[Tams]

Originally Posted by pricetrader99 »

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.

Originally Posted by pricetrader99 »

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.)

[Tams]

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?

[pricetrader99]

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.

[IMG][/IMG]

[BlowFish]

Originally Posted by pricetrader99 »

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]

Originally Posted by pricetrader99 »

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.

[IMG][/IMG]

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]

Originally Posted by BlowFish »

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]

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

[BlowFish]

Originally Posted by DugDug »

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 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.