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Wait for the conditions to clear up and you will be able to enter the market with more confidence, achieving better success. The next critical thing to do is to find the most likely place price is going to turn around.
This is where we step up our technical analysis and use things like horizontal levels and trend lines. I stick to the very basics, and it serves me well. To start building a case for a high quality, high probability trade — find those logical, proven turning points on the chart. Allow me to demonstrate this with simple, but powerful support and resistance analysis.
In the chart above, we identify the market structure and use support and resistance level to highlight potential turning points. Remember how I said most traders usually get burned by trends, because they trade out of position? Follow the chart example below for a classic example…. The example above shows how market structure and simple technical analysis can help you really start to master your chart reading skills.
Notice in the chart above, a declining trend lines was the main turning point — illustrated easily by the major swing highs printing lower highs each time. There were a few price action sell signals off the trend line turning point, which did turn out to be very lucrative trades. The final piece of the puzzle is to actually wait for a buy or sell signal from your trading system. The most common candlestick signal is the Rejection Candle , and the best trigger signal for learning to trade without indicators.
Let the chart communicate to you what it is trying to do. Then you need to patiently wait for your trade idea to come to life. After being disciplined and patient enough to wait for all the steps here to align — we finally get our sell signal that checks the last box. In this case, a bearish rejection candle forms right where we wanted it to. The key to price action trading , and trading Forex without indicators is not to think about things too much.
Keep trading simple by following these 3 steps:. Write these steps on a piece of paper, create a checklist — or even better, include them in your trading plan. I hope this guide is going to help your trading — I personally follow this 3 step rule when I look at charts. Once you apply these 3 steps over and over, eventually it will become second nature, and you will be able to spot high quality trading opportunities within seconds.
If you would like to learn more about reading price charts, price action trading or my swing trading strategies — please check out our War Room for traders. We offer a price action trading course that extends on this lesson and gives you a deeper understanding of reading charts, timing your trades better and teaches you more trading signals. Please leave your comments below — they are inspiring to me, and give me the positive feedback that motivates me to create more content like this for you guys.
The three steps you have explained are the best things I learnt since I start to read about trading on Forex Trade. Thank you, your post is exceptional and simple. Dear Sir, Let me thank you very much for such a precious and eye openning agenda which specially makes serious and necessary hints during complex market situations. Please accept my sincerest respects for your generosity. This article came just in time. Extremely helpful, solved a serious problem I had in trading. Thank you SO much!
I have been trading full time for 2 years and find this information extremely accurate. Even in one of your comments on your charts you mention planning, patience, and discipline. Thank you again. Gr8 presentation!
Thank you very much dear! No doubt trading Price Action is the natural way to go. A philosophy that I teach with my PA Students. There is absolutely no reason to use lagging indicators, oscillators or other thingamajigs. The market tells you exact live, upfront and in person where it is going.
Thank you so much for adding value to our community. Very helpful, thank you very much! Love to read it, easy to understand, different from others course. Thanks Dale for sharing. I have been in dilemma after going through so many videos and webinars but this is very clear and precious. I have fallen into the traps many times. Eye opener easy to read and enjoyable.
All I have to say is wow! This post has been truly inspirational for me in my trading. Through my evolution as a trader I have become immersed in this world of being part of the elite and have been going All In with my trading. Thank you. I am amazed for your knowledge about trading, you have a very simple and working technic, when are u going to write a book??? Wow you are the best me!
Very simple explanation. Still not clear when to take trades. Hi Dale. Just great especially for newbies like me. I will definitely include this in my short list of strategies. Very informative and simple. Thanks Dale for making a complex solution very simplistic. Your articles are relevant and fresh.
Thanks for your expertise. Very refreshing and explained in simple and easily understandable fashion. Welcomed info on price action forex trading. I feel much more confident attempting this approach as you have given me clear steps. Keep your mind clear, keep trading simple, so you can make sound trading decisions. Great content Dale. I had reached a point where I have simplified my indicators to the RSI and stochastic, but still fall into the same traps you have explained, and while not losing money, not making any either.
I have even tried to get to understanding Institutional Order Flow, but I get bogged down. I trade predominantly Forex. I have seen the scenarios you describe plenty timds before, but never really recognised them. I will be paying closer attention in the future. Thanks once again! I love the content that you have especially this article.
