The Authority’ on Forex chart analysis video Action Trading. In 2016, Nial won the Million Dollar Trader Competition. What If You Only Took 4 Trades a Month? What’s Your New Year Trading Resolution?
Is Your Stop Loss Too Tight ? Nial Fuller’s Price Action Forex Trading Course. The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition.
Hi Traders, it’s Nial Fuller here from learntotradethemarket. P500 daily chart, that’s the U. First thing to note on this chart is that over the last year we’ve really had a sideways pattern, it was only until August of this year that we decided to have a break down out of this long-term consolidation. Price broke down all the way back to this long-term support from October of 2014, almost tested it exactly and then rallied all the way back up into this resistance area. Obviously, with basic technical analysis we know that previous support becomes new resistance.
So, the market was holding around that 2,000 level and then we sold-off again. But, we didn’t end up testing that recent low or break through it, instead, the bulls came back in and pushed the market straight up back through that resistance, and we are now in a new leg higher. So, the bias as the way I see it, is to the upside and we want to be trading longs, buying the market. Now, there isn’t a lot of price action evidence to get me into the market now, but what we are doing here is analyzing the overall picture and then we are going to anticipate the next trade. We can see here the market is edging up against that 2060 level and that’s a level we had identified previously, the line is still on the chart after we zoomed in. When we zoom out we can place the levels and when we zoom in those levels are still relevant.
There’s also another level at 2,011, you can see the market found resistance there and then retraced and then moved back up to that area, had a little pause and then broke through it and then price held it again on a downward retrace to it. So, this area here at 2,0111 is also very significant in the short-term. So, the way I see it is if the market can hold above 2,011, we are poised for more upside. I would put money behind yet and we aren’t really at a level where we can define our risk correctly. So, what I will do is wait patiently for the market to rotate back down toward that 2,011 level. However, we might only get a pull back to that 2030 level, which is also a very key level. I’ll be waiting for evidence to get me long via price action signal and that might come n the way of a pin bar, fakey an inside bar or false break.
2034, I’ll be looking to get set long and riding the market as it breaks to fresh highs. Now, that might take up to two weeks to happen, we might actually pop up first and then come back down. I think the logical stop placement on this would be below this swing here and better yet, below 1980 which is well below this swing low there. As the price action unfolds from here we will update members in the daily trade setups video. Until then, take care and good trading. I am really impressed on how you give details on how to Trade.
I am someone who just discover the Trading Market and would like to know more and learn how to Trade special how to consider the pips and diagrams. I would like to know how to enter a Trade and how to pull out. I am a beginner and my problem is how do you draw high probability support and resistance levels. Hi Nial, thanks for the video.
My thought is what is the tale behind market support and resistance? Seller and Buyer’s maximum money to be committed in that level. Hello Nail, all the videos that you posted in this blog are helpfull. I would like to thank you so much. Really you do a great work here. Please I want to learn and be an expert in forex trade if I can get any help.
Thanks for presenting price action in a very simple way. Thank you sir for the weekly signals is what I’m using tto trade and is help me,thank once again may God bless you. Nail , you are always Wonderful . We post up a daily trade setups video.