Price Action Trading is Technical Analysis with focus on reading the chart and look for patterns or shapes that are close to 90% similarity to the shape of the chart pattern signal. Using Support and Resistance as a boundary (Reversal / Continuation) in Chart and Candlestick measured by the trendline and the channel as a step to find the direction of the initial trend of the Forex Market.
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We use price action methodology to search forex market signal, whether it be the candle pattern, the chart pattern or some of the indicators for supporting price action methods at our expert advisor.
Our system observes the relative size, shape, position, growth (current real-time price) and volume (optionally) of the bars on an OHLC bar or candlestick chart, combined with chart formations found in broader technical analysis such as support and resistance, fibonacci levels, trend lines or trading ranges with channel.
Why using price action for trading forex?
Price action trading is the closest thing to what floor traders in the pits use. it is a trading technique that allows us to read the market and make trading decisions based on the actual price movements or action of prices as they undulate and print to a chart, rather than relying on lagging indicators.
Price charts reflect the beliefs and actions of all participants (human or computer) trading a market during a specified period of time and these beliefs are portrayed on a market’s price chart in the form of “price action”.
Why is it so important?
One of the great things about price action analysis is that it provides relevant and profitable signals in both trending and range-bound markets. An exceptional and flexible trading method will provide consistently profitable signals in any market condition.
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