To all the serious traders out there,
My name is Anastasius. I've been a trader for the past 3 years.
I imagine that my experience as a newbie trader was similar to many of yours -- that is, I was frustrated and perplexed.
I've tried all different types of systems, and their fancy indicators. I've many times earlier in my "career" fallen to the "get rich quick trading" schemes, and I've paid dearly for it.
Now, enough doom and gloom.
The only type of trading methodology that's ever worked for me ironically didn't involve the "help" of a gazillion indicators. It was pure, clean, raw charts that I used to harness the benefits of price action trading.
Before I begin, I'd like to be fully transparent. No secrets here.
I am a member of the The Forex Guy Price Action War Room, and it's where I've refined my price action trading skills.
I volunteered to help with the thread, and I'm looking forward to it as I'm quite passionate about price action trading and I believe this thread will not only help struggling traders out there but also help me with my skills as a trader by helping others.
In this thread, I'm going to show some of the price action techniques and strategies used by the community at The Forex Guy, as well as some before/after chart demonstrations that are applied in the market.
Some of the techniques and strategies may be common for some of you experienced price action traders, but there's other techniques that The Forex Guy deploys that I find to be very original, and they have worked well for me.
I don't want to leave a huge wall of text, so I'll wean the information into the thread post-by-post as trading setups develop.
http://i.imgur.com/gfwfV7A.png
In the chart above, we're taking a look at AUD/USD on the daily time frame.
It's clear at a first glance that this market is in a strong down trend, which actually spans all the way from April. We've recently seen the market retrace and test a key resistance level in a correctional move.
An old support level, now being retested as resistance, creates a "hot spot" on our chart where good signals are strongly valued.
The market rallied and tested this "hot spot" on the chart, which was thereafter rejected by the bears which left us with what we call a bearish rejection signal.
The market clearly communicated to us that higher prices were not as desirable, and we can use rejection signals like these to anticipate lower prices and get in on the move.
Since the market is in a clear down trend, the bearish rejection signal matches up nicely with the existing trend momentum. We advocate the saying that "the trend is your friend", especially a trend that's as strong as what we have here on AUD/USD at the moment.
Watch this space for continued explanation of various price action signals. I'll be keeping the thread updated with trading setups as they develop.
I will be happy to answer any questions some of you will do doubt have for me.
Cheers.
- Anastasius
My name is Anastasius. I've been a trader for the past 3 years.
I imagine that my experience as a newbie trader was similar to many of yours -- that is, I was frustrated and perplexed.
I've tried all different types of systems, and their fancy indicators. I've many times earlier in my "career" fallen to the "get rich quick trading" schemes, and I've paid dearly for it.
Now, enough doom and gloom.
The only type of trading methodology that's ever worked for me ironically didn't involve the "help" of a gazillion indicators. It was pure, clean, raw charts that I used to harness the benefits of price action trading.
Before I begin, I'd like to be fully transparent. No secrets here.
I am a member of the The Forex Guy Price Action War Room, and it's where I've refined my price action trading skills.
I volunteered to help with the thread, and I'm looking forward to it as I'm quite passionate about price action trading and I believe this thread will not only help struggling traders out there but also help me with my skills as a trader by helping others.
In this thread, I'm going to show some of the price action techniques and strategies used by the community at The Forex Guy, as well as some before/after chart demonstrations that are applied in the market.
Some of the techniques and strategies may be common for some of you experienced price action traders, but there's other techniques that The Forex Guy deploys that I find to be very original, and they have worked well for me.
I don't want to leave a huge wall of text, so I'll wean the information into the thread post-by-post as trading setups develop.
http://i.imgur.com/gfwfV7A.png
In the chart above, we're taking a look at AUD/USD on the daily time frame.
It's clear at a first glance that this market is in a strong down trend, which actually spans all the way from April. We've recently seen the market retrace and test a key resistance level in a correctional move.
An old support level, now being retested as resistance, creates a "hot spot" on our chart where good signals are strongly valued.
The market rallied and tested this "hot spot" on the chart, which was thereafter rejected by the bears which left us with what we call a bearish rejection signal.
The market clearly communicated to us that higher prices were not as desirable, and we can use rejection signals like these to anticipate lower prices and get in on the move.
Since the market is in a clear down trend, the bearish rejection signal matches up nicely with the existing trend momentum. We advocate the saying that "the trend is your friend", especially a trend that's as strong as what we have here on AUD/USD at the moment.
Watch this space for continued explanation of various price action signals. I'll be keeping the thread updated with trading setups as they develop.
I will be happy to answer any questions some of you will do doubt have for me.
Cheers.
- Anastasius
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies