The other day I held a webinar about trading Forex on large time frames. Below you will find the webinar along with a lot of other information on large time frame trading.
High-maintenance trading SUCKS. It is always stressful, and it makes people – AND ME – feel uncomfortable, nervous, and rushed.
How can you learn to trade, or even trade comfortably, when trading is stressful and your charts require almost constant supervision?
You can’t.
That’s why I prefer a low-maintenance approach to trading. And that is why I trade large time frame charts:
How to Trade Forex Low-Maintenance (while still making consistent profits)
Before you keep reading this article, and before you commit to watching the six hours of videos below, you need to ask yourself a question.
…Why should I trade low-maintenance and do I really want to?
Low-maintenance trading is for people who DON’T want to – or can’t – spend several hours per day monitoring their charts.
My trading strategy is designed so that you can trade effectively with as little as thirty minutes per day chart-time.
Thirty minutes… how is that possible?
That’s where large time frames come in.
When I say “large time frame charts”, I mean four hour, six hour, eight hour, twelve hour, and daily charts. Trading these time frames allows you to split your day up into two to three parts.
Splitting up your trading day
On five minute charts, trades can form, trigger, and be over in just in ten minutes. Which means you need to monitor your charts almost constantly.
And you need to rush into trades.
On eight hour charts trades unfold in slow-motion. It takes a minimum of sixteen hours for a trade to form, trigger, and hit its target.
For you, this means that you can fit trading around your life.
You only need to check your charts three times per day to catch trades that form on the eight hour chart.
The chart above shows a recent trade using my price action strategy on the eight hour GPB/USD chart.
This trade could have been spotted, and taken, even if you only checked your charts a few minutes every eight hours.
- 8:00 am – You check your chart and you see a strong bearish candle heading into support.
- 4:00 pm – You check your chart and see indecision forming. You know price may reverse so you set an entry order, a stop, and a target.
- 12:00 am – You check again and you see a second indecision candle has closed. You pull your entry order down and adjust your stop and target.
- 8:00 am – You check your chart and your first target is hit or almost hit.
Not all trades play out this simply. However, you can see that at no time where you rushed into the trade. You had around sixteen hours to plan this trade.
This is low-maintenance Forex trading.
The video below is a recording of my recent webinar. In the webinar I show you several other recent low-maintenance trade examples. I also answer a lot of questions about my strategy.
My Price Action Forex Trading Strategy
Now that you understand low-maintenance trading, you need to learn how to trade price action in Forex.
In March 2014 I held three webinars over the course of three days. In the webinars I covered my price action trading strategy in great detail.
Price Action Strategy – Candlestick Analysis
The first step to learning price action in Forex is candlestick analysis. This is nothing like that basic list of candlestick patterns you have probably seen on hundreds of websites. In the webinar below I teach you advanced candlestick analysis.
Price Action Strategy – Support and Resistance Areas
The next step to learning price action is support and resistance. In the webinar I show you how I identify and place support and resistance areas. This way you can know ahead of time where buyers and sellers will enter the market.
Now that you know how to place support and resistance, go and place them. After you do that, compare your areas to my support and resistance areas.
Price Action Strategy – Trading Reversals
The final step in learning price action is learning to use candlestick analysis and support and resistance together to take reversal trades. In the webinar below I show you how I trade reversals.
What do you think of low-maintenance trading?
I hope you enjoyed this post!
When you finish the content, leave a comment, and tell me what you think about this post.
Also, feel free to ask me any questions you have if you need clarification on something.
I will respond to every comment.
Aziz
You ar one of the Best of FX Pro Traders. Thanks A Lot.
Nick
Thanks Aziz
Freddy Techs
Hi Nick, you haven’t updated your S/R area in provided link above?
For G/U in the example picture, S/R in your table are still at 1.6630, 1.6700, 1.6780.
Just want to let you know.
Cheers.
Nick
Thanks, I forgot to hit the “update” button. It is all fixed now.
Jan
Hi Nick, Thank you for this useful webinar.
Do you select only small indecision candles?
