Nial Fuller’s Set and Forget Price Action Forex Trading Strategies

everyone nyle here from learns a trade the market calm welcome to today’s Forex training video looking at set-and-forget order strategies this is where you can enter a trade and simply walk away and you’ll either be stopped out or your limit order to take profit will be filled it’s a very simple trading strategy and we use the price action signals to alert us to the trading opportunities within place a limit order to enter or a market order to enter we place a stop loss, and then we place a conditional order to cancel the stop-loss, if the profit target is hit basically most broker platforms do offer this facility, I’m not going to go over how to place the trades in the broker platforms, because everyone is using different platforms what I want to do is go over how you might trade a price action signal using a set and forget strategy it’s a very easy thing to understand I’ve actually expanded writing an article on this set and forget forex trading strategy you can see the article link below this video, if you’d like to read that and I’m just going to talk about the price action reversal which alerted me to a trade here on the GBP JPY daily candlestick chart now we have the downtrend in place we have identified the bias as being bearish you can see the market has broken this 147 level, and then retested it on several occasions what I’ve then done is identified the price action signal here which terminated an upward move at 147 was a nice bearish reversal pin bar a very simple reversal bar the way that I’ve entered here is to place a sell on limit at 146 now that is halfway between the range of that signal bar that allowed a tight stop loss placement above 147 20 you can see this logical level here a nice area for a stop loss above that level, so, let’s say we have a hundred and thirty point stop-loss as this distance here the set-and-forget strategy is to enter it limit, and then place the stop-loss order and place a conditional order to take profit at two times what we’ve resolved we’ve risked 130 pips we’re looking to make 260 simply two times what would resets the minimum distance for a set and forget order strategy now the market did sell off in through the weekend we had a gap down and filled the order, so entering on the Thursday we had 48 hours of trading activity before the take profit order was actually executed, so the idea here is to let the market do its thing you walk away and you set your orders and forget the trade, if you sit there and watch the market and watch the screens you’ll do your head in and it will be an emotional drama the idea is to take yourself away from the market do something else, and then the emotion is removed and that anxiety to watch the position or alter the trades is just completely removed and it’s something that I do a lot on the daily charts that’s why I promote training the daily time frames and the four-hour time frames and trading price action without any indicators keeping it really simple it can be done I do it for a living and I try to push this idea of walking away from the market or letting the market do its thing coming back at the New York close that’s when the Wall Street market closes it’s when the forex market closes around the same time and in Australia it’s perfect, because you can just basically wake up in the morning and look at your chart and that’s the perfect time when all this is occurring in America it’s probably also quite a perfect scenario, because you can get home from work turn on the screen and it’s just as everybody is basically wrapping up business for the day that the forex market closes and as a great time to look for these signals then you can basically set your limit order to enter place your stop loss, and then you take profit target and again I call it the set-and-forget strategy it’s not an original concept the actual method that we’re using there where my original concept comes in is where you’re trading my price action signals using this whole set and forgets while trading method now, if you’d like to learn more you can check out the article that I’ve written below now, if you’d like to learn more about what we’re doing here learn to try the market you can check out the forex trading course tab on the website things that are offered, there are forex trading course for a daily price action commentary and a forex trading forum its lifetime membership the cost is less than a losing trade I’m sure you’ll enjoy it and get value for money I’d like to see you in the members section soon take care and I hope you enjoyed today’s video.

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