I’ve linked below some of my previous posts exemplifying some very basic price action principles along with a unique way to use MAs. Hope they prove helpful in whetting your appetite to explore PA concepts further.
@Rickster99 I forget that the settings that I use on indicators are not available on all platforms. I smooth out the RSI by using a WMA 7 period as input rather than the “close” value. Unless you are using Multicharts this is probably not something that your platform allows you to do.
I placed a simple RSI using the “close” as input but it was too erratic and if I increased the period over 4 then it never got to the 80 mark. And fiddling with the values to give me what I want did not seem like …
I picked USD/CAD and I chose a section that would allow me to demonstrate a few different concepts. I suggest that you open up your charts to the same location so that you can follow along. I’m going to be brief and write points rather than lengthy explanations.
Price moves in a fractal pattern. It moves from one high/low to the next high/low. When price turns you should make a guess as to where it is likely going to end up before turning again.
First consult the weekly to get a sense of whet…
Your trade was pretty good being that you’re a very new trader. I could not have made this trade at your level of experience. So, congratulations! However, the trade could just as easily have gone the other way and you may have lost a large % of your account. I suggest that you take some time to learn price action analysis and trade on a demo account until you get the hang of it.
Here’s a little something to get you started on it. It is very difficult to convey this information in any appreciab…
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