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Forex Trading: Part 3: The Relevance of Price
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About this ebook
Forex Trading
Part 3: The Relevance of Price
In the third book of this series on Forex Trading Stanley Davies speaks about price as an important tool in a trading career. Understanding how it works is the beginning of success as trader. Price works in a very structured manner, it moves from one area of liquidity to the next. The understanding of price action should be derived from the nderstanding of how the market is structured.
Price action based on an institutional understanding will give the trader the edge he has been looking for; the trader is going to realize that the markets are not random. Learning what the institutional traders know and studying their patterns is the start for a succesful career as a retail trader.
About the Author:
Stanley Davies is a professional trader, technical analyst and a hedge fund manager. He has been trading for his clients for more then 20 years. In this series he reveals some of his best trading strategies.
Read more from Stanley Davies
Forex Trading: Part 1: Time and Price Strategy
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Forex Trading: Part 2: The Relevance of Time Rating: 5 out of 5 stars5/5Forex Trading: Part 3: The Relevance of Price Rating: 5 out of 5 stars5/5
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Book preview
Forex Trading - Stanley Davies
Forex Trading
The Relevance of Time
Stanley Davies
DAO PRESS
Table of Contents
Chapter 1
How to Build Your Understanding of Price
Chapter 2
How Price Moves Generically
Market Structure
Swing Points
Chapter 3
Institutional Understanding of support and Resistance
Refining Support and Resistance
Breakers
Trading Plan Based on the Price Action Concepts
Correlation and its functions
Chapter 1
How to Build Your Understanding of Price
Many traders who are in their formative years of trading find it hard to grasp the concept of price. When they finally get to understand it, they often do it in a rather misconstrued way. Most traders are introduced to trading and their attention is directed to indicators rather than price and price action. One thing about indicators that should come off as an alarm is the fact that indicators are derived from price except a few that are volume based. Understanding this fact alone gives you a change of view on how you should use your indicators. The most important thing that every trader should know is the mechanics of price action. Price action should not be confused with candlestick patterns, but they can be incorporated in your study of price action.
Price is a very important tool in your trading career and understanding how it works is the beginning of your success as trader. Price works in a very structured manner, it moves from one area of liquidity to the next and the processes that are involved in between are what many traders miss in their quest for the Holy Grail that
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