Candlestick Trading Advanced
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Importance of Trends in Price Action Trading
One of the best forms of trading in the forex market is price action trading.
Basically, price action trading is based on the price movements of the market.
The market sometimes repeats the same action and pattern over and over after reaching a common point.
Thus the price action traders use this formula to make a safe entry and exit point.
In any type of trading, trend is an important matter.
A trend is established once the market has formed three or four consecutive legs, e.g. for a bull trend, higher highs and higher lows.
The higher highs, higher lows, lower highs and lower lows can only be identified after the next bar has closed.
Identifying it before the close of the bar risks that the market will act contrary to expectations and leave the trader aware only that
the supposed turning point was an illusion.
A more risk-seeking trader would view the trend as established even after only one swing high or swing low.
At the start of what a trader is hoping is a bull trend, after the first higher low, a trend line can be drawn
from the low at the start of the trend to the higher low and then extended.
When the market moves across this trend line, it has generated a trend line break for the trader, who is given
several considerations from this point on.
If the market moved with a particular rhythm to and fro from the trend line with regularity, the trader will give the trend line added weight.
Any significant trend line that sees a significant trend line break represents a shift in the balance of the market and is
interpreted as the first sign that the countertrend traders are able to assert some control.
If the trend line-break fails and the trend resumes, then the bars causing the trend line break now form a new point on a new trend line.