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Basic things of trend for price action traders

For any trader the knowledge of trend of the market is very important.

Even in price action trading, trends leave a serious impact on the traders’ decisions.

Classically a trend is defined visually by plotting a trend line on the opposite side of the market from the trend’s direction, or by a pair of trend channel lines.

The pair includes a trend line plus a parallel return line on the other side on the chart.

These sloping lines reflect the direction of the trend and connect the highest highs or the lowest lows of the trend.

A trend will consist of trending higher highs or lower lows and in a rally, the higher highs alternate with higher lows as the market moves up.

In a sell-off the sequence of lower highs alternating with lower lows forms as the market falls.

A swing in a rally is a period of gain ending at a higher high followed by a pull-back ending at a higher low.

The opposite applies in sell-offs, each swing having a swing low at the lowest point.

When the market breaks the trend line, the trend from the end of the last swing until the break is known as an intermediate trend line or a leg.

A leg up in a trend is followed by a leg down, which completes a swing.

Frequently price action traders will look for two or three swings in a standard trend.

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.

A more risk-seeking trader would view the trend as established even after only one swing high or swing low.

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