Attention all traders!
Based on my experience and studies of price action, I am predicting a selloff movement of the Forex instrument GBPJPY.
Price action is a method of technical analysis that looks at the movement of a security's price over a specific period of time. It is used to identify patterns and trends that can be used to make trading decisions.
Price action traders believe that the collective actions of all the participants in the market, be it institutions, individual traders, or algorithms, are reflected in the price of a financial instrument.
Therefore the price chart itself, is the best indicator of market sentiment and direction.
Price action trading does not rely on the use of indicators, such as moving averages, stochastics, or relative strength index, etc.
Instead, price action traders like myself use clean charts and focus on key levels of support and resistance, as well as chart patterns and candlestick formations to make their trading decisions.
Using price action can be a powerful tool, but it's not foolproof. It should be used in conjunction with other analysis and information like news, fundamental analysis and market sentiment.
However, it is important to remember that trading always carries a level of risk and it is essential to have a solid risk management plan in place.
It's also crucial to remember that the key to successful trading is having a long-term vision and not getting caught up in short-term fluctuations.
Don't let one move shake your confidence in your strategy.
Stay disciplined and stay the course!
#forex #GBPJPY #trading
Based on my experience and studies of price action, I am predicting a selloff movement of the Forex instrument GBPJPY.
Price action is a method of technical analysis that looks at the movement of a security's price over a specific period of time. It is used to identify patterns and trends that can be used to make trading decisions.
Price action traders believe that the collective actions of all the participants in the market, be it institutions, individual traders, or algorithms, are reflected in the price of a financial instrument.
Therefore the price chart itself, is the best indicator of market sentiment and direction.
Price action trading does not rely on the use of indicators, such as moving averages, stochastics, or relative strength index, etc.
Instead, price action traders like myself use clean charts and focus on key levels of support and resistance, as well as chart patterns and candlestick formations to make their trading decisions.
Using price action can be a powerful tool, but it's not foolproof. It should be used in conjunction with other analysis and information like news, fundamental analysis and market sentiment.
However, it is important to remember that trading always carries a level of risk and it is essential to have a solid risk management plan in place.
It's also crucial to remember that the key to successful trading is having a long-term vision and not getting caught up in short-term fluctuations.
Don't let one move shake your confidence in your strategy.
Stay disciplined and stay the course!
#forex #GBPJPY #trading
Seeking mentorship?
Join The Hyena Hut and learn exactly how I approach the charts. Contact me on Instagram if you have any questions :)
Join The Hyena Hut and learn exactly how I approach the charts. Contact me on Instagram if you have any questions :)