Forex daily price action strategy

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The result is a market geometry support. Not any kind of support, though. But one derived from market geometry resistance. The chart below shows the outcome of this price action trading method. Traders will focus on price to break the pivotal area. At that moment, they book partial profits. Now, step back from the screens a bit. The naked one. Next, compare it with the one above. The difference between the two is the result of a price action Forex strategy.

Psychological Levels as a Price Action Indicator Daily price action around psychological levels represents the perfect way to understand price action trading. For whatever the reason, the Forex market likes round numbers. Values like parity one , or 1. As such, the market makes various patterns around them. Depending on the currency pair, the velocity around these numbers differ.

Just check for yourself. The moment price goes above parity, the Forex price action loses momentum. And, eventually, it will turn. The same happens on a bearish move. Eventually, price action loses steam and it will turn. However, before doing that, the market forms patterns. Classical patterns. They show what is price action. This is what we do. Understanding price action trading works only if one loves charts.

And, believes in them. The blue line above shows the 1. This is one cross that travels a lot. Therefore, deviations from a static point like a round number are bigger. In plain English, price swings aggressively on nothing at all. The Forex price action was bearish. A strong downtrend saw the pair breaking the 1.

Keep in mind this is the daily chart. However, it suits swing trading. And even investing using a price action trading strategy. From the moment the psychological round number broke, price action around it tells everything about future prices. As such, support turned into resistance. Moreover, part of price action trading, a series of three lower-highs forms around it. Bearish means selling the pair.

It will further fall. So, it did. But, eventually, it lost momentum. And turned back to the 1. Yet, the Forex price action left some traces. It reached below 1. But, soon after, a reversal pattern formed. A head and shoulders. While not marked on the chart above, a bearish symmetrical triangle formed prior. Coming back to the head and shoulders pattern, price action trading should focus on the long side now. You guessed…the 1.

But, how to trade the setup? Any price action Forex trading strategy must consider the time frame. A head and shoulders pattern gives great trades. That is if you use the right shoulder. Remember one of the previous statements? Information on the left side of the chart is free information. Same here. The left shoulder offers free information for trading the right one. Price action sends the market there. A perfect entry for the perfect trade. A proper stop loss must be at the lows.

And, a proper price action Forex strategy needs a good risk-reward ratio. If you compare the risk the stop loss level and the take profit the 1. But, if the price hesitated once on the previous support turned resistance, why not add when resistance breaks? It turned out that the price never looked back.

After all, what is price action trading if not waiting for the market to break levels? Price Action Scalping What followed next, is part of any price action course. While the examples are still on the daily time frame, one can use them on lower ones too. That is if an important level forms. Keep in mind the following: anything that suggests price continuation or reversal is part of price action. After 1. A bearish one this time.

Then, a double bottom with the middle point right to the 1. A price action trading strategy buys the second dip for the measured move. The first leg of the reversal triangle completes the measured move. Then, the triangle breaks lower. As such, bulls stepped in and sent the price back to 1. In other words, look at reversal patterns in any Forex price action analysis. Or, continuation ones. Technological progress changed the way markets moved.

Especially the Forex market. Over eighty percent of the trades are automated now. Only twenty percent or so is manual trading. The high-frequency trading industry changed the way the markets move. And, it changed the patterns too. A double top or bottom today differs from one a couple of decades ago. And so on.

On top of that, news trading changed patterns. Or, automated news trading. The sharp reactions you see around news releases influence price action trading too. But, traders need to be cautious. One way to deal with this is to stick on the bigger time frames. As such, traders will filter the day to day noise.

Which indicators should you use? Should you just use one indicator or combine a few of them? Instead, learn to read the market by studying raw price action. Below is an example of a price action setup that formed at a key resistance level. Notice how the chart above is very simple and easy to read. This is truly all you need to become consistently profitable. This means that they are reactionary, constantly changing based on past price action.

On the other side of the wall we have price action, which is the study of how a market moves within the context of previously defined levels. Note that the study of price action involves studying the market itself, rather than studying a lagging indicator. Speak to any professional trader, Forex or otherwise, and they will tell you that they use price action in one form or another. It is by far the most raw look at the market, and one that serves the most purpose regardless of your style of trading.

The trend is your best friend. The saying is as old as trading itself, but trading with momentum at your back is timeless advice. If someone asked me to identify the most common pitfall that holds most traders back, I would say trying to pick tops and bottoms. In other words, trading against the trend. But if you do, they have to be calculated and backed by strong technical factors. There are a couple ways to identify a trend in order to trade along with it.

I prefer using trend lines combined with dynamic support and resistance. Notice how the third touch from trend line support produced a bullish pin bar. Just taking a step back and looking at the span of price action between the first and third touch, would you rather buy or sell this market?

It becomes pretty obvious why you want to trade with the trend once you learn how to use trend lines. Learning to trade with the trend is paramount to your success as a trader. Which is why, in my opinion, it should play a vital role in any good trading strategy. Think of these levels as your roadmap to trading the market. Remember using coloring books as a kid? The idea was to color inside the lines, right? Think of key levels in the same manner.

The Forex market has a strong tendency to move between levels of both support and resistance , making it vastly easier to put on profitable trades once you understand how to identify them. Notice how previous resistance becomes new support.

Knowing where the market is likely to bounce makes it that much easier to become consistently profitable. Based on the preciseness of the level above, I think it goes without saying that the study and application of key levels is a necessity in any good Forex trading strategy.

Using simple patterns to help define your trade ideas is one of the easiest, and most overlooked, practices in the Forex market. Which patterns am I referring to exactly? The wedge and channel are a great place to start. In fact, you can become a successful Forex trader using only these two patterns — they are that powerful.

Notice in the GBPNZD 4 hour chart above, the market consolidated into a well-formed wedge pattern, giving us an easy way to spot a favorable entry. That entry came as soon as the market closed below support and ended up netting us a handsome profit. More on this breakout strategy here.

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