Price action in forex

Beginner Questions Candlesticks, Chart Patterns, and Price Action
#1

So i just started to trade Forex as a result of which i bought a laptop :hugs: :hugs:and so far there have been frustrating moments :face_vomiting: :sneezing_face: :face_with_thermometer: where i feel like quitting but the fear of working for someone in the future keeps me going on. So recently i got to watch kinda educative videos (that is if i got the right one to watch) on YouTube and there was a mention on one of price action in forex, in the video the YouTuber talked about the reading of chart and predicting price movement without indicators please can i get educated on price action

My basic question is what do i need to know in order to be successful in forex, i mean i already how to use stop loss, the right position sizing so what again do i need to know

#2

Learning all about price action is very important. :open_mouth: And a lot of traders here have been talking about it since it’s part of their strategy and trading plans. :smiley: If you’re up for it, you can read lots from these threads! There are also more in the forums that I might not have included. :sweat_smile:

#3

Kingstone i am a beginner…want to learn…very expectant

#4

There are indeed quite a few videos on YouTube, I recommend Gil Ben Hur’s Webinars

#5

Unfortunately you best leave all those threads alone. They are but sales gimmicks.

I’m gonna teach you price action in a few lines. It only takes a few seconds

But then it will take you 1000’s of hours screen time to master

First price action is subjective and intangible. It is as you see it. Its not as I see it. It is not as someone else sees it. It is as you see it.
Remove all indicators from your chart and watch price as it fluctuates up and down. It doesn’t go round in circles, it doesn’t trend. It doesn’t connect the dots. It goes either up or it goes down.

It’s about highs and lows. What are the highs now, what are the lows. What are the highs today, what where the lows last week. Last month. Wash rinse and repeat.

Price action is also only part of the picture. It won’t help you identify trade opportunities. It won’t help you filter those opportunity. It will help you execute and manage your trade. It won’t help you manage risk. It won’t help convert pips into profit.

@ria_rose what did I tell you about the krugman family! It’s great to wear rose coloured glasses but there is a reality here we are dealing with. And that simple fact is good folks will put their hard earned cash on the line that they can ill afford to lose based on the preaching of these charlatans.

People don’t want to hear my message cause it’s not rainbows and unicorns. Hours screen time is the only way. There are no magic tricks, short cuts or blessed guru’s

#6

Perfect is a strategy in price action trading. That is the strategy that many professional traders work on. But with price action, you need to know about support/resistance level and market context. To trade successfully you have to combine many strategies. You can get ideas about these strategies from youtube.

#7

You have a great attitude. I think the babypips course can start you on the right path. If I remember right, they have some great lessons on price action.

Careful with oversimplified strategies that tell you, “If you just trade this candle pattern here at this level, you can be rich like me.” I have been at this for over seven years. I trade price action as a full-time trader. I still mess up at times. You have chosen one of the most difficult professions to make money.

With that said, I wish you all the best. Now get to work! :sweat_smile:

#8

thank you steveeperson

#9

I am now taking lessons with a decisive trading and the secret mindset channels on YouTube so am currently getting a hand of chart patterns candle stick patterns and so on. So i presently trade without indicators on my demo account only looking at naked chart analyzing price movement with support/resistance lines likewise trend line

1 Like
#10

Price is very important. You need to know how price behaves in the support and resistance area. You also need to figure whether the market is in trend or in range. Without developing your own strategy you can’t jump into live trading with big capital. It takes time.

#11

So,how does price behave champ. Historically price does only one of two things at “these” levels. One break straight through them or bounces. And there is a 50/50 chance of either event happening. Therefore it’s of no help whatsoever!

#12

@therealInsideBar Yes you are right. What I mean is if you are the keen observer of the charts of only one or two, by seeing price behaviour you can sometimes get whether it will break or reject. Usually h1 or h4 level.

#13

Alias, that my point cobber, Sometimes you can guess whether a coin toss will be head or tails. Price with either break though reject. 50% chance on the 1st test, 25% on the 2nd, 12.5% on the 3rd …

But thats ok. Knowing these probabilities can be used to our advantage.

#14

Price action is an important strategy in trading. The strategy used by many institutional traders. When I was at a new stage, I learned price action trading. That trading strategy helped me a lot to make a profit in trading.

#15

I find price action strategy to be the most effective in estimating trends. All indicators don’t hold a candle to it.