What is Price Action ?

Price Action trading is a way of trading that relies essentially on the movement of price, the analysis of demand and supply areas and less on indicators.

What do you need to know to trade PA ?

To trade Price Action, a good knowledge of Japanese candlestick shapes and formations is necessary. Price Action is one of the purest form of trading.

Winning month

Account up 8.39% this month

I have not been posting much recently, concentrating on my trading. And it pays off, my PA strategy is delivering +8% this month and it has evolved a bit. I am now working less and less with Market Orders but rather posting BUY or SELL LIMITS at resistance or support levels with S/L very tight and very high R:R ratios. The analysis of my past trades and money management stats led me to conclude that I needed to have much bigger winners since my win ratio is quite low.

All my results can be followed on Myfxbook, see my results page here.

Stopped out on EURJPY

The pair retraced upwards and stopped me out. I was in profit for quite a while but never reached enough profit, so I let my rules apply. Wath the descending trendline for any shorting opportunity.

EURJPY

EURJPY

 

EURJPY short

EURJPY is retracing below resistance, going short aiming for demand zone below.

EURJPY

EURJPY

195 pip gain on USDCAD

Just closed a nice trade with a 195 pip gain on USDCAD. I had taken a short below resistance, aiming for the demand area below. Risk had been kept at 1% and the outcome is a 4R.

195 pip gain on USDCAD

195 pip gain on USDCAD

 

EURUSD and USDCAD trades

I had entered a short on EURUSD just below resistance, however bearish NFP news took me out. Knowing it was NFP day I also had a kind of ‘hedge’ with a bearish USD/CAD trade, which is now showing good progress and approx double my loss on EURUSD.

EURUSD H8 (09-02-2016 2025)

USDCAD H4 (09-02-2016 2059)

Reversal on USDCAD

There is a reversal on USDCAD. Have just taken a short with excellent R:R ratio, aiming for the demand area around 1.2879. Risk at 1% of my account, stop just above previous high to keep things tight.

USDCAD

USDCAD

 

Shorting EURUSD

Shorting EURUSD on a move lower following break of a support level that has just been re-tested.

EURUSD short

EURUSD short

Entered on Gold and EURAUD

Took two long trades on Gold and EURAUD, price action shows bullish rejection of a major weekly level for EURAUD, giving us an excellent potential gain and an awesome R:R ratio of over 3 times our risk. On Gold the overall momentum is bullish on the long run, there has just been a pause in the uptrend and price action suggests it could resume. Stop at 1386.58 giving as a potential gain of over 4 times our risk.

EURAUD H8 (07-14-2016 0635)XAUUSD H4 (07-14-2016 0637)

Careful today is NFP

Shorting GBPJPY

A short signal has printed on pound yen via a bearish engulfing in a strong downtrend. Stop just above previous high, T/P far below gives us good R:R. Shorting GBPJPY.

GBPJPY on H4

GBPJPY on H4