Price action basics part 2 - Page 72
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Thread: Price action basics part 2

  1. #711
    Quote Originally Posted by Bhave4U View Post
    Yes Forex is a good place to earn, problem comes when you fail to do the analysis or not trading with a good strategy. While executing the strategy you should be following the principles of risk management for account safety. If you trade carelessly it will be like trading anything or randomly and this can only eat your money.
    Yes when trading is done the way it should be with good work done on the opening and closing of trader, we do fetch good results. This is good success formulae- good analysis + good risk management. Whenever we trade we should be backed with a solid planning. But first enough practice on what we learn is very essential because it helps us to deeply understand what we learn.

  2. #712
    Quote Originally Posted by AmitChallenger View Post
    Yes when trading is done the way it should be with good work done on the opening and closing of trader, we do fetch good results. This is good success formulae- good analysis + good risk management. Whenever we trade we should be backed with a solid planning. But first enough practice on what we learn is very essential because it helps us to deeply understand what we learn.
    Yes I like to open and close trades by what I see on the charts, random trading and involvement of feelings should be minimized to the minimal. Price action is a good approach but it is not going to be as simple as we can see signals on indicators. Still using the well know chart pattern can be much simple to understand and useful for trading as well. We can analyse the factors that affect the market.

  3. #713
    Quote Originally Posted by Abhishekwala View Post
    Yes I like to open and close trades by what I see on the charts, random trading and involvement of feelings should be minimized to the minimal. Price action is a good approach but it is not going to be as simple as we can see signals on indicators. Still using the well know chart pattern can be much simple to understand and useful for trading as well. We can analyse the factors that affect the market.
    Yes you should trade when you find that good opportunity on the charts, many traders lack patience and even open trades when you actually should not. Big dreams can be realized when you have patience and do what is required. Forex is aimed at improving your finances and not to worst it. Risk management is to be followed for account safety, whatever be your strategy.

  4. #714
    Making reference to your first chart, nearly all retail traders would prefer to buy or go long where the price appears to have formed triple bottom and if you look at what happens thereafter, the price went up nicely and what would have happened if the strong holders(the big players) had bought from that level remains a question that begs for an answer and if ''value trader " still follows up on this thread, I would like him to shed more lights on that . The knowledge this thread disseminates has really been of great help to me to avoid being trapped in the market most of the time most especially when the market is obviously to have been bottomed or overbought .

  5. #715
    Quote Originally Posted by layigold View Post
    Making reference to your first chart, nearly all retail traders would prefer to buy or go long where the price appears to have formed triple bottom and if you look at what happens thereafter, the price went up nicely
    When market makes tripple top or triple bottom it usually turns bearish or bullish respectively, but since anything can happen you should use stop loss. Risk management is to be followed for account safety. The problem is that, lack of understanding of the principles of trading has caused many their hard earned money.

  6. #716
    Trader ara's Avatar
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    Quote Originally Posted by Bhave4U View Post
    When market makes tripple top or triple bottom it usually turns bearish or bullish respectively, but since anything can happen you should use stop loss. Risk management is to be followed for account safety. The problem is that, lack of understanding of the principles of trading has caused many their hard earned money.
    Triple top and triple bottom are good signals, but sometimes we get stuck by false break outs and the price goes back to the consolidation area and forms many tops and bottoms. Yes indeed there is no perfect strategy without giving false signals, but at least we can minimize false signals with various methods. One of them is by checking in the higher time frame.

    Triple top in H4



    Switch to weekly time frame, a valid bearish candlestick pattern



    Blue arrow is valid break out in H4 and weekly time frame, white arrow in H4 is retest.. this is the best moment to enter sell.

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