Bar Trade
Forex Trading With Price Action
There are plenty of forex traders out there could use some help with their forex trading and trading plan.Dealing with over 100 Students every month, I have come the conclusion that just about every aspiring novice trader attempts to make forex trading more difficult than it has to be, they are basically “chasing their tail into failure”.Most of the time, the simple trading approaches are widely overlooked, for example : remember the text book material you once read on basic technical analysis techniques ? Truthfuly, how much of that do you actually remember and use in your trading? How much study and testing did you actually put into it? My point is that basic / simple FX trading strategies are often overlooked by traders in Forex trading systems.
For starters, you should always know where the major directional trend is, and whilst that may actually sound rather obvious, as I said, it’s quite interesting just how many fx traders don’t even look at the larger picture trends on the price charts.
If you are one of the traders who doesn’t yet know how to trade with the dominant trend, let me give you some advice: it is a lot easier to identify when you don’t use lagging indicators, indicators are a WASTE OF TIME! There is a simple way to find theshort term direcitonal forex trend, and work within it to make high probability trades, but you wont ever have clarity using the modern day standard indicators, they are not really going to give you any clearly defined market edge over any other typical price chart observations using generic price action.
Just think of magial indicators as a kind of shortcut to the market, and we all know that taking shortcuts is not the way to learn to trade! If you would like to gain an in-depth understanding of trading is all about and trade with an effective Forex trading plan you are going to have to dig a little deeper than all those lagging indicators and fancy trading systems, you should know that none of that is what really works in trading, there is no easy road here.
What you want is to be able to look at a chart the same way a pro trader or hedge fund manager looks at it. So what is the answer? Well to put it in one sentence, ‘you need ia basic bar chart or candlestick chart’.
I know you may be a bit apprehensive, but if you look at it with an open mind, I think you’ll be amazed at what you see. The forex market has a natural energy. It has a natural ebb and flow that gives you strong support and resistance areas, not only that but you will soon start to see obvious reversal signals, and candlestick formations, things that are occuring over and over again with precision.
If you know about the history of trading, you should be aware of the fact most traders who have used technical analysis relied solely on price action alone, they certainly did not use indicators like Stochastics, MACD, RSI, etc. To start having any chance of success in forex trading, you must learn to trade using price action, and of course look to surround yourself with like minded traders and mentors who teach the price action forex strategies that really work.
Good trading.
RE-ENGAGEMENT RANGE BAR TRADE – TradingFX.com Forex Charts
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