Most forex traders find it difficult to setup a good technical analysis. A good number of traders don’t understand the basic components of a price action, they cannot read the key information off the chart and hence they keep relying on ready made trading strategies without knowing the fundamentals.
This group of traders finds forex trading very difficult and grow tired of the market after a couple of losing trades. Being incapable to achieve success in their adventure in the market, they end up believing that making money from forex is an illusion. They fail to understand the concept forex price action.
The kernel of any accurate forex strategy or technical analysis is a good knowledge of price action. The main aim is to read the key price information from the chart. Price action applies to all kinds of trading strategies including day, swing and position trading strategies.
Price action is the process of using the price chart itself (or candlesticks), without any indicators, to assist in trading decisions. Price action allows traders understand important zones of supports and resistances, trends identification, good entry and exit signals. It applies to all currency charts and time frames, but larger time frames like daily or 4 hour chart bring more accuracy over lower time frames.
With an accurate understanding of how price action works, a trader can design any strategy that would suit his trading style and psychology.
Getting familiar with price action trading could be challenging for beginner traders especially those who do not have a proper understanding of daily technical analysis. This setback has been resolved by the Price Action indicator. The price action indicator is a simple custom indicator that was designed to assist traders with forex Price Action
With the Price Action indicator, traders can benefit the following:
Eliminate the difficulty in reading price off the chart
Find important support and resistance levels
Design simple and profitable strategies,
Make up to 80 pips daily,
Get good entry and exit signals with up to 90% accuracy.