First, I wanted to explain the proprietary techniques that I've been using to
trade this price action signal for the past few years, while still including the basic, standard shooting star techniques for those who aren't interested in trading it the way I personally do.
I don't like to
trade price action signals on their own, although I know of traders that are successful with that approach.
I teach a plethora of price action trading confirmation signals in my course that I combine with levels and the trend, here's a few examples of how
I trade price action signals with obvious horizontal levels in the market.
That said, I do teach and
trade some price action signals on the 4 hour and 1 hour charts if a signal forms on those time frames that agrees with my entry criteria.
If you want to learn more about how to identify and
trade price action signals like the ones seen in these examples, checkout my newly updated price action trading course for in - depth instruction and training.
By only focusing on key levels you'll be in a much better place to actually
trade a price action signal when one shows up.
So, it goes to reason that
trading price action signals off the 4 hour chart will make you a MORE ACCURATE TRADER than trading off the 1 hour chart, and trading off the daily chart will make you a more accurate trader than strictly trading off the 4 hour chart.
Not exact matches
However, if you can learn
price action trading strategy you can easily avoid lots of false
trading signals.
Learn Advanced
Price Action Strategies & High Probability
Trade Entry
Signals That Work
My members and I use a 5 - day chart with a New York close MT4 data sever to generate my
Price Action Trading Signals.
Note, I have shown you two more
price action setups in the chart below; the pin bar strategy and the fakey
trading signal.
In the chart below, we are going to look at a particularly good
price action signal for
trading with trends; the inside bar strategy.
These aren't actual
trades I took, but the charts you see ARE good examples of high - probability
price action signals that I teach in my courses and that you can and should learn how to
trade.
To learn more about how I have incorporated money management and
price action entry signals to grow my account over the long term, checkout my Price Action Trading Course and Members Area for
price action entry signals to grow my account over the long term, checkout my Price Action Trading Course and Members Area for
action entry
signals to grow my account over the long term, checkout my
Price Action Trading Course and Members Area for
Price Action Trading Course and Members Area for
Action Trading Course and Members Area for more.
Stops can't just be placed randomly nor placed based on the position size you want to
trade, they need to make sense and be in the context of the
price action trade signal / setup and also in the context of the current market dynamics.
I always wondered how i could day
trade and keep my day job, i actually thought of quitting my job to concentrate on
Trading but your articles have really changed the way i view the markets, I just relax and wait for
price action signals.
We are looking at the AUDUSD daily candle stick chart in this video and are going to walk through an inside bar / pin bar forex
price action signal trade setup.
Stops can't just be placed randomly nor placed based on the position size you want to
trade, they need to make sense and be in the context of the
price action trade signal / setup and also in the context of the current market dynamics.
The context in which you
trade these, or any,
price action signals is crucially important.
If you're using
price action signals as your entry trigger,
trading MACD divergence can help you qualify and time your entries.
Trading without quantifiable signals puts your trades at no better than random and on the side of the majority that are trading their internal beliefs instead of the external realities of the price action of the
Trading without quantifiable
signals puts your
trades at no better than random and on the side of the majority that are
trading their internal beliefs instead of the external realities of the price action of the
trading their internal beliefs instead of the external realities of the
price action of the market.
Note: I do not recommend pure
price action trading with these
signals, although some traders are very successful with this approach.
To learn more about how to
trade candlestick
signals, check out my free
price action trading course.
A
signal is a quantifiable reason to take a
trade based on its
price action, a technical indicator, a trend line, or a
price pattern.
Of course combining these harami
signals, or any
price action pattern, with a good
trading system will help to qualify the best
trades to take.
I have learnt from «Prof» Nial that
price action signal is the best way and simplest way of
trading the market.
As I mentioned earlier, I do not recommend pure
price action trading with the hanging man as an entry
signal.
This
trade entry decision included the uptrend and then the bullish
price action signal confirmation, the stop is placed just below the low of the pin bar
To answer your question,
price action works on all timed charts, but any
trading signal (
price action or other) is going to be more meaningful as you move up to higher time frames.
In either case, these candlestick
signals would have been a great place to take profits on a bullish
trade that you might have been in, which is how most successful candlestick traders use this particular
price action signal.
I suggest you first learn to
trade these second - chance entries at key levels and event areas with a
price action signal as a «confirmation» / entry trigger, then as you gain experience you can try the «blind» second - chance entry we discussed here today.
Combining
price action trading with a
trading system that works well with candlestick
trading signals, like the Infinite Prosperity system, is a great way to qualify these candlesticks
trades.
At that time, there will either be a
price action signal or there won't be, and once you get up to speed on
price action trading, all you have to do is analyze the charts each day after they've closed out for that day, and quickly scan through the daily charts of your favorite markets, looking for
price action signals.
However, the first way to learn how to
trade the inside bar strategy is as a continuation
signal, so that is what we will focus on here, more info on the inside bar and all the ways to
trade it can be found in my advanced
price action trading course.
Price action trading is often contrasted with indicator
trading, which uses mathematically derived formulas to produce
trading signals.
You can use many different kinds of supporting
trading signals when you
trade divergence patterns, but for the purposes of this article, we'll be combining
price action signals with our divergence
signals to get high - probability entries.
Some
price action traders will
trade shooting star candlesticks that don't occur at the absolute top of an uptrend, but in my experience, these
signals aren't strong enough to be consistently profitable.
If you don't already have a
trading system that works well with price action signals, I recommend Infinite Prosperity or Top Dog T
trading system that works well with
price action signals, I recommend Infinite Prosperity or Top Dog
TradingTrading.
In the above forex
trading educational video I begin by discussing why I use the New York close charts, these charts do not include the Sunday
trading session as a single bar; instead they combine the Sunday and Monday sessions as a single bar, these charts are superior to GMT charts in my opinion, they produce more and higher - quality
price action signals.
Hey NIAL, I'm really getting there with all the explanations you are giving on
Price Action Trading Signal and on how to
Trade the Market.it will be a pleasure for me to become one of your student and learn more about
Trading.
We are looking at the AUDUSD daily candle stick chart in this video and are going to walk through an inside bar / pin bar forex
price action signal trade setup.
Just like
price action signals, you need to qualify any support or resistance levels that you are relying on in order to make
trading decisions.
So from here, the best potential
trades will likely be to buy gold if
prices pull back towards that 1295 - 1300 major level... we would either wait for a
price action buy
signal, or we could just blindly jump in.
However, if you can learn
price action trading strategy you can easily avoid lots of false
trading signals.
We will be looking for 1 hour, 4 hour or daily chart
price action buy
signals this week on any weakness whilst
price is
trading within or above that support zone.
The K.I.S.S method, as it relates to Forex
trading, is built upon an understanding that the best way to navigate the market is by learning to interpret and
trade the raw
price action signals that form naturally in the market.
It was the first candlestick
signal that I relied on, and one that I still use today, although I
trade it much differently than most other
price action traders.
3) Look for
price action signals that have formed at confluent levels in the market, make sure to
trade only very obvious and confluent setups: — You have to know exactly what
price action strategies you are looking for before you build your
trading plan.
Then, if the market reaches the areas you've predefined and forms a
price action signal there ideally, you only need to execute the
trade, not think.
A shooting star candlestick pattern is a strong reversal
signal, and unlike most other
price action signals, this one does not need another candle for confirmation, according to the standard
trading technique.