Right time to test the PRICE ACTION
There are so many markets to trade and which one suits you is the only key for successful in the trading journey I trade most of the stock market and crypto but when I found good trades I also trade the financial markets where the PRICE ACTION works beautifully .
This is the right time to test the price action and all the three conditions for a great trade.
All the three conditions are -
1) TREND
2) MARKET STRUCTURE
3) PRICE ACTION
Lets start this tutorial with the pair of EURGBP and the whole analysis will be done on WEEKLY timeframe to DAILY it's a positional trade so if you have not patience please don't jump into this trade and this is not a call or tips it's a educational content so take this and do your backtest.
On weekly timeframe the pair has been consolidating from a very long time since 25th July 2016 and it has been really a very long time and if you look the daily chart it's definitely in downtrend , the level of 0.83007 is the last line of defence BUT it can bounce from this level why because important levels are not be broke very easily , it can bounce back from this level and then wait for the rejection from the downside channel( green channel ).
The entry Reason should be a CHART PATTERN, BREAK OF ANY IMPORTANT LEVEL AND CANDLESTICK that's it .
then cautious about the level of 0.83007 and if it breaks go for the level 0.78963 .
Hope this article will help you to forward test the PRICE ACTION THEORY.
HAPPY TRADING
REGARD
NITIN (INDIA)
This is the right time to test the price action and all the three conditions for a great trade.
All the three conditions are -
1) TREND
2) MARKET STRUCTURE
3) PRICE ACTION
Lets start this tutorial with the pair of EURGBP and the whole analysis will be done on WEEKLY timeframe to DAILY it's a positional trade so if you have not patience please don't jump into this trade and this is not a call or tips it's a educational content so take this and do your backtest.
On weekly timeframe the pair has been consolidating from a very long time since 25th July 2016 and it has been really a very long time and if you look the daily chart it's definitely in downtrend , the level of 0.83007 is the last line of defence BUT it can bounce from this level why because important levels are not be broke very easily , it can bounce back from this level and then wait for the rejection from the downside channel( green channel ).
The entry Reason should be a CHART PATTERN, BREAK OF ANY IMPORTANT LEVEL AND CANDLESTICK that's it .
then cautious about the level of 0.83007 and if it breaks go for the level 0.78963 .
Hope this article will help you to forward test the PRICE ACTION THEORY.
HAPPY TRADING
REGARD
NITIN (INDIA)
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