up any price chart, and forecast near term price action with confidence on your own? Consistent, consistently putting the odds in your favor. My theory to why this method is so powerful With stops being triggered, there is now less resistance for the market to move in the opposite direction due to an influx of closing trades. Check out this example, above: Very hard to build value to a sell trade here, based off the pin bar candlestick alone. Notice how these key levels can act as boundaries. Checkpoint A simple and effective way to spot check market conditions is to look to left. It should be immediately apparent how these levels can be advantageous for us traders. I recommend my big price action strategies guide. Without the top down analysis element here, we could have easily overlooked the major level, not even knowing the danger was there in the first place. I wrote a program to evaluate a scenario that would trade every single candlestick reversal, specifically the pin bar / rejection candle. Now imagine how many eyeballs that works out to, all looking at the same chart.
What usually happens is this: A breakout event occurs in the Asia session When London opens, the breakout event has failed then market then explodes in the opposite direction The fix is simple. Candlestick patterns are awesome to use, but they should not be the first, or only factor in your trade decision making process. Weve also covered what a trading strategy is and what a good strategy should consist.
After all, its just a combination of the two terms, price action and trading strategies.
1 Forex price action trading course.
Master the charts like a pro, and learn.
A very comprehensive Forex price action course.
My Chart of the day and weekend video market walk through.
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Where are we within a range? As expected the bullish moment continued, because thats what the market structure was screaming after. This signal fits the context of the market, and aligns with our higher time frame analysis. Its important to note that price action levels work best in markets with high liquidity. Top Down Analysis is A Critical Step For Price Action Traders You might have heard the term top down analysis being passed around the Forex communities from time to time. Simply meaning, if you see bad conditions leave the chart alone and come back when things have cleared.
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