This Video shows some of my recent ‘Forex Fakey’ Trade Setups as well as an explanation of my money management and risk control with price action setups.
Video Synopsis – My Last 3 Forex Fakey Trade Setups
In this video I discuss price action on the EURUSD daily chart, I keep my charts very simple, a moving average is the only indicator I use, I believe that price action and modern day technical price analysis is what makes serious money in the forex market.
Remember, the higher the time frame the higher the probability of the setup, I wake up in the morning and preempt what is going to happen, or what I think will happen by drawing important levels on my charts and making notes. In the setup in this video I discuss an inside bar that formed near the highs of that time, the high of the inside bar broke to the upside marginally, and then the market got faked out; or a fakey signal formed, this is when there is a false break of an inside bar or an important level. In the inside bar setup in this video the market faked out to the upside and then rotated lower as sellers pushed the price down. This setup provided a 3 to 1 winner; this means you make 3 times what you risk.
The second trade in this video was actually a loss. I bought the EURUSD on a retrace “level trade”, I do not advise traders trade based purely on levels; this is a good example of why you should wait for confirmation from price action.
The last trade I discuss in this video was a false breakout of an inside bar / mother bar pattern. As we can see in this video, we got a breakout to the upside of the inside bar / mother bar, than the professional traders stepped in and pushed price lower. Pro traders take money from the amateurs, the fakey setup is a way that you can learn to take money from the less informed or amateur traders. Most retail traders lose, this means when amateurs buy most professionals are selling, or vice versa. This is a good example of contrarian trading, you must learn to think contrarian if you want to profit in forex, I am a contrarian trader. This video of the forex fakey trade setup is an excellent learning tool for people interested in contrarian trading.