the fakey. Here is a chart of the fakey setup.

Arrow 1 is the inside bar, Arrow 2 is the false break bar, hence the "fakey" setup. It works especially well in the direction of the dominant trend. This chart is a daily chart of AUD/USD.

 

Hi,

I would like start a thread about price action analysis. I have recently started trading forex strictly off of price action setups alone and I have found it much easier than using indicators or any other system. I am wondering how other people use price action to trade from or what degree of success they have had using this method to trade forex or other markets. Has anyone heard of a guy named Nial Fuller? He has a bunch of videos on youtube that I recently came across and they seem very helpful. He also has some good free videos and info on price action on his website. Anyways, I would like to hear what people think about price action and maybe post up some charts of specific price action setups I have learned. Thanks.

 

 

nah... not a hostile thread... nor hostile people responding in a hostile way...

 

just a lot of tried traders speaking of the harsh reality of learning to trade

 

you asked for opinions... you get opinions.

 

not all the opinions are agreeable,

not all the opinions are worth reading (including this one, heheh)

but such is the life on an open forum.

 

 

 

the chart pattern looks interesting

 

but as in 99% of the setup out there,,,

they work when you look at it,

but don't work when you put money in it.

 

the reasons are simple,

1. vendors choose the best example for illustration.

2. we have selective eye sight, we tend to see what we want to see, and overlook what we don't

 

I haven't tested your pattern, but I can guarantee you,

if you put that pattern in a programmable charting software (e.g. MultiCharts or TradeStation),

you will quickly see that the possibilities are no more than 50%-50%.

 

Why do I know?

Let's say, there is nothing new under the Sun.

(I think that's from the bible... and that's a very old book.)

Edited December 10, 2009 by Tams

[Tams 20]

p.s.

I am not saying there are no price patterns out there...

it is the market context that give the pattern meaning... not the pattern itself.

Looks like you have lots of reading material in the course you have purchased...

maybe it is the context we haven't understood from you.

Can you put some notes on the chart, alongside the arrows?

Edited December 10, 2009 by Tams