Live Price Action Trading | Oct 4
The last few weeks have been quite impressive in terms of trends, price action and trade setups. Myself and the private members of my course have been quite active, trading both sides of the market.
There were some impressive trades last week, so we’ll be sharing the top four, including the exact entry and exit points, the stop loss and take profit, showing all from the broker chart.
If you have been waiting on the sidelines of the EURUSD, AUDUSD, NZDUSD EURGBP and USDJPY, waiting for your perfect pullbacks, your A+ price action patterns to emerge (which didn’t), then you simply weren’t trading.
Bottom line is the market was moving, institutional traders were making money, and so were we.
Here are the top four live price action trades to kick off October.
This trade is one of my own personal live trade setups. Trading with the trend, we talked about in the private member commentaries the potential for the 109.49 level as a good trade location to get long.
I bought on the pullback into the level while the candle was still forming at 109.51. Turns out that was the bottom for the next 21+ hours, as the price action bounced off that level, only going a few pips past, then rocketing higher towards the 110 big figure we talked about as potential key resistance.
Sensing the offers were absorbing the bids there, I exited at 110 for +49 pips and +2R in half a day. Turns out this was the correct move as the market never saw 110 again, dropping almost 200 pips before rebounding.
Anyone trading those fakey setups got faked out as the market slammed lower hitting any fakey stops. And that ‘do nothing approach‘ ended up leaving you with a loss, while we profited three times in the last week buying.
More on that approach another time.
Another simple with trend setup, the student here aptly sold the inside bar setup, catching a nice momentum move in a non-volatile trend. Here he grabbed +135 pips in a couple days, picking a well placed target before the pair bounced. The trade never went negative and they captured the momentum of the move well, so congrats on this one.
A day after my student above had closed his live price action trade for profit, I was buying the AUDUSD off a major key support level, sensing exhaustion in the current downtrend.
Turns out again, this was the correct view as the pair literally only mustered to go 12 pips negative a couple hours later, before finding solid buying interest.
Having only a 20 pip stop, less than a day later, I took profit at 8784 for +103 pips profit and +5R.
Ironically, that +100 pip bounce formed a pin bar on the daily chart. Anyone buying the breakout of that pin bar would have gotten in right before the pair sold off, so clearly late to the party as they were stopped out within a day.
This is a great example of how pin bars can be sub-optimal entries, and you have to know when they are.
Although I liked my buy setup 12 pips off the bottom on the AUDUSD, the one to take top prize this round was from a private course member who played the Euro long and short with impeccable timing.
On the first trade (top left of the chart) they spotted an intra-day reversal formation, suggesting at least a solid bounce. This turned out to be correct as they grabbed +40 pips and +3.12R in just a few hours.
But the real maturity, skill and aggressiveness comes in their ability to short their pair right after they took profit on their buy setup (top middle of the chart). Literally calling the top of the day by a few pips, the pair sold off, came back to their entry level, then sold off again never to return.
Holding through the NFP setup feeling confident in their price action read, they held for the big move down, grabbing +127 pips for +6R! Thus a total of +9R on two trades in less than 9 hours worth of work.
Some impressive trading indeed, and some really good skill here.
Had you been waiting for your 3 price action patterns to come up, you would have missed pretty much every trade here (save one). And while these pairs were dropping or rising hundreds of pips (some thousands), we were trading them aggressively, being quite active, and profiting.
Were you profiting from these price action trading setups, or were your patterns stopped out too late to the party?
If you want to learn how to make these same trades, and profit on such moves, click here.
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