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Video Synopsis – GBPUSD 4 hour fakey with trend

The fakey setup I traded in this video is a contrarian approach to the markets. While we are trading a contrarian setup we still want to trade the forex fakey in the direction of the dominant trend. Essentially we wait for a false break to occur and then trade back in the direction of the existing trend.

The reason the fakey is contrarian is because you are basically doing the opposite of what most other traders are doing. Instead of trading the obvious looking breakout as most amateurs do, when trading the fakey you wait for the breakout and then take a trade in the opposite direction but WITH the dominate higher time frame trend.

Once the trade begins to move in your favor you should look to trail your stop loss to lock in profit or move to break even depending on the price action situation.

We are using plain vanilla price charts in this video, no MACD or RSI or any other messy and unnecessary indicators.

New traders should only be trading with the prevailing trend, stick to time frames of 1 hour and above. The best setups occur on the 4 hour and daily charts.

The 4 hour fakey that I discuss in the above video occurred within the context of the previous days pin bar / inside bar combo setup, this added further validity to the 4 hour fakey.

I do not suggest exact stop placements or targets as these are very arbitrary and up to each individual, I provide traders with a guide for stops and targets, my main emphasis is on high-probability entries.

I do not recommend trading the news; let the price action guide you instead of trying to “out-think” the market.

This trade concluded with my position closing out for a 100+ pip profit after a favorable gap down the following Monday. I moved my stop to breakeven and let the market do the rest.

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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.

Now I want to hear from you! - Click Here to Leave a Comment

36 Comments

  1. Leon says:

    Thank you so much nial i strong try to learn NFP.It make me profitable trader.

  2. Rahwa says:

    Another great lesson fantastic lesson.May God bless you.

  3. Wong Sugih says:

    I’m Rich Now..

  4. shane says:

    been reading a bit of your site. you say you only use price action and yet at the start of this video you say you have a couple of minutes until a news event???

    do you keep an eye on news events as well?

  5. sudhir says:

    Dear,

    Good video.

    Sudhir

  6. Ismail Abdul-Aziz says:

    Thanks Nial, Great of you to share such these amazing insights with us…

    Kindly later, attach an illustrative explanation to be read or make a script for these vedioes as there are some words we can not digest because of your accent which is not acquainted by all of us easily, especially from non-English speakers like me…1

    Cheers, Ismail Abdul-Aziz from Egypt

  7. dennis garriock says:

    Nail Your efforts are just sinking in after making all the wrong moves you so illustrate please keep the videos coming,
    Dennis

  8. handi says:

    superb video nial. many thanks 4 u.

    GBU
    handi

  9. Adam says:

    Hello Nial an OT question. For example the euro is in a long term down trend but recently it has turned around and as of now the 8 and 21 ema are diverging upwards and price is above both the ema’s. So by your definition, should we be looking for long or short entries.

    Great vids by the way..maybe the best out there !

    cheers

    1. nial says:

      at the present time the long side looks more attractive based on the theory of the ema’s diverging, but there is other variables in play here, like the overhead key resistance approaching and the long term down trend still has the weight on this market. always look for the price action signal first, then work backwards to match up trend, levels and confluent supportive evidence. Hope that makes sense. Nial

  10. Paul says:

    Another great video Nial,a lot to get through but i’m going to watch as many as i can and learn.You make forex trading look so easy.

    Paul
    UK

  11. Russ Smith (russace) says:

    How come you didnt get stoped out , I thought you had a trailing stop loss just above B Even?

    1. nial says:

      You will notice i put my stop behind the level.. almost break even, but as i said in the part 1, “almost got stopped out”.

  12. galen says:

    Hi Nial

    I don’t think with my experience that I would have caught this fakey setup. The fakey bar appears to have faked me out.
    I am ready though for the next similar fakey.

  13. dave says:

    Thanks Nial,
    I can honestly say that since trading your price action stategy, it has turned my trading around.Gone are the stochastics and macds,just clean charts now,and I’m able to read the price action much better.I just have to now discipline myself to use longer timeframes for set ups ,and 5 minute only for entry and exits. Sounds easier than it actually is.
    Thanks heaps from a fellow Queenslander, Dave

  14. Shakespeare Pandey says:

    Hi Everybodies.
    It is so good video for know about this trading.
    I learned somethings in this video.

  15. Robert Daley says:

    Nice trade. Love watching these videos. Please keep them coming. Thanks. Rob

  16. BVC says:

    Another great video… thanks for sharing Nial!

