Hello and welcome to my forex trading blog! This is my first substantive post and I would like to discuss a price action trading system ebook or manual that I have recently purchased and have been testing out.
It is called PIPDAQ Price Action Trading Setups. Right off the bat I would like to say that I love the simplicity of the price action trading setups explained within the manual. I am a visual learner and the manual is full of price charts with explanations on the setups.
The manual teaches two basic types of setups. The first involves trading with an established trend, and the second involves identifying a trend reversal and getting in relatively early on that trend reversal.
In today’s post I will be discussing the first type of price action setup taught in the PipDaq price action trading manual (trading with the trend) and going through three recent trades I took on my demo account. Of the three trades two ended up being winners and one a loser.
Below is the demo trade I took on the UsdJpy on January 17, 2013 trading from the 4 hour chart.
The PipDaq price action trading setup got me in the trade at the beginning of the resumption of the main bullish trend and I took 92 pips profit out of that trade.
Another trade was on the EurGbp 4 hour chart, taken on January 16, 2013 shown below.
Once again the PipDaq price action trading setup got me in the trade at the resumption of the dominant bullish trend scoring me 40 pips by the time I took profit and got out of the trade.
Now any of you who have traded forex for any length of time will know that they are never going to be all winners. I did have one losing trade of the three PipDaq price action setups I have taken so far and this was on the GbpJpy 4 hour chart trade below.
Now you will notice where I have marked the red upward arrow, this is where I got in long using the Pipdaq price action setup and price then continued on its downward correction taking out my stop loss. If you notice the purple upward pointing arrow, I have marked where the Pipdaq price action setup would have triggered another opportunity to get in on the trade and this time it would have been a profitable trade.
Unfortunately I did not get in on the second opportunity and missed that one.
It is still very early in my testing of the PipDaq price action setups but so far I can honestly say I very much like the simplicity of the system, and I think it may have some very good potential.
Without giving away the elements of the PipDaq price action trading setups, I can say that it is not your basic Moving Average crossover as some systems advocate. I have personally found the Moving Average crossover systems to be lagging and didn’t work well for me at all over the long term.
Well that’s all for this post but I will keep you updated on the PipDaq price action trading system as I continue to test and demo trade.
If you would like to investigate the PipDaq price action system a little further you can check out the PipDaq.Com website here: PipDaq.com
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- What Is Price Action Trading?