Video on a Live Trade I took on 4 hour GBPJPY chart. A lovely Price Action setup formed which was my signal to take a position.
Video Synopsis – Price Action Forex Setups on 4 Hour Chart
In the above trading educational video I discuss a nice move on the GBPJPY daily chart. The setup in this video was a “classic” bullish price action reversal. Price moved through the 3 day high as price pushed higher off this bullish price action reversal setup. The 4hr chart fired off a fakey setup that was also a bullish reversal bar, so the 4hr was in line with the daily bullish momentum, the trend on the 4hr chart was also positive, so this price action setup had confluence.
We look for a price action signal to form once we find an area of confluence, in this video we got a fakey setup on the 4hr chart that formed in the above mentioned confluent market conditions at the time of the recording of this video. I entered on the close of the fakey setup, my stop loss was just below the low of the fakey, I look for a minimum move of 2 to 1, ideally 3 or 4 to 1. I moved to break-even as this fakey setup moved in my favor. This video is an excellent example of how to trade price action forex setups on the 4hr chart.