Trading with Price Action

[pricetrader99 10]

Here is a chart with arrows and comments of aud/jpy daily. Today gave us a nice pin bar off of a solid horizontal level.

 

[BlowFish 10]

  pricetrader99 said:

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.

 

Hi PT99 I hope you will see that my posts have not been hostile. I would refer what I said around post 25 and one a couple earlier. It is against the rules of the site to keep mentioning a commercial offering however good the material is. You do seem to manage to mention him almost every post. This is one of the reasons you are encountering hostility. Post the charts fine. Keep mentioning xyz service is not.

 

It is probably worth repeating even though Nails stuff is inexpensive it appears to me to be identical to stuff previously presented for gratis by trader dante and James16. (not that anyone has a monopoly on price action) This is a good thing a) because there is no need for a purchase and b) because trader dante showed the efficacy of the method with a real account in 'real time' and even secured a job at a prop shop on the back of it. How you feel about someone packaging public domain material and selling it is down to the individual I guess.

[BlowFish 10]

  pricetrader99 said:

Here is a chart with arrows and comments of aud/jpy daily. Today gave us a nice pin bar off of a solid horizontal level.

 

 

Are you OK with a 2:1 Risk Reward? assuming you entered on close and have a stop just beyond the tail of the pin bar?

[BlowFish 10]

  BlowFish said:

Are you OK with a 2:1 Risk Reward? assuming you entered on close and have a stop just beyond the tail of the pin bar?

 

Actually looking at it again seems like it is closer to 2.5 or 3 to 1.

[DugDug 10]

I got set at the low of that pin bar - didn't you?

[BlowFish 10]

  DugDug said:

I got set at the low of that pin bar - didn't you?

 

Who me? yes of course I would have bought the low print of the day like you ( of course it wasn't a pin bar then but a black candle opening on the high and closing on the low at the time). I would also have bought the low tick of the hammer 3 days ago and sold the high tick yesterday. That's the beauty of hindsight trading of course :D:D So what would have been the basis for your entry (apart from knowing that it had worked out)?

 

Incidentally I used to trade by fading extremes (I mean really rather than 'forum' trades) buying first times at support etc. You can afford pretty tight stops and the RR is generally excellent. Of course there are a whole bunch of other challenges that these early entries present.

 

Of course if your question was addressed to PT99 your guess is as good as mine hence my question. (I thought a clarification might help people get more value out of this thread). As he is trading pin bars and the pin bar did not develop until the 81.20 area I cant see how he could possibly get better than 2.5 to 1 risk reward based on the rather vague entry criteria posted so far.

[pricetrader99 10]

My stop on that aud/jpy pin bar was just below the 50% retrace level of the pin bar, my target was around 82.50 as I posted, this was about 2 times my risk. My risk to reward was 1:2. Obviously this trade did not work out. It's ok because I manage my risk and always make sure I have at least a risk/reward of 1:2 or greater. It was just another execution of my edge in the market. I am currently up a decent amount of pips on today's GBP/USD fakey that came off. See the chart below.

 

 

4 Hour view of the fakey setup produced a nice pin bar off resistance:

[DugDug 10]

Sorry still on the aud/jpy since I have seen no tak of entries, stops etc; just lines and a few notes. (i apologise if its just me being stupid)

 

So correct me if i am wrong.....(I am rounding the numbers for ease off the chart)

After the fakey has shown itself. you buy at the next bars opening -

Go long at 8120.

Stop = 50% of the range of the fakey bar => 8134-(8134 - 8004)*50% = 8134-(130*50%).

So stop is 8070.

Take Profit target 8250

Hence Risk = 8120 - 8070 = 50

Reward = 8250 - 8120 = 130.

 

????

[ekshay 10]

  pricetrader99 said:

I am currently up a decent amount of pips on today's GBP/USD fakey that came off. See the chart below.

 

Are you referring to the Daily chart or the 4-hour? The fakey you have marked is in Daily, and that is back in the red.

 

And once again, the Entry, Stop and Profit Target elude us.

