Monday, February 15, 2010

Price Action

Hi Forex Traders. It's Monday today and forex market is open for us to see what's going up and what's going down. During this time I'm sidelined until something 'catchy' comes out and ask me to take a forex trade.

Therefore at this point I would like to answer a question that I received on my private messages from some of followers sent me on my e-mail. I would like to thank those who asks because giving answer to related subject gives me how my blog helps those who needs them.

Question:
"Dear Admin, I'd like to ask how do you identify Price Action (PA) and their setups? You often mention Price Action several times on this blog and I'm interested to learn them."

My Answer:
Yes, my trade is based on Price Action because for me, Price Action shows me the future, and many indicators I've known shows only the past. Learning several types of important Price Actions such as Pin Bar or Outside Bars & Inside Bars are the first signal and then combined with other simple manual tools such as trend lines, Fibonacci, Support & Resistance lines increases the rate of success of your forex trade(s).

As for Price Action, there are many free e-books out there that you can get from Google-ing, forums, etc. I learn my Price Action from one of the e-books found here. Remember to learn all of them and back-test them on your preferred forex pairs you trade and apply them on your demo account.

Best Regards

12 comments:

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Serious Marketer said...

Hi,

did you trade this week i.e. 2nd may to 7 may 2010, it was very volatile and gave tremendous opportunity to make lot of money. A well informed person must have made a handsome sum.

Anyways, Got good insight reading your post. Keep going

Thanks
Ashok
ForexStrategiesNew.com

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