Price Action only Trading

A great ride, I agree. There is usually less activity on a Friday, I suspect more is to come as she is reluctant to go further down, she climbed back up pretty well after the China RRR rise, fairing a lot better than when China increased interest rates last time she almost moved 300pips. Lots of USD news 12noon onwards today, she has gone very silent and is waiting!!:)
 
Quote from ElectricSavant:

I sucked at trading the EUR/USD today...It was a US Bank Holiday...I should have never have tried...

ES
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Just stick to trading what you see; price action setups.
 
Hi I puled this off forex live, a couple of small rules I tend to agree at large as it relates to price only trading.


Three little rules

1. Understand the basics of technical analysis. You don’t need to be a quant-geek to be successful, but understanding the first ten chapters or so of the classic Technical Analysis of the Futures Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy would be a great start.
2. When the fundamental and technical outlooks for a currency differ, always side with the techs.
3. When the fundamental and technical outlooks for a currency converge, go for it! Take a more aggressive position than normal.
 
Quote from alpha_hunt:

Hi I puled this off forex live, a couple of small rules I tend to agree at large as it relates to price only trading.


Three little rules

1. Understand the basics of technical analysis. You don’t need to be a quant-geek to be successful, but understanding the first ten chapters or so of the classic Technical Analysis of the Futures Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy would be a great start.
2. When the fundamental and technical outlooks for a currency differ, always side with the techs.
3. When the fundamental and technical outlooks for a currency converge, go for it! Take a more aggressive position than normal.
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I agree with this to a certain point. I don't really recommend anyone take more aggressive positions than usual. I know a lot of pro traders to this, but I really think it can come back to bite you if you don't know what you are doing, you have to be REALLY careful.
 
Quote from krtrader09:

Just stick to trading what you see; price action setups.
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"Trade what you see, not what you think"

I got that from a price action guru. Awesome advice =)









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Quote from fxgator:

"Trade what you see, not what you think"

I got that from a price action guru. Awesome advice =)









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I think you got that from "thee" price action guru...!
 
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