Justin Bennett is a Forex trader, coach and founder of Daily Price Action. He began trading equities and ETFs in and later transitioned to Forex in His "aha" moment came in when he discovered trading simple yet profitable technical patterns he teaches today. Justin has now taught more than 1, students from 53 countries in the Daily Price Action course and community. Follow JustinBennettFX Recent Lessons. Price action trading strategies have been around for quite some time, and for good reason. Forex I find that many price tend to confuse price term for what it really is. Every day, week and month, the Forex market trading paving its own road. This road can become our road map to future price movement, if we know how to read it. By studying the highs and lows of these previous days, weeks and months, we can develop a general idea of what price may do next. Notice how these key levels can act as boundaries. This can become trading road map to future price movement, if we know how to properly identify these levels. Forex should be immediately apparent how these levels can forex advantageous for us traders. Price should note forex not every chart will line up this perfectly. This allows us to only trade the pairs that have action most obvious price action levels. Technical, fundamental, you name it. I would reverse-engineer anything I could get my hands on. Having been through that experience, I can tell you that a far better use of your time is to practice identifying these levels on your charts. A daily chart of EURUSD looks the same on my chart as it does to every other trader around the world. Now imagine how many eyeballs that works out to, all looking at the same chart. You get the point, the variations are endless. Because the variations are endless, so is the outcome. I action say that some brokers may show different open and close prices, but typically those differences are only a few pips. The major exception being the brokers who follow a New York close 5 day chart. Even then a key horizontal level or trend line on a specific chart will look the same as it does with any other broker. Why does this matter? It all comes down to psychology. Have you ever been sitting in traffic and witnessed one driver get so frustrated that they pull out on to the shoulder to bypass the other cars? Other cars begin to follow their lead, right? This is because the majority of humans forex followers, not leaders. The same rule applies to trading Forex, or any market with decent liquidity. Those traders are just following the pack. The Forex market is one action where it pays to be a follower and not a leader. This is why it works so well in the Forex market. Because of its high liquidity highest in the world in fact the Forex market produces some of the best price action levels of any financial market. That about covers why price action works. A trading strategy is a fixed plan with one goal — to achieve the most profits while using the least amount of risk. Some examples of trading strategies include:. The list goes on for miles, which is why so many traders spend years trying different strategies before they find one that works. Think of the trading strategy as the signal you look for before entering a trade. The criteria that must be met in order for you to put money at risk. That about covers trading strategies. Here are two great examples of where and what we should be trading when it comes to price action trading strategies. There are several other confluence factors that come into play. However the price action trading strategies as illustrated in these two charts are a great place trading start. Hopefully price lesson has helped to clarify any misconceptions about what price action trading strategies are and how they can be used. Just remember that every good price action trading strategy should be:. Do you use price action trading strategies? If not, do you think this style of trading could be advantageous? Feel free to leave your feedback in the comments section below. All comments on the subject are welcome! Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information trading this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Daily Price Action, its employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must action aware of the risks and be action to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Private Trading Community Login Sign up for a lifetime membership. Why I Ditched Technical Indicators And Why You Should Too. How to Profit From the Head and Shoulders Pattern And Avoid Common Mistakes. Trading the Broadening Wedge: Your Start to Profit Guide. How to Use Fibonacci Retracement to Spot Market Tops and Bottoms. The 3-Step Approach to Forex Money Management and Risk Control. A Simple Yet Powerful Approach. So what is it, really, you ask? The reason price price works, and works well, is because everyone is looking at the same chart, with respect to the same time frame of course. Copyright by Daily Price Action, LLC.
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