Price Action - There is no other method...
Here is an example of a trade I took on Monday on EURUSD. I took a short on a resistance level, which was supported by a 50% Fib retrace from previous high to immediate low. With all that in my favor I had a low risk high reward setup of almost 1:3.
Open up the EURUSD H4 chart on your screen and see if you spot the setup.
This is the USDJPY pair H4 TF. I have not yet taken this trade, but if we open tomorrow above the close of Tuesday I'll sell short with a SL just above 105.40 and TP at 2 x SL.
Do you see the Resistance then Support and Support at 104.63? After that we had a high at 105.40 after which the price fell down, made a higher low, but could not retrace back to the previous high, not yet though. It looks like the buyers are weak and the sellers might push the price down to the 104.63 level.
Took this long on EURAUD after bouncing of 1.5415 with SL just the other side of the bounce in case I was wrong.
appreciate the share and getting points all helpful in suggesting right ways to go good with the price action
I'm not a forex guru or some expert claiming to know everything there is to know about forex trading, news trading and the economy. Yes, in there are some methods used by fellow traders and it is working for them. I'm about to show you what is working for me - after 5 years in the trade, tried most of the indicator's you can think of, tried many strategies and systems, but at the end it did not give me the edge I was looking for.
I'm not a forex guru or some expert claiming to know everything there is to know about forex trading, news trading and the economy. Yes, in there are some methods used by fellow traders and it is working for them. I'm about to show you what is working for me - after 5 years in the trade, tried most of the indicator's you can think of, tried many strategies and systems, but at the end it did not give me the edge I was looking for.
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I'm about to reveal to you my way of trading that you most probably seen before, heard before or even tried before. It's called Price Action ( PA ). According to me this is the only method to trade in order to be a successful trader.
Look, I'm not a forex guru or some expert claiming to know everything there is to know about forex trading, news trading and the economy. Yes, in there are some methods used by fellow traders and it is working for them. I'm about to show you what is working for me - after 5 years in the trade, tried most of the indicator's you can think of, tried many strategies and systems, but at the end it did not give me the edge I was looking for. I always seem to be one step ahead of the trend or the break or the swing.
The method I use is ideal for part time traders. I only trade the higher time frames like H4 and Daily, but will sometimes look at the Hourly TF as well. I'll post charts as I go along and explain my entries to let you catch on to what I'm doing.