In this live trade I use price action to enter a NZD/USD long reversal trade for 1:2 RR or +87 pips. No indicators, no fuss, pure price action trading!
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The confidence in that trade is just mind-blowing….!!! hope to be like that one day.
Hi Nick, informative as always, could you tell me what tool/software you use for drawing on the charts?…cheers
This is pure naked trading. Thanks a lot Nick
thanks Nick I am about to start a demo, but your video have opened my eyes a lot regarding to forex busness, Any one from Tanzania(Africa)
Hi Nick,
I would like to ask, how do you handle your trades during news release? Or do you even look at the news calendar before placing your trades? Thanks!
Hey Nick , I am a bit confused – Why didn’t you place SR lines at the problematic area where you placed your target.
Nice video Nick. A query about entering on different time frames: I’ve been stung quite a few times on the 4h,6h and 8h so I made a decision to trade only 12h and daily for a while. I recently took a trade on EURAUD on the daily chart (triggered 22/11) which worked out nicely with a RR of 1.5. If I would have taken it on the 4h with the same stop loss and target, the RR would have been around 3.2.
Any advice?
Should i just trade the really good looking 4h,6h,8h and avoid the ones with more “noise” and accept the risks?
Thank for your help.
Hi Nick, i have a few questions again!
1. Wha tis your opinion on reverse engineering your concept, looking for an indecision candle and then searching if it is on top of existing SR zones?
2. Will you say your strategy works better in ranging markets than in strong trending ones? In trending markets, are previous swing lows/highs with only one touch a valid SR area?
3. Have you ever tried mechanical strategies and do you think they work?
I think the reason I’m asking is because I have backtested 2 trend strategies, namely trend pullback and breakout systems which definitely make money during trending phases but when the market is ranging or consolidating then I either make a loss or do not trade at all. This seems like quite an expensive opportunity cost to me seeing that ranges often last longer than trends so I’m torn as to whether I should find a strategy to trade all market conditions/develop strategies to trade all conditions, or just sit out during ranges/consolidation periods and focus on trending times.
Sorry for the long question, I deeply appreciate your reply though. Still studying your videos, thanks for the help!
Great video, i’m getting better. Took a nice EUR/USD trade last week and closed out yesterday for 85 pips on a retrace as i was looking for an extension, RR of 2.3 though. In Nov i’m up around 290 pips.
I have two questions,first on stop losses as i had a couple of trades turn into losers after going 40-50 pips into profit. I’ve started moving up stop losses roughly in 50 pip increments, i’m not trailing them per se but for example if the price heads north of a 00 i will move my stop to the proceeding 50 mark. Makes me feel much better but you mentioned it may cost profit over time. Should i just look to move my stop to break even at some point and let the trade run?
Second you mention that the width of the support and resistance areas are not important but then use the price being high or low in these areas on your charts to justify trades or not trading so the width does have significance in your methodology. Also for example this NZD/USD trade is a little outside of my support/resistance area so i was looking for price to potentially push down a little further. I’ve started looking at 20 pips either side of the mid-line, would this be in the right ball park?
I want to do your private course next year, just need to put the funds away for it.
where u been Nick? I’ve missed you…