The Ultimate Guide To Forex Trading Strategies – One of the best methods used to identify Forex market structure is the price action trading strategy. In trading with price action, there is no use of indicators, we use naked charts. In this article, we’ll go over the basics you need to know about price action trading strategies and how you can use them to improve your trading. Note: If you want to make a sustainable income from trading, your chart should be as simple as possible.
As the name suggests, market structure is a historical representation of price movements in the market over a period of time. Market structure gives traders a general picture of the market and is one of the bases on which all trading analysis is made. Price action on the other hand is understanding the psychology behind the market structure.
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In an uptrend, the price will rise. This is illustrated by the Higher Low (HL) and Higher High (HH) series as shown in the chart above. In an uptrend, we usually look for a long (buy) position until the market structure breaks.
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In a downtrend, the price will fall. This is illustrated by the Lower High (LH) and Lower Low (LL) series, in a downtrend, we look for short positions (selling) until the market structure is broken.
In some or consolidation market structure, the price moves between two trend lines (Support and resistance), thus providing a horizontal structure. If the distance between support and resistance is wide enough, we can trade between them (that is: buy at support, sell at resistance) or we wait for a breakout because the price cannot stay in a horizontal structure forever. So in trading the range market, we either trade between two lines (buy at support and sell at resistance) or we wait for a breakout.
Trendlines are a fundamental element of price action. This is one of the analysis tools used in price action trading strategies.
A support line also called a ‘buy point’ is a trend line that connects at least 3 points on the chart where the price bounces off the historical price movement. The support line acts as a float, once the price reaches there, it will rise again. But the price can also break the support line based on many market forces; like Volume, liquidity gap and market orders. Thus, a support line can become a resistance line and vice versa.
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Resistance Line also called ‘the sell spot’ is a trend line connecting at least 3 points on the chart where the price has declined from the historical price movement. The resistance line acts as a ceiling, once the price reaches there, it will bounce back.
Different traders may draw different trend lines on the same chart. There is no right or wrong way to draw a trend line. In a range market, for example, a trend line can be drawn as a horizontal line to mark support and resistance zones so that if you want to trade between zones you monitor and enter only on the line or wait for a breakout if you breakout. tradesman
From the chart above, the shaded area is the range market, you can see the resistance line, support line and breakout point. In trading the range market, if you want to go long (buy), enter the support line and exit near the resistance line. If you want to go short (sell), enter the resistance line and close before the support line.
Another important foundation of price action trading is the Fibonacci retracement; although this is an advance technique; but if you know how to draw a Fibonacci retracement line, it can help you at some good trade entry points.
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The rule is simple, if there is an intersection between the trendline and the Fibonacci retracement, then it is a big sign of the retracement.
From the chart above, if you notice as soon as the Fibonacci line crosses the trendline, there is a sell immediately after that. The Fibonacci trendline intersection has become a powerful tool used by many price action traders as a confirmation of trade entry in the market.
Most of the time, the current price can be very far from the trend line. In such a scenario, wait until the price reaches the trendline, then monitor the reaction before placing a trade. Choosing to trade on your trend line will increase your win rate by over 90%. Please note, the stop loss level is a very point, always place the stop loss at least a few pips from your trend line. Trading without a stop loss is not a good trading habit. Finally, don’t worry if you lose a trade, find out why you lost and set up a strategy to cover the shortfall.
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The Ultimate Guide To Forex Trading (updated 2023)
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