For example the candle in this example on your GBPUSD trade was only only 20 pips “long” (low 6737 and high 6757). Would you take this trade even if the indecision candle is 50-60 pips “long”?
I enclosed your picture and marked a candle which is a bit long . I know it is not a valid signal, I just used it as a reference so you know what am I talking about.
And if you would take this trade with such “long” candle what stop loss and profit target would you use?
Nick
Yes, I would take it even with a long indecision candle. If I were using a candle with that long a wick I would probably set my stop 5-10 pips above the resistance area (if its a short trade).
Setting your stop above the wick is always preferable. However, you cannot always do that. So sometimes you set the max allowable stop based on your money management plan.
Limbo
Simple and straight Nick, from my searches for the best strategy, this one work the best for me.For the last 18 month’s I was just losing money until I experiment with your strategy.Perfect !!!!!!!
Keep on doing the good work .Limbo South Africa
Nick
Hi Limbo, thanks man, glad my strategy works well for you.
liveurlife
Hi Nick you should have a trrade room where people registered users can mirror your trades
Nick
I don’t really like the idea of spoon feeding or hand holding. People need to learn how to trade for themselves…. not blindly follow me.
Freddy Techs
If there are 2 indecision candles like in the G/U example above, which one do we use? Do we use the latest candle, or wait until price breaks the high of 1st candle? Or maybe move to higher TF (H12 – D1) where there’s only 1 indecision candle?
Thanks Nick.
Nick
When the first one forums you can set-up the trade based on the first one. When the second one forms you need to readjust you entry. In the case of GBP/USD this would mean pulling the entry down a little.
You could also switch to a higher time frame but I only really do that after three or so indecision candles.
andron
Hey Nick, how can i get in the webinar?
Nick
As long as you are on the mailing list you can access the webinar. If you want to get on the mailing list fill in the form on the right sidebar (scroll back up) >>>
andron
ok thank you.
Carl
If I trade the H4 time frame,would it be wise to also have the daily S & R levels plotted since those would be stronger,or should the s7r levels be only on the timeframe I trade. Thanks for the great videos.
Nick
Sorry about the late reply, I was away over the weekend.
I usually go with the 8hr SR for 4hr, 6hr and 8hr charts. For 12hr and Daily charts I use Daily sr.
carl
I trade on a mt4 platform.I tried some platforms with mt5 including alpari but they just don’t have the H8 timeframe.Any suggestions from you on how I can access the H8 for a demo account.I just need the charting,would use it to trade on my mt4.
Nick
Alpari MT5 has the 8hr time frame. You should contact customer support and ask how to activate it.
Jan
I use Alpari MT5 myself on demo and it has 8H charts Carl.
John Carter
Hi, in the chart window, press the ENTER key, then you will see a command line and cursor under the chart…. simply type H8 and the ENTER again….
Now you have 8H chart
Jan
Hi Nick,
Thank you for your answer to my other questions earlier.
I am trying to put everything together.
Would you call this indecision candle valid?
Nick
Yes, but it didn’t form on top of resistance.
vincent
how do i trade on dailies since there’s always news coming around. With not enough time for it to reach targets the majority of the time.
Nick
At the moment Forex is in a period of extremely low volatility. This means that daily charts are much harder to trade. You will notice very little follow through on Daily.
Jan
Thanks a lot Nick.
How many pairs you trade and how many signals a month on average can we expect on each pair,please?
Nick
Hi Jan, I trade around six pairs and I get 8-10 signals per month. Some people using my strategy trade 15 pairs and get a lot more signals. I realise 15 pairs sounds like a lot but when you check your charts three times per day it is easy to go through 15 pairs and look for set ups.
roxx
Good Day Nick , I went through your 3 day price action course and really want to improve on so can i have the price details for your advanced course as well as i need to share some of the information here will this work on equities,futures and options of indian market i know that you don’t know about indian market but is this same on all markets and how do pinpoint the support and resistance level so accurately any ideas which you can share .Thanks for the videos it was a real help as how simple you kept i don’t know will these stratergies work for years but just started on demo hope it goes well and will go on live after a year not so many people are like you .keep it up and really need of your skpe id but can’t get it i know …cheers man
Nick
Skype ID is “nickbencino”
maheswar81
roxx, are you from India ? Forex trading for speculators is illegal in India. Just info to share
Stephanie Jones
Nice.Great work
Nick
Thanks.
