In today’s lesson I’m going to show you one of the core techniques in price action analysis. It is a technique I use every week to take successful trades in Forex.
Forex Price Action Webinar
I shot this webinar a few weeks ago but I never released it on forex4noobs. In the webinar I went over one of the most basic but most consistent and useful candlestick patterns.
So if you want to see the call price action technique that I use, how I use it and why it works check out the video below.
Chris
Awesome stuff Nick. Cheers!
cheowyonglee
A million thanks to nick.
Pat Rogers
Same old meaningless simplistic analysis. He’s no trader. As a trader, I can tell that from the language he uses in describing the price action. ” the bulls pushed the price up, but they weren’t strong enough” etc. He doesn’t really understand. Anyone, after a few hours study, can explain a candle pattern after it is printed and completed. That’s all he’s doing.
Nick
“An assumption is the mother of all mistakes”
I use simplistic terms to make it easier for people to understand Forex. Keep in mind many people who attend my webinars are not native English speakers.
If you want to talk about supply and demand, in big words, I am available on Skype most days. I warn you, I am well versed in the intricacies of many economic models, particularly supply and demand. So you may feel a little out of your depth.
Skype name ‘nickbencino’
Pat Rogers
I enjoy your videos Nick. They motivate me by providing a perspective in how far my understanding of price action has developed since I bought your first course some five years ago. Trading is a lonely and sometimes boring lifestyle. I often look at the higher time-frames like the eight hour featured in the above video. How I wish that there was a pattern on the eight hour chart that is consistently tradable. I would only have to go to the chart three times a day. But it doesn’t stop there. Why not the weekly chart why not the monthly? Or even the yearly? You have to ask yourself the question, why aren’t the traders in the big institutions just sitting waiting for for the pin bar featured in your video before they enter? Furthermore, since you acknowledge in your video that only the big players move the market, who is taking the other side of the trade? Who is buying below that red pinbar? Madness surely?
And so you see why I enjoy your videos, they prompt me to externalise the abstract.
But you are not a trader Nick. I mean you don’t make a living doing it. You are a marketer. And there’s nothing the matter with that. I hope you do well. It is just a bit galling to hear you going on about how you made 80 pips here and 50 there and anybody can do the same just by waiting for a really obvious candle to print. It must be a very stressful way to live you life, dealing in half truths for a living.
To quote Al Brooks ” In trading, those that know don’t talk and those that talk don’t know.”
Take care.
Nick
There are patterns on the 8 hour, daily and weekly charts that are consistently tradable. All you need to do is watch this weeks eur/usd analysis. In the analysis I mention a reversal pattern on the Daily. A mere 48 hours later the pattern was closed with over 70 pips profit.
Large institutions trade the same patterns I do. However, they also have access to data that retail traders do not. This gives them a major advantage over retail traders. So what I try to do is figure out where large institutions are buying and selling. I do this by using a combination of candle patterns and areas of support and resistance.
Who is taking the other side of the trade? Not all of the liquidity in Forex is speculative. Have a read of the Triennial Central Bank Survey if you want to understand liquidity in Forex.
Pat, if I were a marketer I would no be writing a blog. I would be doing what every other marketer does. I would be pumping my large list of email subscribers for affiliate sales. Yet, I have never once sold an affiliate product to my subscribers. If I were a marketer I would advertise my course more than once every two or three months.
Forex4noobs does not provide me with enough money to live comfortably. This is not because it cannot. It is simply because I do not monetize this website. And, this would be clear to any marketer worth his salt.
I could probably make $50,000 this week by promoting that latest crappy product from Bill Poulos, but I won’t. This is because I have integrity and because the bulk of my income comes from trading Forex.
Your arguments are fundamentally flawed. You have no understanding of price action and liquidity in Forex and it shows in your writing.
Either way I am done responding to you. I was hoping you would respond with an intelligent argument that prompted healthy debate on price action. Instead you chose to insult me and to make baseless accusations about my character.
Marko
Nick don’t bother to respond to someone like Pat. Maybe he is your competitor and you disclose his strategy for free. I followed your advice and improved my results by 10%. Now I’m at 85 % win rate.
Live!
hahaha nice response Nick
sj
Hi Nick,
Thanks for a great video, it help lot to a newbie like me.
One stupid question if you can answer it will be great. I want to open Forex account but just wondering is spread betting is kind of same as buying lot. Like: instead of buying 1 mini lot I can bet $10 on one pip?
Thanks,
Nick
Essentially it is the same thing. There are some minor differences but as long as you have a good money management plan they shouldn’t matter.
I actually spread bet through GFT as it is tax free here in the UK.
Larry
your PA strategy is more like Nial Fuller pin bar strategy!
Nick
You are right, there are some similarities between the strategies. Since we both trade price action our strategies are always going to have similarities. I make my trading decisions based on price without any indicators. There’s only so many ways to assess candlesticks so it’s understandable that you would see similarities.
However, forex4noobs is at least a year older than Nial Fuller’s site. And I have been trading price action for a number of years before forex4noobs was built.
Marko
This mean that Nial Fuller is using PA strategy of Nick. :))))))
Nick
Technically, yes. I started fore4noobs in 2006. Nial Fuller did not show up until around about 2008….
Antonio
How can I join to the webinar ?
Nick
This post was made 11 months ago.
yasin
Hi nick,thank you very much for your education.i don’t have 8hr chart,where can i find that?in which platform?
GuruTrade
Hey, great video!
Simple and informing!