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4 Crazy Price Action Forex Tips That Will Give Immediate Results!
Do you want to be able to open up any price chart, and forecast near term price action with confidence on your own？To get more news about WikiFX, you can visit wikifx.com official website.
Every trader aspires to be an awesome technical analyst. Its one of the core skills needed to be able to trade the Forex market like a boss.
Price Action Trading is the methodology you will eventually fall in love with.
Let‘s face it, it’s a very seductive and addictive form of analysis, and when done right – very lucrative!
At its core, price action is something trading systems need, and many have been derived from its principles.
Once you master the charts, you can come up with your own flavor of trading system that works for you and be proud of its results.
But first, you need to master the charts, and become your own king of technical analysis.
In this guide, Ive got some awesome tips that will make the charts just pop out at you, instilling a huge boost in clarity in your analysis next time you open your trading software!This has got to be the trap that every new trader trips over when they first open the door to trade price action, and continue to be stuck with this toxic mindset!
A candlestick pattern on its own is a very weak signal! Candlestick patterns are awesome to use, but they should not be the first, or only factor in your trade decision making process.
This is where I drive home the point to look beyond the candlestick patterns, and get market context BEFORE you make a trade decision.Look at the flow chart above, is this level of decision making you take when putting your money on the line？
Now look at the chart below, this is how I recommend you approach a trade decision that involves a candlestick pattern. Give this a try…The success rate is much harder to achieve with a quantitative simulation, due to the discretionary (human decision) factors – so I cant put a % against this, but I will continue with my work here.
If you‘re guilty of the first flow chart, try switch to the ’get context flow chart, and watch how quickly you start filtering out bad signals.
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