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    Thread: Indicator based on price action

    1. #11
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      Price action is a very famous term in the forex business in recent times and this is due to the fact that many people now prefer to trade the market using simple technique. There are indicators designed to assist traders who trade using price action but be very careful because a lot of them are sold only and normally indicators that you must buy is not that good (if you don't know what you are looking for).


    2. #12
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      Quote Originally Posted by Beautiful Quynh View Post
      Price action is a very famous term in the forex business in recent times and this is due to the fact that many people now prefer to trade the market using simple technique. There are indicators designed to assist traders who trade using price action but be very careful because a lot of them are sold only and normally indicators that you must buy is not that good (if you don't know what you are looking for).
      yes, price action is very known in this business and it is so reliable for trading this market, the price action is a wide field traders should learn what is suitable for their trading style, there are many strategies out there which are based on price action and we should select what is most profitable for trading.


    3. #13
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      This indicator is a great tool for almost any traders. Weekly open and close are usually respected as support / resistance areas. You could even simply make a trade based off them and you will be sure to get some profits most of the time.


    4. #14
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      Indicators based on price action, I actually think most of the indicators posted here are external indicators which I am not I am not in support of. Actually there are some Pretty good external indicators that are very good, but many of them are not free, we will have to pay for it.


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      Quote Originally Posted by tahiri View Post
      it's rarely to see indicators based on price action, this one I bring you today is one of the best tool I know in forex, it can help traders to trade based on open price, it's very simple for who trade with support and resistances levels, the price ususally react to the open price line.

      what a trader need is the open price and certain target to make profit, that's the objective of this indicator. the screenshot below can show you how the price react to its lines, you just need to be smart and enjoy from it.

      happy trading

      Attachment 67152
      Weekly data is reliable because many big traders use the data from weekly time frame for their trades off H4 or D1.
      This weekly open must be combined with other things in trading such as reading the price action on those levels.
      Because weekly data alone is not sufficient to get maximum profit.


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    7. #16
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      Quote Originally Posted by PhAnToMtRaDeR79 View Post
      Weekly data is reliable because many big traders use the data from weekly time frame for their trades off H4 or D1.
      This weekly open must be combined with other things in trading such as reading the price action on those levels.
      Because weekly data alone is not sufficient to get maximum profit.
      I guess we can include this indicator in multi time frame strategy, first we search the market trend in higher time frame as weekly and use the indicator in 4 hour chart for trade, it can be used as supports and resistances, the price will reat surely at these levels.


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    9. #17
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      thank you for this indicator. it is interesting to trade weekly open because i notice it can sometime be very good and solid support or resistance. i check many pairs chart and find similar setup and with this indicator it will be a bit easier to spot them sooner.


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    11. #18
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      Quote Originally Posted by normarster View Post
      thank you for this indicator. it is interesting to trade weekly open because i notice it can sometime be very good and solid support or resistance. i check many pairs chart and find similar setup and with this indicator it will be a bit easier to spot them sooner.
      Yes, you are correct on that principle. I think also the weekly price open is better than the Daily time frame because it is more higher than D1.
      The think is that higher time frame is always better than lower time frame beause it is longer and bigger money using them.


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    13. #19
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      Quote Originally Posted by Pongsakorn** View Post
      Yes, you are correct on that principle. I think also the weekly price open is better than the Daily time frame because it is more higher than D1.
      The think is that higher time frame is always better than lower time frame beause it is longer and bigger money using them.
      Yes, mate you're right on this. Those who trade with millions of dollars and up (either it's big retail traders or institutional traders) are using weekly in their decision making (to enter or exit trades).
      That is why it's important to also watch that time frame. But if you are small retail traders then it is enough to just know what the market is doing in that time frame and watch for levels/zones.


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    15. #20
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      The best way to do this is by making a robot so that any decisions made will be totally based on the logic of the robot that the programmer give to the robot.
      The reason is because price action can happen at any time and if you are just trading part time then you will miss the trading opportunity.
      Welcome to the world of conservative trading!


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