Right time to test the PRICE ACTION

2022年1月29日There are so many markets to trade and which one suits you is the only key for successful in the trading journey I trade most of the stock market and crypto but when I found good trades I also trade the financial markets where the PRICE ACTION works beautifully .

This is the right time to test the price action and all the three conditions for a great trade.
All the three conditions are -
1) TREND
2) MARKET STRUCTURE
3) PRICE ACTION

Lets start this tutorial with the pair of EURGBP and the whole analysis will be done on WEEKLY timeframe to DAILY it's a positional trade so if you have not patience please don't jump into this trade and this is not a call or tips it's a educational content so take this and do your backtest.
On weekly timeframe the pair has been consolidating from a very long time since 25th July 2016 and it has been really a very long time and if you look the daily chart it's definitely in downtrend , the level of 0.83007 is the last line of defence BUT it can bounce from this level why because important levels are not be broke very easily , it can bounce back from this level and then wait for the rejection from the downside channel( green channel ).
The entry Reason should be a CHART PATTERN, BREAK OF ANY IMPORTANT LEVEL AND CANDLESTICK that's it .
then cautious about the level of 0.83007 and if it breaks go for the level 0.78963 .

Hope this article will help you to forward test the PRICE ACTION THEORY.

HAPPY TRADING
REGARD

NITIN (INDIA)