Trading with Forex price action strategies - Simple, indicator free approach.

[dnbpriceaction]

Hey guys,

I was recommended by one of my War Room members to start a thread here and share some price action based analysis. Looking around, I see that there are many keen traders here who are eager to learn how to become good traders and are facing the many challenges you encounter on your trading journey.

I see there are some english threads and some in languages I don't understand hopefully you can all understand English.

My name is Graham, and I've been trading with price action for about 6 years now. As soon as I discovered price action trading, I fell in love with it and become very passionate about it. Trading is the ultimate test of the mind you will probably ever face in your life, if you think an algebra exam is stressful then you obviously haven't been a serious Forex trader.

So my approach to the market is basically to keep things simple, and I do that by removing all unnecessary variables from the chart like indicators, removing insignificant S/R levels and trend lines and focus on the higher time frames like the daily chart.

I only mark the important turning points on the charts and wait for price action signals to form there. We trade signals like the rejection candle (pin bar trading), inside day breakout, indecision breakout, outside candle and the power candle.

I've started this thread to share some of my daily commentary for those who are interesting in price action trading.

[dnbpriceaction]

Looking at the EURAUD cross pair after the close of last week’s trading, where a price action event has taken place at the current ‘market top’. From the daily chart point of view, this market has been in an overall range, moves higher terminating at the range top and sell offs bouncing off the range bottom.

When the market tested the range top last weekly, price stalled and then rejected any further moves higher past the resistance containment level. The Friday candle closed as a bearish rejection candle with a lower close than it’s open, signalling lower prices.

This has been a proven level for price action signals, with the last two tests of this level also generating bearish rejection candles that matured into nice profits. EURAUD can produce big moves, so we will be watching this one on Monday, looking for retracement entries.

[waqar-azeem]

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