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End-of-Day Trading involves trading close to the market closing time, and it can be a more practical way to change. Part-time traders who do not have the time to watch the markets for hours on end may opt to use this approach.
A significant benefit of this type of trading is that it allows you to review changes in price action that occurred during the day, and it provides greater context to any signals that manifested throughout the day. This helps you make a more informed decision, resulting in lower risk and better returns overall.
End-of-day traders also tend to be more disciplined, as they only have a limited time each day to analyze the markets and create their trading plans. This can help them to avoid the temptation of overtrading or the emotional influence of daily news announcements, which could lead to poor decisions.
Inside Bar Breakouts
The inside bar is a valuable price action pattern that forms during consolidation on a given chart. It’s a good indicator of market indecision but can also signal an eventual breakout.
For traders who trade on daily charts, these patterns are beneficial. But traders on shorter time frames, such as an hour or four-hour charts, can be less reliable because the sample size of data is smaller.
A key strategy for trading Inside Bar breakouts is to look for a break of consolidation that marks the beginning of a new trend. This is a market’s way of shaking out profit takers and attracting fresh buyers who want to increase prices.
Pin Bar Reversals
Pin bars are one of the most powerful price action reversal signals. If you want to be successful with them, there are some strategies and tactics that you need to understand.
To be profitable with pin bars, you must trade them from crucial chart support and resistance levels. These levels add extra ‘weight’ to the pin bar pattern and help confirm the signal.
You need to be patient and watch the market closely for a pin-bar reversal. This is because they do sometimes mark essential turning points in the market.
Another strategy is to look for areas of technical confluence. These areas of support and resistance also happen to be the intersection of a few other technical patterns. These areas are hard to break and give stronger signals than a single pin bar that can merely pause.
Nial Fuller, a professional Forex and CFD trader, is known for using price action trading strategies. He has developed a daily trading newsletter and a live trading forum, offering lifetime access to his professional trading course.
Fakey Setups are false breakouts that form after an inside bar pattern. This pattern occurs when the price makes an escape higher and then reverses back to the range of the inside bar and mother bar.
This can be an excellent opportunity to enter the market, especially if there has been a complex pullback in price. The fakey can form in any timeframe, but the more significant the price moves, the more enormous profits can be made.
A good fakey will show a clear false break of the inside bar structure and have some confluence in the market. This will make it a high-probability setup.