Price Action

[europeanson7]

Hello,

I am quite new to forex trading and still trying to decide what is the best course of study. I've been reading a few things that say technical analysis doesn't actually work and the only way to make money is by something called "price action."

First of all, is this view of technical analysis correct? If it was it seems like a lot of people are wasting thier time. Also, what exactly is "price action" and where would be a good website or book to read about it?

Thanks a lot.

[mytwopips]

Price action is sometimes considered trading naked with no indicators. Technical analysis and price action go hand and hand together because all the so called naked traders use some form of technical analysis to confirm price action analysis.

For a great thread, look at Tymens "Joy of Candlstick Trading". Many pa guys will consider this trading naked. But if you follow this thread from begining to end, it is far from naked. Many ta factors come to play.

All correct jargon aside, it is a great strategy and you should check it out.

[HooK]

Originally Posted by europeanson7

Hello,

I've been reading a few things that say technical analysis doesn't actually work and the only way to make money is by something called "price action."

First of all, is this view of technical analysis correct? If it was it seems like a lot of people are wasting thier time. Also, what exactly is "price action" and where would be a good website or book to read about it?

Thanks a lot.

Part of your question (price action) is answered in previous post I want to add my 2 cents.

Do Not believe everything that you read on any forum. You have to observe the forums and you will begin to see who you can believe and who is blowing smoke. Where did you read TA doesn't work?(never mind I think I know)
Listen TA doesn't work for everbody Some people can not read charts (they think they can but they can't)
In my experience 5 yrs forex, more in stocks, but in forex I have found for me that trading TA is wonderful and the charts hammer out just like they are supposed to. That being said, they do not always hammer out in the time that I would like them to BECAUSE there are times when the fundamentals get in the way and slow down the inevitable trip of the TARGET But more often than not it will continue to target it just gets sidetracked you might say.In my book Technicals Rule

[TheRumpledOne]

If you want to learn about PRICE ACTION then GOOGLE:

jjrvat Day-Trading 2.0 for small traders