Trade the Price Action - Forex Trading System by Damir Laurentiu

Author:Damir, Laurentiu [Damir, Laurentiu]
Language: eng
Format: epub, mobi
Published: 2012-05-20T00:00:00+00:00

Look at the chart above, we are in a very strong uptrend, we have a trendline in place, price comes back down and makes a correction to the 61.8% retracement level which coincides with the trendline.

This is a strong signal. Furthermore, after that it comes back to the 50% retracement level which is also right at the trendline again and is also minor support represented by the last higher high. This is a very strong signal. In conclusion, the more confluence of events at a specific price zone , the more stronger the indication that the trend will resume from that point on. Ok, we now know in detail how to correctly identify a trend, we know about support/resistance zones and all about the Fibonacci retracement levels and how powerfull they are in conjunction with other support/resistance zones. Let’s move on to the last component of this strategy.

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