Mohen Corleone
Hello Nick
Thank you so much. I have watched all your videos and I’ve learned alot from all of it. Now it makes alot of sense when I see a chart.
I see that you trade on 8H time frame therefor am I correct to say that the SnR levels over in that chart is based on 8H time frame as well ?
I also would like to know when is the next advanced course will be available ?
Mumtaz
Thanks! Nick For such a awesome videos,
forex9721
its wary good to me relax trading thanks
JEFF VALENTINE
Hi Nick
Been struggling with time frame / news releases recently have a couple of quick questions if thats ok.
Other than the Non farm payrolls data which usually means no trading that day,can you tell me which specific Red news releases you avoid trading through? or do you not trade through any of them? It seems on the higher time frame trades that you need to be clear for the whole week before trading that particular pair and with news releases being so frequent it seems iam effectivly barred from trading quite often- hence the question.
As an example – Monday- trade set up identified 8hour / daily, Red news forcast for Thursday – so the trade might easily reach Thursday without hitting the profit target- so avoid the trade altogether? or trade knowing red news due thusday?
I really enjoyed your recent webinar on trading higher time frames and it made a great deal of sense to me but the news is the one main point of concern.
The other thing i wanted to ask was whether you source your original trading ideas on news sites such as Bloomberg and then look at price action analisis to support that idea or do you purely look at price action through your charts until you find a favourable set up?
I hope i have been clear enough for you to understand my difficulty and greatly look forward to your reply. Many many thanks for taking the time for your response in anticipation.
Kind regards
Jeff
Joseph
Hello Nick, I just think you are awesome men. The quality of the stuff you share is just amazing. I have followed you for a few years now and I believe its time for me to take the plug and begin trading for real. I do appreciate the time and effort you put into educating people on here. Again I say many many thanks.
Edwin
Thanks Nick for a very informative webinar.
Query, I now know your entry strategy. What is the exit strategy?
Do you exit at every resistance/support level or only when the indecision candles forms?
Cheers
John Sturm
Nick,
Thank you for the webinars. You explained things clearly. Your strategy is straight forward. I thought what a dunce I am for not seeing such a “simple” way of looking at price action. Again, thanks for the insight into trading price action.
Have a good 2015.
John
Paolo
After watching all three webinars, I patiently waited for a set up and entered a trade on two pairs based on your strategy with slight modification to suit my style. Both trade ended up hitting the targets. I will never use indicator anymore. I just realized that the reason i always loose is because i rely alot and basing my trades on indicators and not really paying attention to what is really happening and determining who is really in control. Price Action is the way to go. Thank you Nick!
Sahala
After read this strategy..wow its so simple
nw80
Great webinar, really helpfull
Arvi
Really enjoyed the 3 videos, you explain things very clearly. Thank you Nick
jesslew
Im not sure if this has been asked before but is there a certain amount of bounces we need to confirm a level like 3 or 4, or are we just looking for reaction to the level? Im a little confused on that part.
RajaAdil
this is just really informational and encouraging lesson for beginners .
Skyla
Really great site!
Nivasorva
Dear Nick,
I have been doing my best to learn Forex for almost two years now.
But this website, education, course and free strategy is unbelievable valuable!
It is so well written and easy and a pleasure to learn!
Thank you very much for making this happen, and so amazing that it is Free.
I hope that I can be part of the Advanced Course this Year(I hope it will be available), because I think you are the coach and teacher so that I can become the trader I want in Forex.
With kind regards,
Nivasorva
Nick
Hey Nivasorva, thanks man, glad you like the site!
WillGuthrie
Hi Nick.
