Price Action?

I am also starting out on the Price Action road after a little wandering through the forest of indicators. And I also hope that both you and I will find success in Price Action! We will probably have to spend countless hours studying charts but we shall prevail! Good Luck!

Thank you for this detailed sharing on how you use price action to trade. I am too starting out and trying to learn as much as possible.

-guan

entry based on PA suggesting momentum is north by strong bulls







........ and how it turned out



Red

So basically PA is a response of price to volume of trading one way or another ?

One of the classic books on Price Action is "Technical Analysis Explained" by Martin J Pring.

I highly recommend it to anyone wanting to gain a better understanding of the subject.

a classic head and shoulders breakdown



Red

Hi Traderji and all, thanks for the heads up on this book. when i searched on amazon, it seems that there are a few similar titles by the same author, so i'm quite at a lost which is the one you are referring to?

Hi all any comments on the books below? do you think these are suitable reference books on PA? PA books seem to be a rare find!

1) Pring on Price Patterns : The Definitive Guide to Price Pattern Analysis and Intrepretation
http://www.amazon.com/Pring-Price-Pa...tt_at_ep_dpt_4

2) Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader
http://www.amazon.com/Reading-Price-...d_bxgy_b_img_b

You know every trader probably has their own definition but this is how I see it. First of all it comes with experience. I have been at this trading thing for about half a year and one day about a month ago a light just went on. I would see people talk about price action and how it was the closest thing to the holy grail you will find. I would say that price action is the use of your eyes to figure out where price is going. Sure you can use fibs and trend lines but the main thing is just to look at the chart. Where is price going? It's sort of like when you have doing a job for a while. Remember the day that you started your job? After 1 month? After 3 months? After 6 months? You get the point. However if you just try and teach someone what you have learned you cannot. It's impossible. You just begin to feel it. It's not 100% but after a while you get the feeling that when the chart looks this way or that way that you know what price is going to do. That's the way I see it. Try to trade demo without any indicators and guess where price is going. You can use any time frame chart. I suggest you use low tf charts for this since you will get more practice in less time. 5 or 15 min. After a while you will get it. It could take anywhere from a week to several months. Once you get it read trading in the zone by Mark Douglas. Then make some money

Lost lots of money learning indicator systems.

Locked myself up at babypips.com for many weeks before I went back to trading.

Now I formulate my trading strategy around elliot waves, fibonacci and price action.

Today, I can tell a story about every single chart I see.

Not super profitable yet but feeling more and more confident all due to price action trading.

Aussie cash rate decision coming up, I hope price will bounce up above 1.0740 zone one more time before going down.