In Price Action Trading Strategy

In a video mood today so I latched on while the getting was good. One of my regular trades this week using concepts we discuss all the time around here.

One thing I don't post often are examples of the whole trade construction process – partly because I loathe showing nothing but shining, perfect examples all the time – it defeats reality and just looks cheesy as far as I'm concerned. Overall a pretty good week with the exception of USD/MXN and GBP/CHF knocked me earlier on / GBP/JPY (discussed) mediocre results (closed 1/2 at level mentioned + higher tier never got hit) and everything else hung in there pretty well, so a happy start after my cast came off (I haven't been able to do any tech analysis up until last week). Some of the concepts discussed, links, etc. are all here:

Spike Base: https://paracurve.com/2009/06/spike-base-pattern.html

Measured Moves on Trendline Breaks: https://paracurve.com/2013/02/measured-movements-trendline-breaks-taking-profits-redesigned.html

Trade Decision Process: https://paracurve.com/2013/08/the-trade-decision.html

Inner Trendlines: https://paracurve.com/2013/02/mechanical-trend-trading-strategy-adaptive-entries-using-acceleration-launchpads.html

YouTube Channel: http://www.youtube.com/user/NoBrainerTrades

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Showing 6 comments
  • Geoff
    Reply

    Steve, in lieu of only showing videos of successful outcomes, and in the interest of avoiding that cheesy feeling, you could always put together a NBT ‘blooper reel’ consisting of just trades that went wrong. It would certainly be consistent with your much-appreciated, real-talk approach to Forex education. Call it something like Uncle Steve’s Trades Gone Wild!™

    • Steve W.
      Reply

      Hahaha…..That’s a great idea. Benny Hill soundtrack + trading losses = youtube gold.

  • David Villagra
    Reply

    Hi Steve, great vid, quick question regarding the GBP/JPY example. Can you explain why you took this trend line trade as it only had 2 hits before break/ retest. Not much confluence on this but you still took. Love to know your thoughts?

    • Steve W.
      Reply

      Hi David, Just confirmation of the bounce, in and of itself / if you like, bar patterns can also be used, but not simply on their own. Traditionally you’re right – confluence X1000 always preferred. These lines, as I was saying in the vid, don’t tend to hold the weight inner lines simply do, but they can hold, of course, and best to latch on. Little things lead to big results.

      • David Villagra
        Reply

        Hi Steve, last question as you bring up a great point. I never use bar patterns so for the example of GBP/jpy when you say confirmation of bounce can you explain that? When I use your method on These trend lines once broken when price comes back to retest back end of inner trendline I’m in. Is this correct or how to confirm without missing the boat. Thanks in advance Steve, love what you do.

        • Steve W.
          Reply

          Hi David, it’s mainly that I don’t like using them on their own, because statistically they are average to poor performers, that’s all. But once other factors are confirmed, their value becomes all that more relevant. All I was seeking was continuous, or sharp buffering on that line. It (can be) quick and doesn’t take much.

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