I hope you all enjoyed your Easter break. This year, I decided to extend my Easter holiday by a day; so, I’m only getting back to trading today.
Honestly, I haven’t really looked at the charts much this week, so I’m not sure if there’s been any trades yet. A few people in the forum entered a GBP/USD trade on Monday, however, things have been pretty quiet since. This is normal though, my strategy doesn’t give us many trades until Wednesday and Thursday. Continue Reading »
We have had a mixed week so far, some good trades, some bad trades, but nothing terribly exciting. However, the week is still young, things don’t often take off until Wednesday and Thursday with my strategy.
So, should we be gearing up for an awesome Thursday? Probably not…
… This Thursday might be boring as it is NFP (Non-Farm Employment Change) week, price action can be sluggish on NFP week.
Support and Resistance Areas
To make use of the analysis below, Continue Reading »
I have had a busy few weeks with the recent webinar on support and resistance. Now that things have quieted down I can get back to doing the weekly analysis. First, let me explain how this analysis works.
Support and Resistance Areas
I use my own support and resistance areas along with some very specific candle patterns to take awesome reversal trade…
… I explain my strategy in detail in the Forex price action strategy section. Continue Reading »
Placing support & resistance areas using price action
Last week I held a webinar on placing support and resistance areas in Forex. As usual with my webinars, it was not flashy or scripted. I just opened my charts and talked about price action.
Overall the webinar went well and I was able to place support and resistance areas on four pairs. I was able to share a lot of good tips.
However, many people in this webinar were asking off-topic questions, Continue Reading »
For the last few weeks I have been featuring GBP/AUD in my Forex price action analysis. Why am I featuring such an obscure pair?
… Because it constantly gives me easy and profitable reversal trades.
This weeks GBP/AUD price action reversals
Over the course of two days we got two very similar reversal setups at the 1.9775 resistance area on GBP/AUD. The setups are highlighted in yellow below.
So, how did these trades work out? Continue Reading »
First off, I want to say a quick sorry for not answering last week’s questions in the comments’ section and for not posting about the webinar. I ended up being really busy last week so I was not able to post.
The webinar I originally planned for Monday, March 2nd will be on Thursday, March 5th. I will post details about the webinar tomorrow.
So, let’s get started with today’s analysis. Again I will be concentrating on GBP/AUD as it is my favorite and most consistent pair at the moment. Continue Reading »
As this week started with a US bank holiday I decided not to trade until Tuesday. When Tuesday came along things were quiet apart from a small EUR/USD setup so I decided to skip trading until today…
…So, let’s kick of this rather short trading week with some analysis.
We already had a reversal trade from GBP/AUD this week. However, the trade was helped along by news, so I did not trade it. It is always a tough call to avoid an awesome setup due to news. Continue Reading »
Over the last year GBP/AUD has become one of my favourite pairs to trade. GBP/AUD is very consistent and as it is a fast moving pair the trades are usually worth a lot of pips.
So in this analysis and in much of the analysis in the coming months I will be covering GBP/AUD.
GBP/AUD is currently at highs it hasn’t seen since 2009. Since the pair is at five year highs I have no resistance areas beyond the 1.9600 level. Continue Reading »
Usually I resume my Forex trading in early January. This year things have gone a little different. The first week of the year Jan 5 to Jan 9 was very dull. The second week of the year Jan 12 to Jan 16 was too chaotic.
So, what did I do?
I waited until this week to start trading again.
A lot of new traders feel like they need to trade at all times. How can you call yourself a trader if you aren’t trading? Continue Reading »
In this analysis I will be covering two pairs, GBP/USD and AUD/USD. If you want to see my support and resistance areas for these pairs please check out the support and resistance areas section.
Also, as of last week I have finished trading for the year. Usually, if I meet my minimum yearly target I take the last few weeks of December off.
I will still be watching my charts but I will most likely not take a trade. Continue Reading »
Do you want to see how I trade reversals with a 74% win rate?
Last week I held three webinars over the course of three days. In the webinars I showed you how I use my Forex price action strategy to spot and trade trend reversals. Below you will find a recording of these webinars.
Forex Price Action Trading
My Forex price action strategy is split into three parts.
First is the candlestick analysis. Candlestick analysis forms the basis of my strategy. Continue Reading »
In today’s Forex price action analysis we will look at a few pairs, starting with GPB/USD. If you want to see my support and resistance areas for these pairs, please check out the support and resistance areas section.
We have already had a trade on GBP/USD this week. The first candle of the week gaped up by around 10 pips on the four hour chart. After the gap, price fell back down to our 1.5620 support area and formed indecision… Continue Reading »
I love running forex4noobs.com but sometimes life can get in the way…
… The last two months have been crazy for me. I decided I would move from Scotland to England. I went down to England to look for a house but did not find anything. In the end I had to find a place to rent. I was growing tired of the constant four hour train journeys from Scotland to England without finding a place. Continue Reading »
I know a lot of you are struggling with Forex and with Price Action. Forex can be hard to get a handle on, especially at times like this when volatility is constantly changing.
So if you want help or advice, leave a comment below. Tell me what you are struggling with in Forex that is keeping you from being consistently profitable.
I will read and reply to every comment. So if you want my advice, tips or help now’s the time to ask. Continue Reading »
Last night I held a webinar on trading Forex in the currently low volatility conditions we are experiencing. Below you will find the webinar along with extra information.
In the last few months, Forex has fallen to a period of extremely low volatility. At the moment, volatility is going back up. However, it will be a long climb before volatility reaches mid 2013 levels again.
For me and the forum members, these conditions have been fantastic. Continue Reading »
Recently I have been showing you how to use price action to enter trades. However, there is a whole other side to price action that is rarely discussed…
… Using price action techniques for avoiding bad trades.
I am a very conservative trader. While my strategy usually shows ten or more trades per week, I tend to only trade two or three of them. This is because I usually filter our all but the best trade set-ups. Continue Reading »
When learning Forex, people don’t tend to learn the nitty-gritty details of trading.
Things like what happened with last weeks EUR/CAD long.
What happens when you enter a trade, and it doesn’t go in your direction? Instead, price starts ranging, getting excruciatingly close to your target, and then falling away…
…If you have been trading for a while, you know the kind of trade I am talking about. If not, take a look below.
Here are two trades we took last week in the advanced course forum. Continue Reading »
Reversal trading is pretty simple when you see a picture perfect set up. Check out the trade to the left. The trade is a EUR/AUD 12 hour chart I took on June 25th, 2014. That set up is pretty much flawless.
Most reversal trades do not look perfect. In fact, price action rarely ever looks perfect. Usually it is tougher to spot, and enter reversal trades.
So, are you struggling with learning how to trade price action? Continue Reading »
What is the most effective form of support and resistance in Forex?
Pivot points? No, pivot points are useless in Forex.
Fibonacci? Fibonacci is ok, but it has a very limited scope.
Trend lines? Trend lines work, but their effectiveness varies in different market conditions.
In Forex, horizontal support and resistance (support and resistance areas) is by far the most effective form of support and resistance.
Generally speaking, when you start to learn Forex trading, you aren’t taught about support and resistance areas. Continue Reading »
The other day I held a webinar about trading Forex on large time frames. Below you will find the webinar along with a lot of other information on large time frame trading.
High-maintenance trading SUCKS. It is always stressful, and it makes people – AND ME – feel uncomfortable, nervous, and rushed.
How can you learn to trade, or even trade comfortably, when trading is stressful and your charts require almost constant supervision?
That’s why I prefer a low-maintenance approach to trading. Continue Reading »