 

If you really feel too lazy to type in the numbers, I understand. I am a very graphical trader as well; never even look at the numbers.

 

But considering that you are comfortable posting pictures, lets make it easy for you.

Next time, take a pic from the platform where you have made the trade, so all numbers will be automatically readable and you won't have to type it out. :thumbs up:

 

  pricetrader99 said:

4 Hour view of the fakey setup produced a nice pin bar off resistance:

 

 

Off the Resistance? ... Where is that resistance in the past?

There isn't even a general support zone in that area on the Daily chart; I couldn't possibly have drawn that resistance line exactly at that high... except in hindsight.

 

Could you please share how you draw S/R lines. Thank you.

Edited December 17, 2009 by ekshay

[thalestrader 14]

  DugDug said:

Sorry still on the aud/jpy since I have seen no tak of entries, stops etc

 

  ekshay said:

And once again, the Entry, Stop and Profit Target elude us.

 

That information is reserved for paying subscribers.

 

Best Wishes,

 

Thales

[ekshay 10]

  thalestrader said:

That information is reserved for paying subscribers.

 

Best Wishes,

 

Thales

 

Yeah. Must be. Those red arrows confused me earlier. I didn't even get whether it was Short or a Long trade.

 

Now I understand. PT99 was talking about a Short on the 4H, that made the Fakey on the Daily. So, he actually traded the Pin Bar off a Crystal Ball Resistance Line ... BEFORE the fakey was confirmed.

 

I'd say thats good trading IF he can prove that he actually put the trade in.

 

-----

 

PS: Thanks PT99 for adhering to Blowfish's post. [Number 52]

[pricetrader99 10]

OK,

First of all, I only post charts up because I don't feel its necessary to show everyone my broker's screen shot with my account number and monetary value for everyone to see. I think that is reasonable. I am only trying to share how I trade using price action, im trying to show specific setups that I take again and again in the market for people to analyze and to help people out. You can plainly see from this chart the resistance level I was referring to in my previous post. A fakey occurs when there is a mother bar followed by a series of inside bars then a false break, you can see from the chart below what I am talking about. If anyone else would like to share their price action setups that is cool, however all this doubt and negativity being sent my way is pretty confusing, im not selling anything, just sharing how I trade. How does everyone else use price action? Can we get back to sharing setups and ideas instead of arguing?

 

 

[sevensa 10]

  pricetrader99 said:

...im not selling anything, just sharing how I trade...

Really? All you are showing is hindsight trading. Which broker do you use that let you place orders after the fact?

 

  pricetrader99 said:

How does everyone else use price action?

In real time and not at the end of the day by showing what should have been done yesterday.

[DugDug 10]

Hi PT99,

I think every appreciates the desire to show setups and share ideas - thats what this forum is about. However, I think everyone keeps repeating these similar thoughts though - and not in a bad way.

"there is a difference between fantasy and reality"

 

I (and I think most others ) could not care about your account, your details, how much money etc; Do it in a demo account with a trillion dollars we would be impressed.

What we are interested in is chart levels. eg; entry, stop, Take profit.

Not lines on a chart that could have been drawn afterwards.

I quite like the setup, I like the idea, it makes sense.

 

BUT if you (or Nial) want people to pay for the actual numbers etc; and more information then fine - say that. I am sure those who feel it has merit will pay for it.

BUT If you wish to point out the wonderful idea, share thoughts and generally help educate others then fine - do that. Put some numbers on the chart, and the ACTUAL "reality not fantasy" trade levels that could be done. Otherwise I am afraid that people while not being hostile are more confused, heading toward sarcastic.

 

(this is all getting a hint of Bernie Madoff about it - this is how I do it, I am not going to tell you exactly and if you ask too many questions than I will get angry, but just remember that other people are happy customers )

[pricetrader99 10]

As of today I am ceasing my posting in this thread. It has turned into something that I did not intend on. I wish everyone nothing but the best and hope you all find the success you are looking for in the markets. - Best wishes - pricetrader99