But, in your videos, all I see is indicators. It monitors the chart for price action events and patterns and then reports it to our mobile phone or email. This is a great article. It can help a lot without price but of great gratitude to the author. The author knows that sharing without cost is a best way to earn more!!! Thumbs up to the author. God Bless you more author!
Thnak you for helping pepole and spacially for NOT trying to sell some crappy expert or indicator. Keep up. Hello Dale, wonderful job u have done here. Is there a rejection candle there? Without the three steps you teach here, and without the aforementioned three principles of trading, one would be at. Very helpfull, I have always been a price action trader and it has never failed me. Ideally, you should still be watching your forex economic calendar to know when big events may take place.
Some traders opt to stop trading when these events take place others try to trade the volatility they may bring. A key thing naked forex traders need to understand about the market is that it moves in cycles. A typical market cycle may start at a ranging low , start trending upwards , then start a r anging high , then a downtrend will emerge, and then start all over again. These movements are vital to understand in naked trading.
A good naked trader will know to trade in the direction of these trends, not against them. You need to get into the market before the dumb money does. A wise trader also needs to establish how fast the market moving. Essentially, how volatile is the market at this point? Volatility is a good thing because it presents opportunities to get involved in the market , though too much volatility can be dangerous, especially without indicators.
That said, ranging markets are not completely impossible to trade in naked trading. Naked traders may still use trendlines and support and resistance levels. Draw only the levels you are completely sure about , no more than five at least. More recent lines are more relevant than older lines. If you really want to give naked forex trading a try, but still want confirmation to make a trade, then it would be a good idea to use trendlines or support and resistance levels.
Naked trading may not be for you, but it is still useful to learn. Every trader should try it at least once. Indicators can be used as confirmation that it is safe to make a trade. By naked trading real-time situations, you will also save time as you are not thinking about analysis and missing important opportunities.
This makes trading simpler, less stressful, and more precise. That said, you still need a plan and to set yourself appropriate goals. If you do decide to take up naked trading , then you should be able to spot these common candlestick patterns. Remember though, these patterns are largely subjective. What you label as a pattern, others might not. The head and shoulders candlestick pattern is very common and can be seen in most trading days.
It is a key pattern to look for in naked trading. It is also easy to spot. Quite simply, it consists of two shoulders lower highs and a head the highest point. When you see this pattern, it usually signifies that an uptrend is about to reverse into a downtrend. If you have a position open, it is a good sign that you should sell before the bear market begins. The head and shoulders pattern also works in reverse as well and can signify that a downtrend is about to reverse into an uptrend.
The wedge pattern also known as a triangle pattern can take place in several scenarios and can signify different things depending on the market situation it is found in. A wedge pattern is defined as a triangle with one long side followed by price getting closer and closer together.
The other two sides are drawn with trend lines. Eventually, when prices get too close, there is a breakout and a downtrend or uptrend will emerge. Typically, a rising wedge pattern, where the price is slowly increasing, will end up with a downtrend.
And a falling wedge pattern will do the opposite, emerging as an uptrend. Sometimes a wedge pattern will emerge that is neither rising nor falling. These can be harder to predict what direction they will go. Remember to always look for confirmation before entering the trade. You can check out more price action patterns here. Candlestick patterns are patterns based solely on small groups of candlesticks, usually two to three.
Again, these patterns are very subjective. You may see them frequently in naked trading or not at all. The hammer is a single candlestick that gets its name because it looks like a hammer. It is characterised by a long wick below a short body. Usually, the hammer pattern signifies that a reversal is about to take place when seen at the bottom of a trend. The engulfing pattern consists of two candlesticks with the second candlestick completely swallowing the first. You can check out more candlestick patterns here.
One downside to naked forex trading is that it requires a lot of skill. For many traders, it is not something they can do immediately. It takes a lot of time to recognise the way the market will likely move. In risky situations, it may be best to use indicators to be completely sure it is safe to make a trade. Another con of naked forex trading is that it can make it harder to be a consistent forex trader. You also need to rely on your intuition which can take a long time to develop.
So, don't expect to be profitable immediately. As your instincts get sharper so will your timing as well. Learning naked trading is a bit like learning how to drive a car. You need to learn how to feel the car, what it needs. When to change gear for example. If you are not in rhythm with the market, it can bite back.
It may be best to start trading with indicators first and then move on to naked forex trading.
