there is macro economics, and micro economics. I get questions from traders everyday How do I determine the trend? After a modest pullback, a bullish pin bar formed, price pushed higher as we might expect, netting anyone who salaire suppoort trader traded this pin bar a nice profit. This chart is just too busy and would be a frustrating environment to trade. . Price can dramatically in a matter of seconds causing extreme widening of spreads (the commissions you pay) to unrealistic levels. Where are the important support and resistance levels? The primary points to take away from todays lesson are: Price action is literally the footprint of money across a chart, allowing us to see the behavior of all market participants. The simple nature of candlestick based trading allow even the average joe to have an excellent chance at succeeding in the market.
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Next, we want to identify obvious horizontal levels of support or resistance, drawn at the major market swing points / turning points. Introducing external variables like indicators to your chart template will in most cases work against you. Since economic data and other world news or events are the catalysts for price movement in a market, we do not need to analyse them in order to trade the market successfully. This will help you better understand the story the market is telling and what might happen in the next chapter. Price Action Trading is Simple, And That Works In Our Favor A lot of people mistakenly believe that to become a professional trader you need to have a degree in commerce, mathematics or economics. We actually dont even look at the economic calendar if we do its just out of curiosity. All the information is right here dont ignore what the chart is trying to tell you. These footprints are price bars, and they show us the behavior of all market participants; the big boys, smart money, hedge fund managers, and even the not so smart money. However, this is not the true intent of the market. There was an existing resistance level near 1360 from back in 2017. Notice, after several days of consolidation near the trading range support, after a moderate pop higher price formed a bearish tailed bar, a clear warning sign that price would not make another surge up to the trading range top. Our aim, as price action analysts, is to see and read the market by using the price action analysis model; bars, levels, trends, interpreting price action signals, etc.
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