Market has been very volatile amid Brexit Vote on this weekend Which I think would be negative for Pound pairs. Pair has been rising strongly after expected deal finally getting close to implement.
Purpose of this blogpost is not about Brexit or any Fundamental that is about to shake the market. I’m here presenting you the best price action strategy which works on simple principles and logic. If you simply sit on sidelines and watching Price Action for a week or two, then this low risk high rewarding price Action setup would never be away from sight.
Price Action zones to work in trading strategy
Only solution to your loosing streak is work on logic. Do include support and resistance, trendline & retest and breakouts in your trading strategy. This will help you build a powerful system which will never make you look stupid when you loose a trade. Combination of these price action techniques does nor requires you to plot them all and trade base on signal of trendline break or any support or resistance break.
Take a look at the price action chart below & that is how market structure works.
Have you ever wonder about logic in your price action like what I’ve mentioned in the chart above
Do you think that a trade is never far away when you follow simple basic rules and not get driven by emotions that happens daily on market. Risk on or off. Price go here and there to finally trend or reverse.
More on that in coming weeks and months. Do stay subscribed & watch Price Action techniques that will totally change the way you trade.
Supply Zones for pound ahead of Brexit
I just go through the pound dollar chart as part of my weekend routine and find out the reason why we should remain short on pound dollar with high reward and small risk. Shorting around 1.3081 is very good area. Even If price fall from the weekend close, there is still a possibility that price would find support around 1.2780 area & then retest the 1.3060-80 zone & shorting there with stops around 1.3115 & target 1.2500 & 1.2210.
Price Action Strategy is best Forex Trading Strategy
As I have mentioned earlier in all my blog posts that I avoid using any indicator in my charts and rely heavily on monthly, weekly & daily price action supply and demand zones & that chart of gbp/usd explain the reason of why I should stick on the plan of using zones & be successful in my Forex Trading Career.
Comex Gold is approaching crucial level
Gold Trading is most profitable when it comes to trading Commodities & I always prefers Trading Gold instead of currencies as we cannot keep gold away from moving whether Risk off or on. Gold Future is on the sidelines for quite a while moving between 1496 & 1481 level & I’m expecting another hold of the level by bears and will target the retest of 1481 level and breach there would be the target 1469 . I would keep you updated on the trade. Chart has already been posted as I have taken a scalp trading opportunity in Gold future .