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Video Transcript

$10,000 Profit on Fakey Set Up

Good afternoon everyone, it’sNial from learntotrademarket.com - it's approximately 1pm, Thursday afternoon. I wanted to have a look at a couple of things today. 2 fakey set ups that occurred on New Zealand Dollar and also severalpin bar reversals, combined signals which resulted in a fairly good days in profit for myself. Now, I'm just recording the executed trade section of my broker's execution log online. And just here, I'm showing the executions that i made, the trade was to sell a total of 800,000 New Zealand US Dollar at 0.7825 that was my entry. And then, percentage to cover at .7725 plus 100 and especially scale out of the position and, i have a couple of roll overs, that when the day rolls over. You can say that it was a total of approximately 110 points made on 800,000 positions resulting around $10,000 Australian profit, in the US, that's approximately $9,500 and around 5,000 pounds.

Now, if we have to look at the New Zealand Dollar daily chart, we can see we've got a fakey setup that could return to us, which setup the trade for me with lot of confidence, that's why taking quite a large position because the setup was perfectly placed and the downside target is quite huge.

So we just have to look at where the first setup forms ... the fakey setup is series of inside bars followed by false break. Okay, so it is a false inside outbreak. The first one was here with this line as you can see, this here was a fakey, we have an inside bar, inside bar and then move up and the failed and we came down. I did not take that one; i just didn't see the signal so i did not take it. I then waited for the next signal, we have a series of inside bars here and then, i move out and we see a reversal down. So i just scroll it down, you can see the higher this bar here at 0.7800. And then the bar here, moved up and then failed, very much like this one back here, we can see that pin bar or reversal bar forming a subsequent various cross actions so what i did was, when i saw that signal, i zoomed in the 4-hour chart. And setup in order to sell .7825 and just rode, pretty much just rode the market in time way down overnight, and made around 110 points. That's really what i wanted to point out. I tried to say in all my videos keep it simple, look for similar setups, trend trade.

So let's take this chart out and I’ll show you what i mean by trend trading. If you in the market, you only wanna be playing in a high probability setups. Now, a trend trade is when you have general assessment of the chsart in one direction. And this is certainly sure entering to a direction of the midterm trend. I mean, there are reversal signals in our trends called counter trend trades. But i still believe, the tried and tested way to the trade is to find the sentiment in one direction of trend, and try to stick to that. Even though we have this volume upside correction is rallied, this downtrend line seems still contains. We only have upper tails on the candles pushed through. I didn't actually have the closes on the downtrend line. And you know, i keep saying modern day technical analysis really is the very basic of all textbooks that show simple approach, just like the downtrend lines, moving average cross overs, you know, your bulk break outs, support resistance. That's really what you need in the market. Now, try to tell people that they have to keep it simple and just be patient. Now, this been 10 trades similar to this on this chart. I can see, you know, reversals everywhere, reversals on the top here, there's one here and there's another one here, another one here, another one here, you know, they're everywhere. You just have to be patient and wait. They don't happen everyday. They happen, you know, couple times a month.

The last one i had was on New Zealand dollar, and i just wanna keep sharing these setups with you and if you got any questions, go to www.learntotradethemarket.com and post in the forums, send me an email, give me a call on skype and certainly, if you are interested, I’ll be happy to help you. But the best way to get information from me is on the forum when you join up. So i encourage you to post on the forum and let's get that community active. Make sure you tell your friends about the forum and the videos, the more people that understand these methods, the more people following real trading approaches. It just helps the general feel of the market and the network. If you got people around you that trading successfully, there are only going to help you and help you spot signals and setups in the market.

Okay, that's just what i got for today, I’ll talk to you next time when we have a setup.

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008.
Checkout Nial’s Professional Forex Course here.

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  1. Yusuf Hammed says:

    Very wonderful lesson, am exalted to be one of the members of LTTTM.

  2. Giles says:

    Very good explanation of the importance of Trend trading and to confirm the expectations of the number of trades I can expect – Well done again Nial ! and thankyou again for making these lessons available for free – If you have stumbled onto this site please perservere with learning Nial’s method – If you learn it you won’t regret it – Oh and by the way Nial is a genuinely nice guy as well ! –

    I am an unashamed fan of LTTTM!

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