In this post, I am going to share with you ways you can trade forex without using any indicator. In fact, this is one topic that I have received a lot of questions from my blog readers
The advantage of using price action to trade forex is you do not need to make use of indicator at all. In addition, price action is a leading indicator itself as it allows us to predict the market movement ahead.
For example, the head and shoulder pattern is a leading indication that the price is going to reverse before it starts to reverse.
Below are the common price action trading techniques that I use in my trading.
1) Multiple Candlesticks
If you have been following my blog, you will know that I talk a lot about this multiple candlesticks trading.
What this techniques do is to find a level which consists of multiple candlesticks hitting the same level. What this means is that we have identify a level of very strong support and resistance.
From my experience of using this technique, the price will usually get repelled by the level due to the strong support or resistance.
2) Higher High & Lower Low
If you take a look at the price, you will see that they are always moving in the form of waves. What we are doing is to identify the price making a higher high when it is in a strong uptrend or the price making a lower low when it is in a strong down trend.
For the entry, we will be waiting for the price to retrace and then we will enter a trade to ride the trend
3) Overlapping Candlesticks
The overlapping candlesticks is a way of reading the candlestick movement.
If you take a look at the picture below, you can see that for every up candle form, the price create a longer down overlapping candle.
What this means is that the price is going to move further down until the opposite situation is formed.
This is a great way for you to scalp the forex market.
4) Trend Line
I bet you guys must have heard of trend line a lot of times already. That is because the trend line forms the fundamental of price action trading.
The trend line serves as a strong level of support and resistance for us traders and the more points a trend line connects, the more power it has.
If you manage to find a level of trend line with a lot of swing highs or lows connection. Then you have identified a level of strong support or resistance.
When the price manages to break through it and make a valid retest, then you can confidently enter a trade based on the breakout.
Below are 3 live trades that are ongoing at the moment. If you are a user of my trade copier, you should see these trades on your account as well
Below is the screenshot of the 3 ongoing trades and 2 of them are in profits already
I hope that this post is useful for you guys and if you are interested to try my trade copier for 30 to 90 days free where you will copy all my trades, do drop me an email so that I can send you more details about the promotion