More freedom with a price action trading strategy

Price Action Trading: (Want more freedom with your daily routine?)

In today’s trading lesson I’m going to be covering how price action trading can give you more freedom!

More freedom with a price action trading strategy

I get told by a lot of new traders, trading takes up so much of their time. If you are finding this too, then you’re in the right place! 

With using a price action trading strategy, this being the best type of trading you can implement in the Forex markets.

More so, using price action on the daily charts, will give you more freedom with your daily routine. With only having to check the charts once a day, and giving you more time to analyse each trade.

Lets look into more detail why you should be trading with raw price, than trading with indicators. 

Plus…

How you could use a price action strategy to turn your losing trades into winners!

What you will learn from this lesson…

  • Why it’s important to be using price action with your trading
  • Using price action with trading a range bound market
  • Trading with the trend using nothing but price

Price Action Trading Why It's Important!

Look:

Having a solid Forex trading strategy is the starting point for any successful trader.

No matter where you want to be or what you want to do with your Forex trading. Above all you need a solid strategy that will serve as the foundation for your trading career.

If you’re struggling to create consistent profits with your trading, perhaps you are using indicators. Then you need to look at changing the way you trade.

using Forex indicators is like burning profits

If you are losing too many trades with using indicators, then you are going to want to check out my latest trading lesson…

“Are Forex Indicators Wrecking Havoc With Your Trading”

The best type of Forex trading is a price action strategy:

This type of trading will use what is called candlestick analysis trading. It is also best performed on a Daily chart for best results.

Below are a couple of current live trades that I took, which have both been taken using a price action trading strategy, along with what is called support and resistance trading.

Support and resistance is used in conjunction with price action to give you an edge over the markets.

To learn more on candlesticks and support and resistance trading basics check out my basics of Forex trading here.

A Price Action Trading Strategy Within A Range

On the daily chart below of the GBPNZD pair, you will see the highlighted support and resistance levels in blue. The trade has been taken off support targeting a resistance.

The entry has been taken using price action strategy, with using a candlestick signal.

Price action signal:

The candlestick signal that I used for this trade setup was a small bullish rejection candle at a swing low.

As well as the candlestick signal, it also made a false break of the previous support and Daily lows. 

As shown by an arrow below the entry candle when taking an entry of this type. An ideal trigger would be a break of the high of the candle.

This then eliminates the possibility of being caught within a flailed bullish setup.

A trade of this type would be referred to a range bound market trade. Expecting to reach the top of the range, the resistance for a profit.

From this example the trade has a 3-1 risk to reward profit target if the final target is reached.

Final target hit using a price action trading strategy:

On the chart below, you can see this trade did hit the final target and the range top. With eventually breaking the range to the upside.

The point to showing this trade hitting my final target isn’t to boast, but to show you how getting a good understanding of price action trading within a range works!

Price Action Trading With The Trend

Next in my trading lesson today with price action trading, I’m going to be covering taking trades with a trend.

Look:

You have seen how it is possible to take trades with a range market using price action, now I will show it’s just as profitable to use with a trending market.

The best part?

Trading with the trend:

On the daily chart below of the SGDJPY pair, you will see the highlighted support as being a trend line which acts as a dynamic support.

The resistance level being marked in blue from a previous daily high.

The trade has been taken off a support (trend line) targeting a resistance level to the top left of the chart.

On this entry there was a nice bullish rejection candle sitting right at the trend line. Where price found support here to give the next leg of the bullish move higher.

When taking an entry of this type, an ideal trigger would be the break of the high of the candle. This again would stop you getting caught in a fake bullish move in this market.

A trade of this type would be referred to as a “with the trend trade”.  Expecting it to reach the next resistance level for a profit.

From this example the trade has a 3-1 risk to reward profit target if the final target is reached.

Look:

On the chart above, you will see price didn’t quite reach my final target at the previous highs. In fact the trade was closed manually at the 2nd arrow above the bearish daily candle.

Once again, using a price action strategy with candlestick and support and resistance analysis worked. In my opinion there is nothing more powerful to trade the Forex markets.

Final Words

Using a price action trading strategy on the daily chart, will give you more freedom with your daily routine. You can use price action with either trading range bound markets or with the current trend.

As well as using price action to trade the markets, you can further develop this by adding the use of swings to your strategy.

Forex Swing Trading Swings in the market

But first, what is swing trading ?

Swing trading is trading on 4-hour and daily charts, and focusing on the bigger moves of the markets. A trader that trades a swing takes advantage of huge trends and momentum, and is able to ride immense trends.

Swing trading is also much more accurate with being on the higher time frames, very much like when trading with a price action trading strategy!

The hit rates are much higher – you don’t need to cope with big amounts of noise that 5-minute and 15-minute charts have. Trading with a swing trading approach, the picture is much clearer and easier to analyse.

Not only this :

Swing trading also takes much less time! In fact, even if you have a day job you can swing trade with no problem, and can look at the charts only once a day!

This is a huge advantage of swing trading.. imagine that: making an additional or even main income from trading, looking at the charts only once a day!

This allows just about ANYONE to do swing trading.

If you want to look into trading price action deeper with swing trading I suggest you check out another one of my trading lesson with:

“Forex swing trading: My Ultimate Blueprint Guide [2019] +PDF Blueprint”

Plus you can get my ultimate blueprint guide with, my step-by-step process I use before taking a trade.

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