I just wasted to say thank you for taking the time to post all this useful information and very educational videos. I am new to forex and I have a time line of beginning to trade around the first of the year so right now I am trying to learn all I can and be prepared for when that starts. I’ve just hit a little snag in your online free course. Lessons 3,4,5 I can’t load the videos. I keep getting an error message. I have emailed you and messaged you on Facebook and now I’m leaving this comment. So far I’ve enjoyed learning everything you have to offer and would love one day to participate in your advanced course when there is an opening. Again thanks for the info!!
William Goodwin
I haven’t checked out all the videos, but do you have a course for the low-maintenance trading?
Thanks
ljua
you are very knowledgeable in this area. I could learn much from you. thank you
Zen
Please come to South Africa on holiday and hold 2 or 3 seminars. I have almost al your videos and notes, well done all makes it so simple especially for someone who tried robots, moving averages, news trading and almost blowing up my account.
Deji
Do u recommend any brokers?
Dexrollo
i have been learning over the past two and half months to lean how to trade forex, and trust men you teachings make a whole hell lot of sense and very easy to understand. looking forward to start real next month.
Great work Nick . thanks.
Albert
Thanks a lot. You have simplified my trading and made it fun for me.
Allan
HI Nick,
Your videos are among the best out there. I wish we had these on the brokerage sites. Do you ever cover any major indicators used, or trading high impact news events.
Allan from Doha.
wallaa
Hello Nick,
You are doing a great job for mankind. The free course of yours is rich with content. The webinars are filled with good trading techniques. Keep up the good work.
naser
HI Nick for the last four months i have been educating myself on forex, i learned a lot on my own , but they was a missing link ( the how ) until yesterday when i did a search on google on price action that’s when i found out about your webner on youtube about the price action and i learned about you website bullrushacademy.com sinc yesterdayi went through your webners, i found the treasure i was look for the missing link ( the how ) ! simply you are the best of the best Nick!
Abraham reyes
thank you soooooo very much nick. a light bulb lite-up in my brain after every video. your the best
Geoffrey
Clear and straight forward
Harry
thank you nick – very clear and helpful for a noobie. i have not started to trade yet as i am still in learning mode. my question is: once you see an indecision candle at a support level let’s say, do you then just follow the market and enter a market order trade when you see that the price is at the high of the indecision candle or do you enter a limit order at some point and wait for it to trigger? at what time would you enter the limit order?
Nick
After indecision closes and a new high/low is made beyond indecision I enter the trade. If I am at my charts I enter manually, otherwise my limit order.
Anh Tuan
Thanks a lot Nick! Your blog is really usefull to me !
Best wishes to you!
Xolani
AMAZING!!!!!!!!!!!!!!!!!!
Ong KK
Thx Nick for the great article!
However, do you always missed good trade opportunities since you are trading 8H TF. Lets say u check your chart on 8am, price is heading to support area. Then you will check again in the next 8th hour. The price might touched support/resistance area before you open your chart. Do you rely a lot on price alert function in tradingview to aviod missing opportunity?
Thx NIck =)
Nick
I check every 4 to 8 hours. If I am busy I do not check as often and I do miss trades. However, most days I check every 4 hours so I do not miss trades.
Ifeoluwa
Hi Nick! I stumbled on your blog on Saturday and I have buried myself in it till now. I am finding it so useful…I am a beginner. Thanks a lot. God bless you.
Olasunkanmi Abiodun
How I wish I could see you and then give you a Big Hug! You have giving me the best of hope in trading forex successfully.. Thank you so much.
Peter Amusa
This is my first time of coming to your site. It is wonderful. I am blessed by these post. I have not made any profit in my trading before now. I am now enlightened. Thank you and God bless you
Kevin Connelly
Nick,
Just came to your site last night – it is a welcome discovery!
I am looking forward to going through the information – vid courses and blogs – ASAP!
I have had some success trading FX but still have to work on taming the “greed guy” – risk management – and on breaking the chain of short time frames!
Thanks for all your work in putting together this site and sharing your hard won experience and knowledge with us newcomers!
KC
Paul
I very much appreciated the tacked on sections you did in a couple of these. No interruptions made a huge difference to my ability to understand. thanks Nick.