Every successful Forex trader I’ve met uses price action in some way, shape or form.
This doesn’t mean they’re using price action in the same way I use it, but they are using some form of price action as part of their trading strategy.
Whether a trader is using raw price action or simply using it to identify key levels in the market, price action plays a major role in any strategy.
That’s because it serves as a representation of the psychology within a market. It gives us some insight into the minds of other traders.
Having some idea of where buy and sell orders are located in the market is critical to becoming the best Forex trader you can be. It can strengthen any trading strategy by providing areas to watch for potential entries as well as profit targets.
Trading Forex without using some form of price action is like trying to drive a car with one eye closed. It can be done, but I wouldn’t recommend it.
So even if you are developing a strategy based on indicators, it would behoove you to learn about price action. If nothing else, it will provide a solid foundation from which you can design and develop other strategies.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
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