depends on the time zone that you are in
USA -- usually straight forward, while european hours (in the past), very tricky move
most people got no idea on what is [price-action]
price action is about picking a time frame, then 2 MA-related lines (just like cross) and believe in swing
currently market conditions become easier and not much activity while euro is ditching greece
today (tue) euro/usd believe to be go higher as it reach double / triple bottom already
good that you collect your own statistics on the trendy/ ranging ratio -- that is just like your personal records and statistics that you could rely on
forex- unlike space shooting intuitive game -- don't keep on shooting a pair and a position, if you miss it all the times
shooting a target with a tricky movement means losing more
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Hey Guys,
I wanted to get the feedback of fellow traders new and experienced on the way they take reversals and continuation in confluence zones in trending markets between 5m-4 hour charts. In the spot fx market.
I understand that continuations make up 65-70% of developed market patterns and reversals make up 30-35%.
To my understanding for price action to make a continuation it usually stabs through the Support/Resistance zone or a momentum candle then pullbacks, which may been seen in lower timeframes for it to hold to make a continuation. Reversals usually make a pin bar reversal signal at a major structure level or between 38.2 - 78.6% fib level at times a double pin bar. I also seen at times price hugging the S&R lines especially in the Asian session coming into Europe for price to pullback and breakout only for it to fake out and then breakdown or a true breakout after a false breakout. Also, price tends to have a control point at 00 numbers with it either poking through and reversing or blasting through and continuing.
What's your experience been like? Please stick to the topic.