Nial Fuller's Pro Trading Course Trade Ideas Newsletter, Ends November 30th. Its not hard, its just like reading a book, you need to understand where the market has been and where the key levels are to understand what is happening now and what it may do next. Whilst I am a fan of contrarian thinking and contrarian trading, everything has its exceptions. Look at the weekly eurusd chart below, we are looking paypal conversion rate euro to usd back at about 4 years of price data here.
By clicking I Agree, you agree to the storing of first- and third-party cookies on your device. I like to think of following price charts like reading a book to understand the story, you must read each page because what happened before will help you to make sense of what is happening now and where the market might go next. Dont let your ego take over. Perhaps the most important thing about price action signals, especially those on the daily charts, is to not be the proverbial deer in the headlights when you see one.
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I would love TO hear your comments below questions? Path of least resistance, we always want to trade in-line with the path of least resistance. Each day, at the close of the market you should check your favorite charts, its like reading a page of the markets story for that day. They are important clues in the story the chart is trying to tell you and they can often help you figure out what the market is likely to do in the near-term. On this chart, what I see is a large downtrend that unfolded, followed by a large period of consolidation within a large trading range, and most recently we can see price broke up through that trading range and is now trending higher.
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