Saturday, June 20, 2009

NickB method -Basics

http://www.forex4noobs.com/education/nickb-basics.php

NickB Forex system:-

Pairs: GBP/JPY, if you have not discovered this amazing pair yet you are missing out.
Time frame: I use 4 hour charts, and only 4 hour charts.
Alarms: If your current trading platform does not have price alarms then you need to find a new one. Since I trade 4 hour charts, price alarms are essential. You need to set alarms and be prepared to trade when the price reaches a certain level.

The Tools I Use
I use a combination of candlestick patterns, support and resistance lines, and price action. As you can see, I have not mentioned any indicators because I do not use them. My trading is all about following the actual price and not indicators. In the next few pages I am going to explain candles, S/R lines, and price action in detail, and then I will explain how to use them all together.