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Video Synopsis – Trading reversal bar systems in forex – 6-9-2009

In the above forex trading video we are looking at a live GBPJPY reversal bar forex setup that formed on the daily chart. This is for educational and training purposes only and is not to be considered a trading recommendation.

In this setup we are looking for 3 things:

• Uptrend

Daily chart uptrend carries a lot of weight, horizontal line at 151.10 broke out to upside. Moving average divergence indicates momentum is up. Prices are obeying the MA, short term momentum is extremely buoyant, and each time price hits the MA it bounces from it and closes higher. The uptrend is great but we need some confirmation to find our trading signal.

• Price action

The confirmation comes from a reversal bar, the classic candle bar “doji” or bullish pin bar reversal. The tail is pointed down for an uptrend continuation. We can only look at bars that are closed out to find our trading signals. This trade entry decision included the uptrend and then the bullish price action signal confirmation, the stop is placed just below the low of the pin bar

• Enter on retrace

Looking for a small intra-day retracement to get long, however we do not need to look at the intraday charts to do this, just keep your eyes on the daily chart. Intraday charts are much more complex; price action should be traded mainly on daily charts, especially for newbie’s. I started trading on simple daily charts, they carry a lot of weight and thus higher probability and they help with the emotional side of trading.

Check out my forex trading course for much more information on price action forex trading.

nialfuller

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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10 Comments

  1. Petar Tenev says:

    “Newbies to trade on daily charts”
    Oh boy ! It’s so true !
    I started with 5 min and now my account is more than 50% down :(
    Thanks for the advice. It’s never gonna be too late to start all over again… to trade correctly as it shold be :)

    Thanks once again and greetings from Bulgaria

  2. phillip.t says:

    Very helpful video Nial . Your an inspiration to keep going !!

  3. Michael says:

    I hope to get over the perception that more money is in lower TF. Trying to get discipline. Thanks Nial, good insight and explanation.

  4. brent says:

    Thanks Nial for all the information you share with us for free..

  5. Dtrader says:

    Another very useful video thanks Nial. I only wish I had found a resource like your when I started out four years ago. Your comment about concentrating on the daily charts is so true, To any newbs, NEVER get tempted to trade the lower timeframes until you have mastered price action trading on the dailies.

    Cheers

  6. Jason says:

    Nial, you really awesome to me! i look through every single of your trading videos, and finally i got the exact price action method strategy. Thanks alot Nial for setting up this wonderful website here and i hope to see more of your trading video.

  7. Christina says:

    I am going to try out your Daily and Hourly chart methodology and hope I can make money like you do.

  8. Ricky says:

    I wondered why sometimes i can see the videos and sometimes it just wont load… like this time it wont load…

    1. nial says:

      This may be due to the Speed of your internet, java install , or maybe the browser you use. hard call, i rarely have any issues.

  9. James Williams says:

    Good! I took this trade today also. i am a newbie to your price action style of trading and daily charts as you stated are working best for me. This video was great!! I have been very profitable with your method. You rock!!! Thanks, Nail

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