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The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. In this tutorial we are going to give chart examples of exactly what price action is and explain how you can make use of it in your trading. Let’s start with the very basics. The up bars marked above are in an uptrend. Notice in the example above how the close is lower than the open in the down bars highlighted, this is typical of most down bars although it is not necessary as we saw in the up bar discussion.
Inside Bar: Also sometimes called a narrow range bar, an inside bar is a bar with a high that is lower than the previous bar’s high and a low that is higher than the previous bar’s low. Some traders do not consider an inside bar that has either an equal high or an equal low as an inside bar, others do. Inside bars usually represent market indecision. Since the close was substantially higher than the open in the outside bar example above, it shows buyers were in control. With this definition, the wide range bar or engulfing bar does not need to have a higher high or lower low to qualify. The first definition most probably came about with bar charts where it is harder to notice the open and close.
What is a price action trading signal? In the chart below we can see examples of one of my favorite price action trading strategies, the pin bar reversal setup. So, basically, when we look for confluent areas in the market we are looking for areas where two or more levels or analysis tools are intersecting. In the chart below, we are looking at an example of how to trade price action with confluence.