Learn about it and practice and it will help your trading. Yes.
Weāll itās like trying to read a book but you donāt know what the words mean.
The Price is going to go Up or Down unless its flat but sooner or later itās going to be going up or downā¦!
Indicators are good for indicating, in the UK a turn signal on a car is called an indicator - it warns of an impending turn.
But indicators come way down the list of importance in learning to drive, first comes the mechanics of actually driving.
After becoming a good driver you get a sense of the car, you and it are the one thing.
So too with the market, get a sense of how it feels, what is it afraid of right now, is there something that will cause that fear, for example the US govt shut down.
Maybe that shutdown is cracking, maybe the market is relieved, now it can take on some risk and buy stocks come Monday.
So what about FX? - maybe it will sell some JPY in the process buy some USD and then in that process maybe sell some Eur.
The notion of S/R is where the orders are sitting - longer story than one post.
On post 98 above - the yellow arrow - that was 1.2975 - the target it seems for the sells today.
Will price settle there now for the rest of the day?
I would use an indicator of eur strength vs gbp weakness - itās also settled at a level, namely 88.00 (eur/gbp) - there are hints that the cross wants to go stronger, weāll see.
The cross went stronger over the next 2 hours - so 2975 gave up being support and became resistance yesterday.
Again look at the chart posted 11 days ago.
What was the hint?
When I posted the candle arrowed had not yet closed, there was a wick to the top - then as noted price fell back to the level (88.00)
Iāve seen people call that a rejection candle - on the cross I saw that Eur/Gbp was merely getting ahead too quickly - waiting for cable to catch up.
Btw , named that chart Eur/Usd in error, it is of course Eur/Gbp
A very similar pattern formed on Eur/Usd as that of cable yesterday:
Indeed it should like it bro. because it is part of the creation of the character of a trader.
As previous posters have stated identify your areas of Support and Resistance
When they confirm the zone trade in the direction or break the zone follow price accordingly.
It is goid to understand candlestick pattern but itās the results of zone interaction that gives successful trades
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Price action is also one of the concrete evidences in recognizing market momentum and volatility.
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Itās probably been said a thousand times before but all indicators are lagging !
Iām not knocking any trader that uses them at all itās just the best up to date information is where price is now coupled with your zones .
Do you mean that one Instagram page name āprice action strategyā? His name chris? I think he is the actual owner of the book because he can all answer what we ask from the book. Let me know what you think, thanks
that is the guy, but I received a copy of his ebook from my mentor. Iām no longer sending it out to people
happy learning and happy trading.
It is true that some indicators are lagging but some others donāt. You need to make a good research and test indicators on various time scales in order to fit them into your trading strategy. Stochastics are, for example, much improved with BB, so try to use them in combination with other indicators
Hi can Iāve the link bro please