But if you like at the charts often enough, you will see the impulse in the market. You will start to see the energy and momentum in the charts. The best traders observe small little clues that seem meaningless to others but remind the chart watcher of imminent danger and opportunity. Or remind them of previous experiences that help aid the current analysis and decision-making process. The best traders are in rhythm with the market. The market makes impulses, corrections, then again impulse, correction, impulse, correction, etc.
On and on. This is the heartbeat of the market. So if this pattern is the basic mechanism of the market, why not capitalize on it? The answer is: yes we should! Forex trading using chart patterns and price action signals is tremendously powerful. There are a ton of links on price action at the Winners Edge Trading website so we will focus. Patterns are so great simply because they mark the start and end of a correction.
But also mark the start and end of an impulse! And the impulse is the gravy of Forex trading. Impulses are great because Forex trader reaches their profits and their take profit targets quickly without too much hassle and sideways chop. And because impulses are more easily identified and caught in trends than in ranges, Forex traders usually to focus primarily on trading trends. And that makes sense. Trends have many price action areas with impulses.
That is why trading with the trend is so important to Forex traders. But in fact trading with the impulse is the real name of the games. Chart patterns help us with identifying corrective periods. That is why trading breakouts are such a great, if not the best, the method for trading using no indicators. There are tons of different chart patterns. The uptrend is weakening, a potential downside. The downtrend is weakening, potential upside. As you can see, there are tons of them. On any time frame.
As you see in these charts, a Forex trader can accomplish a ton of analysis with just simple chart pattern recognition. Simple as that. A triangle usually breaks in the same direction as the impulse prior to the triangle. So downside and then a triangle is usually followed by a continuation lower. Of course, it does take a trained eye to capitalize on them. That is why paper trading and backtesting will always remain vital elements for the trader.
We must practice, practice, practice… and then practice even more. A Forex tool that you definitely want to your disposal is the ability to capitalize on Forex chart patterns. They happen so often and so regularly that you really want to make sure you are well equipped for that. In our room, we do use a couple of indicators , like Fibs. And you will see how we are able to identify breakouts, and how we filter out bad setups.
I am going to give you some homework! See it this way: if you take this small step, then you have just proven that you are willing to do the work needed to become a Forex trader. I look forward to your posts! We specialize in teaching traders of all skill levels how to trade stocks, options, forex, cryptocurrencies, commodities, and more.
Our mission is to address the lack of good information for market traders and to simplify trading education by giving readers a detailed plan with step-by-step rules to follow. Hello Dave! Thank you for your comment! Much appreciated. I can imagine - many resources have been mentioned indeed. The Winners Edge Trading website just has a ton of great resources to learn from. Good to see. I am big fan of naked of trading. I exclusively use trend channels and consolidation breakout with my strategy, along with major support or resistance which caused trend reversals in the past.
Indicators are fine, but to be used effectively a trader really needs to understand the math behind it and how the indicator is made. If they don't, they may not understand what type of false signals, or false positives the indicator can give. Therefore, using indicators can actually be more work! Forex Trading for Beginners. Shooting Star Candle Strategy.
Swing Trading Strategies That Work. Please log in again. However, there are a couple more indicators that we will be using that would also play a role. This moving average typically represents the medium-term trend. For this reason, this will be our main trade direction filter. We will identify trend based on the location of price in relation to the moving average. Trades will only be taken in the direction of the medium-term trend. Then, the Buy Sell Magic custom indicator.
Because the Buy Sell Magic indicator is excellent in determining the short-term trend, it is very much suitable to become our second trend direction filter. This way, we will be having our medium-term and short-term trends in sync. The actual entry will be based on the Buy Sell Indicator. As soon as an arrow appears which points the direction of the medium-term and short-term trend, we will be taking a trade.
The exit will also be made as soon as the opposing arrow appears. Lastly, we will be using Fractals. Because fractals typically coincide with short-term swing highs and swing lows, it is suitable to be used as a basis for stop losses. This strategy is an excellent trend following strategy. The confluence of both the medium term and short term trend gives it a better probability of successful trades. The essence of this forex strategy is to transform the accumulated history data and trading signals.
Easy Trend Forex Trading Strategy provides an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye. Based on this information, traders can assume further price movement and adjust this strategy accordingly. Get Download Access. Save my name, email, and website in this browser for the next time I comment.
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