Back 2 The Basics Of Price Action Trading!!!
When your windows are clean or your charts are clear of all indicators, what is left for you to look at?
On noted AUDUSD 15 mn chart here our some of the questions to ask, when doing a 15 mn or higher TF trade:
1) Where are EMA's of 9 (blue line) & 26 (red line)? Did they cross each other- good time to enter a new trade. Are they both close together or have some increasing room between? If they are close then price action is ranging or in a consolidation PA area, just wait for a breakout. If there is increasing room between EMA's then trend is strong. That tells you with more room in-between EMA's to continue to trade in that direction, which is major TREND too.
2) MA 50 (gold line). Confirms direction of trend. If MA 50 is below price action then BUY, if MA 50 is above price action then SELL. If MA 50 line is in-between PA or crossing over PA-wait, because their is no TREND at this time.
3) If both EMA's & MA are very close, then expect a sudden move in price action soon.
4) Also, know major TREND of pair, Support & Resistance areas. Know if pair is in a TRENDING PA or a RANGING PA or narrow side ways. This will inform you how to trade pair, because all pairs should not be traded the same way.
Basic's will keep you trading with trend and patience will keep you trading QUALITY trades, not QUANTITY trades. In the binary option trading business, less trading means more quality and more trading means quantity. When you do a lot of trading, with emotions and feelings instead of treating each individual TRADE as a brand new one & have a sound REASON to enter a new trade--- then losing will naturally happen, not winning. Wishing all the best!!!
On noted AUDUSD 15 mn chart here our some of the questions to ask, when doing a 15 mn or higher TF trade:
1) Where are EMA's of 9 (blue line) & 26 (red line)? Did they cross each other- good time to enter a new trade. Are they both close together or have some increasing room between? If they are close then price action is ranging or in a consolidation PA area, just wait for a breakout. If there is increasing room between EMA's then trend is strong. That tells you with more room in-between EMA's to continue to trade in that direction, which is major TREND too.
2) MA 50 (gold line). Confirms direction of trend. If MA 50 is below price action then BUY, if MA 50 is above price action then SELL. If MA 50 line is in-between PA or crossing over PA-wait, because their is no TREND at this time.
3) If both EMA's & MA are very close, then expect a sudden move in price action soon.
4) Also, know major TREND of pair, Support & Resistance areas. Know if pair is in a TRENDING PA or a RANGING PA or narrow side ways. This will inform you how to trade pair, because all pairs should not be traded the same way.
Basic's will keep you trading with trend and patience will keep you trading QUALITY trades, not QUANTITY trades. In the binary option trading business, less trading means more quality and more trading means quantity. When you do a lot of trading, with emotions and feelings instead of treating each individual TRADE as a brand new one & have a sound REASON to enter a new trade--- then losing will naturally happen, not winning. Wishing all the best!!!