Price Action Forex – Why Forex Trading is Easy with Price Action?
There are many answers to why PRICE ACTION is king in forex trading. And why price action in fact is the easiest to trade with in forex trading. Let me give you an easy explanation with the chart above. In the pair above: Eur Gbp It shows the pair in an uptrend. And if we look into the pair, we can easily spot 5 price action entries for us to ride the trend and to profit on. Price Action Forex – Why Forex Trading is Easy with Price Action?
Price action (blue box no. 1) It is a pin bar as well as an bullish outside bar (in combination with the bar on the left hand side) It is a good indicator for us to take it long with a buy order. Price action (blue box no. 2) It is another pin bar for us to enter a buy order had we missed the first pin bar. This is also a confirmation pin bar to tell us that the trend is indeed going up. So off it went… Price action (blue box no. 3) It forms a bullish outside bar. Look at the long green bullish bar wrapping the previous smaller bar. Another good price action bar to tell us to take it long. And so it went further… Price action (blue box no. 4) Price move sideways and to form another bullish outside bar. This bullish outside bar indicates that price is possibly going to breakup from it’s sideways trend. And so it did. Price action (blue box no. 5) Price went sideways again to form another price action pin bar. Another indicator to state that it is going to breakup from it’s sideways trend to move further up. Price Action Forex – Why Forex Trading is Easy with Price Action?
So you see, in just a pair. We can spot so many price action bars for us to take an entry long. The trick towards trading price action is simple. We usually take price action bars that is together with the trend. So in this scenario, the pair is in an uptrend. Therefore we only take price action bars that is going up. If you look into the chart, you will see price action bars that points down. Those are reversal bars. And we usually skip them. (unless you have enough experience, stay away from reversal price action bars) And you will be glad you stayed away from them as you see, most of the reversal bars did not work out. Price Action Forex – Why Forex Trading is Easy with Price Action?
So you see, forex trading is not difficult with price action. The power of price action, in combination with a proper forex trading system, trading psychology & money management = Consistent Profits Ezekiel Chew
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