Stocks & Commodities V. 34:07 (14–17): Trade Using Pure Price Action Part 1 by Solomon Chuama

Trade Using Pure Price Action Part 1 by Solomon Chuama

Looking at charts without indicators can make them look naked. But the charts could actually be more reliable and profitable viewed this way. Here’s why.

Price action provides first-hand information about the market, whereas indicators provide lagging or secondary information. In the first part of this two-part article, I will discuss price action by looking at candlestick charts.

PRICE ACTION VS. FIBONACCI TRADING
Candlestick charts are used to describe price action in any given timeframe. Price action can follow a continuation pattern, where price continues in the direction it was moving preceding the pattern’s formation. Otherwise, price action can be in a reversal pattern, indicating the likelihood of a change in price direction from prior to the pattern’s formation...