The Authority’ on Price Action Trading. In 2016, Million dollar pips forex peace won the Million Dollar Trader Competition. This video discusses a 4 hour GBPJPY pin bar reversal setup.
We are only using plain vanilla price action on the chart in this video, no indicators or hype, just horizontal lines, candlesticks and price action that has occurred on the 4 hour interval of the GBPJPY. We want to connect these hook or swing points with horizontal lines in order to highlight the confluent levels in the market. 4 in a row which occurred near a strong horizontal level. Taking all 4 of these pin bars near the key level in the video would have made money on 3 of the 4 setups.
You won’t make profits on all trades, you just need to master one setup and be consistent with it and then your winners will pay off and you will make money as your risk to reward pays off. New or struggling traders should go back to basics, learn and master one setup before moving on. Most traders end up over trading or using messy indicators, this leads to failure. Could you teach me how to place stop loss trailing stops and take profit? Please mail the next video with these kinds of explanation. Nial, you refer to mastering ONE type of signal before adding others. In your journey as a trader, what signal did you master first?