  17. Arduino says:

    Hey Nial it’s a booomb!
    I’m learing from you every day man, it’s the best strategy that i learnt in my life to trade.
    They call it PRICE ACTION!
    Since i started to use price action it’s tottaly different do trades and deal with each ones!
    I’m a trader from Italy and i use only price action on forex market and sometimes on indexes and stocks, i use the cmc market as broker to do everything, and it’s really good.
    Friday i traded gbp-usd, eur-jpy and gbp-jpy too because if u check the daily chart u can se one more price action set up in the main trend direction ( i trade price action only with trend, never counter trend).
    What u think about that set up? i saw a heavy resistance at 136,35 and a strong retracement so i put my sell stop order on the break out of the 3 june candle… it’s a method that i call key sell strategy and for real it’s… price action!
    I don’t use anything but charts, candlesticks patterns, some movin average jus for the direction of the trend and support an resistance.
    Hope u will tell me something about this message!
    Bye man and keep trading simple cause less is best!
    Arduino From Italy

  18. joe says:

    excellent lesson nial…..i like the way you explain the trade, plain and simple

  19. Anthony says:

    Hey Nial, this video is great to see as I am in the same trade, only because what I have learned from your previous videos.
    I know there must be alot more to learn from the course.

  20. Peter Beames says:

    Nial, have been going thru videos for a while now ,waiting for one of your ‘fakey’setups to show up on the aussie 200.I’m rapt,got this exact setup on 15min chart on fri nite,didn’t even know nfp results were due!! Exited plus 80 pts.Only a L plater but very grateful,please keep info like this freely available. Peter

  21. David says:

    Very nice Nial…. risky over the weekend though..

  22. Phil S. says:

    I enjoyed seeing a real time trade being placed and managed. I learned alot.

  23. richy says:

    thanks for the gbp usd example nial,
    i traded the eur jpy on a 50% retrace from the previous day bar ny close as you suggest and i got a terrific trade purely from what you teach also entry was in the value area i won’t say more because it’s in the course i purchased from you. again thanks you have really helped me with my swing/day trading.

  24. Jennifer says:

    Hi Nial,

    Thanks for all the videos, trading without indicators, you proved your professional. I love all your vidoes, but still struggling to understand on the fakey setup. In this video, we can see the mother candle’s false break and a reverse from there. How do we actually know this before a false break occurs? Is there anyway to know that should be a false break before we take a position there?

    I would be very happy to hear from you and I am just curious knowing this as this is what I have been struggling for years. Help me please Nial.

    Thanks and Regards,
    Jennifer

  25. Jonathan says:

    Hi Nial, I’ve just come across all your videos and resources and have started trading with a demo account (will purchase the course soon). I saw the daily setup for this trade and went short with 50% retrace making 2:1 on Friday. It was great to see you took the exact same trade, but just on the 4hr charts!! Cheers, and I’ll be joining soon, -Jonathan.

  26. Phillip Blackburn says:

    Great trade Nial, I am a very new trader from across the tasman. I hope to do some good trsdes like this myself soon. I am enjoying your informative video’s.

  27. Dean says:

    Hi Nial,

    Good trade. It would kill me to risk the potential gap on the Monday open, and I would be happy to go with a profit on (or just before) the market close. This is apparently not the case for you and I would be curious to hear why that is for you. Thanks for sharing clean charts and clean thinking.

  28. Stephane says:

    It’s been a while coach ! Great to see new video coming in.
    As usual you get the job done, we keep learning price action on each video.

  29. Lisa says:

    LTTTM course member :)
    I like the new tune, Nial ;)
    I took profit @ 1.4464
    + 167 *pips*
    You’re a great mentor, Nial
    Looking forward to more of your good work (!)

  30. mohamed shokri says:

    Thx very much MR.Nial.i hope if i can learn the inside bar strategy from A to Z if u can help me to learn step by step plz.

    Mohamed shokri

    24 years
    technical analyst
    Egypt

  31. Paul says:

    Hi Nial

    Also went short but off the 50% retrace of Thu pinbar.
    While you do not promote the use of fibs I could not help but notice the 3 day rejection off the 147.00 level at the 61.8R
    level which was also in line with the lows of 6th and 11th May. Seeing the 4h still rising into Thu close I suspected it would give me a very favourable entry early Fri. Nice tight stop going into a major news announcement was my overiding concern. Either that or no trade.

    Regards

    Paul

  32. Simon says:

    Hi Everyone

    This is another great video – and in real-time too.

    Just so you know where I am coming from, I am a physicist and so have spent my life analysing things in great detail. I have been trying to get into Forex for around 18 months and have fallen into all the newbie traps of using indicators etc because the maths approach seemed logical to me. I was DEAD wrong!

    I am twice Nial’s age but I have learned more from this young fella in two weeks watching his videos than I have in a very long time. It’s hard to teach on old dog new tricks but I am un-learning my bad habits and wrapping my head around the incredibly simple, clean PA strategy Nial is teaching.

    After more than a year of frustration, I am starting to get a very warm feeling that I can do this….

    Many thanks Nial – your generosity in giving this stuff away and answering emails so promptly is much appreciated.

  33. Robert L. Wilkinson says:

    Nial:

    Thanks for this. I consider this to be one of your better videos. It was clear and easy to understand. Please make more. I will be checking the Monday open (Sunday afternoon where I am) for your exit.

  34. Charles says:

    Another great lesson Nial. Looks like if theres a price action set up on these larger Time frames, the NFP gyrations are much less of a problem. Thanks

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