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Pure Price Action Trading

Hello Everyone:

This thread will cover topics related to intraday trading using price action and FX trading in general. Any discussion/feedback is welcome but my area of concentration will be generally intraday. I plan on sharing my ideas regarding the following pairs: EU / GU / AU for live manual trading. My trades are generally 10 to 50 pips and are closed in under an hour.

I am also experimenting with a semi-automated trading style that I am running on a demo account and a longer term trading style running on a demo account My purpose is to solidify my trading by explaining my thoughts regarding price action to others. Any feedback is welcome.

I plan on contributing to this thread as an experiment for at least a month. If there is little or no interest, I will then evaluate whether to continue at that time.

I was initially looking for a GU long today. I really liked the Daily PA. Didn't like the EU so much due to the LL. But wouldn't you know it the GU stalled and the EU popped. The Asian session has had some great entries lately. The GU long I am anticipating may happen tonight. I do not trade the Asian session, curretn levels hold and there is no breakdown. Here is what I am anticipating.

2014-11-04_GU_Target.png

Attached Image (click to enlarge)Click to Enlarge Name: 2014-11-04_GU_Target.png Size: 114 KB AU and EU are also somewhat choppy. Now is past my trading time. But there was a decent entry on the EU a few minutes ago

2014-11-04_EU.png

Attached Image (click to enlarge)Click to Enlarge Name: 2014-11-04_EU.png Size: 64 KB Today PA was extremely choppy so I was more interested in scalping. 3 - 10 pip targets. Not my usual style but PA has been pretty tricky intraday lately. I usually don't have such a high volume of short trades. But it worked out today.

The feel of the market is that we are about to get a massive equity sell off. Of course will let PA lead the way. Done trading for today.

I have several trading accounts with various brokers: I have opened a $40,000 live Trade explorer on one of my accounts to show and track my manual trading progress. I have set the trading parameters to a very safe 1.0 lot size and will increase 0.1 per every $1,000 gained. Very conservative RR. But that is fine with me. Some details regarding my style: 1) I never hold positions overnight / over the weekend. 2) I do not trade / speculate on the news. What is said in the news is irrelevant. I wait for news to clear and let price lead the way.

3) I generally will not announce trades/levels before they are executed because entries develop very fast and are also many times quickly cancelled. However, if time permits I will call trades play by play.

4) I use renko bar charts for my entry and midrange charts adjust to the speed of the market 5) Specific Price action I consider for entries: a) Daily candles b) mid range (H1 to H4) supt/resistance levels c) midrange waves of movement, price action HH /LL d) market times / no trading with medium or high impact news pending c) whether the trade will be with the mid / long term trend or counter trend e) and finally I use patterns such as head and shoulders, double top etc.. as my entry triggers immediate term 6) I find that at least for intraday, moving averages, rsi, fibo levels not as effective for determining when to enter a trade. Trade Progression PDF:

FX Trade Progression.pdf

Some Rules I follow:

FX Rules.pdf

Any feedback is welcome

FX Trade Progression.pdf  89 KB|759 downloads FX Rules.pdf  89 KB|614 downloadsHi pipster1. For the sake of novices like me, could you explain what exactly is Price Action. As a way to introduce your method. Thanks. I see Beasts. I drop my scalpel and beckon on theatre nurse: "Charts!.."" Hello Surgeon: Technical analysis. For me I consider: Pending RED news, Daily candles, mid range waves of movement, mid

range support and resistance, entry patterns (head & shoulders etc...), how parallel pairs are behaving. I do not anticipate news, I ignore what is said. I wait for news to clear and trade the patterns.

Videos to follow.

pure price action. 100% agree with you, i keep an ear out and read the news daily, but that NEVER influences my trading decisions. I don't think there's any successful ways to to combine fundamental and technical trading, or anyway to do fundamental trading successfully.

technical's the only way!

pure price action. 100% agree with you, i keep an ear out and read the news daily, but that NEVER influences my trading decisions. I don't think there's any successful ways to to combine fundamental and technical trading, or anyway to do fundamental trading successfully. technical's the only way!
Totally agree Mark.
pure price action. 100% agree with you, i keep an ear out and read the news daily, but that NEVER influences my trading decisions. I don't think there's any successful ways to to combine fundamental and technical trading, or anyway to do fundamental trading successfully. technical's the only way!
To each his own Mark & my own method is centered around price action. That being said Fundamentals drive the prices you see & thus drive the price action you see on any given Time Frame. When heavy fundamental drivers are in place a traders chances for successful trades are much higher. Your solid understanding of technical price action then dictate your entries & exits. Any long term trader must have a basic handle on how Fundamentals move the market. It's just becomes another tool you'll end up using. You don't have to become a Harvard level economic analyst but I think you know what I mean.Took this continuation trade on the AU this morning. Looking for a pullback sell on EU, AU, GU. or Break out short continuation.

2014-11-05_AU.png

Also took a Break even on the EU

2014-11-05_EU_BE.png

Attached Images (click to enlarge)Click to Enlarge Name: 2014-11-05_AU.png Size: 62 KB Click to Enlarge Name: 2014-11-05_EU_BE.png Size: 45 KB Back in a EU short at 1.25234 looking for a run down to 1.2513 to 1.2500 rangeExited all positions. News pending. Missed the real entries that happened during the Asian session. Up a few pips. Will check back after news clears, turn on alerts and wait for entries.

Cheers

EU didn't make target, but appears primed to move lower now. Trailed the stop and stopped out up a few pips. Looking for a pullback sell once news clears.

2014-11-05_EU_shorts.png

Attached Image (click to enlarge)Click to Enlarge Name: 2014-11-05_EU_shorts.png Size: 41 KB Attached Image (click to enlarge)Click to Enlarge Name: 2014-11-05_EU_trail.png Size: 27 KB
{quote}Fundamentals drive the prices .
I have to agree with eggs on that comment.. but I do believe that it is easer to read the reaction to the fundamentals, regardless of what the numbers say, via the technicals.

Technical analysis with an awareness of news releases, and what time they are released, is the way to go.

FYI, I am working on a number of FX projects. The first is a 6 pair semi-auto trader designed to take trades once a rectangle manually drawn in a good area of support/res. It is based on the set and forget trading philosophy. This zone trader project is in beta phase as I am testing the EAs and indi for slippage, catastrophic losses, FIFO compliance, and other software glitches. I am running a 10K demo account and so far it is up about 16% in 3 about 2 weeks. My goal is between 2-3% per month so I am on target. I will continue to test this for a month or so then will open a live trading account and trade with very small lots and build from there. Semi-auto Video:

http://www.web-posting.com/fx/videos...mi%20Auto.html

Also testing a longer term approach with the Uchf. Only one pair and one trade in two weeks for 42 pips. Never really traded longer term time frame H4(entry chart)/daily(PA)/weekly(MAP) May add two more pairs LT video:

http://www.web-posting.com/fx/videos.../MT4%20LT.html


Category: Trading

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