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The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Part 8: What Is A Forex Trading Strategy? What Is A Forex Trading Strategy?
There are many different Forex trading strategies. However, there are some basics of reading a price chart that you need to know before you can move on to learning any one strategy in-depth. Support levels are created as a market turns higher. So, if a market is moving lower for example and it then changes direction and begins moving higher, it either has created a level of support or bounced off a previously existing level of support. Resistance levels are created as a market turns lower. Identifying and plotting support and resistance levels is by no means an exact science.
Now, one important point that I want you to know about support and resistance levels is that they are not concrete. Many traders seem to think support and resistance levels are concrete and that they should never trade a setup if there is a support or resistance level close by, this can result in them getting analysis paralysis and never entering a trade. An uptrend is marked by a series of higher highs and higher lows, and a downtrend is marked by a series of lower highs and lower lows. I like to trade with the near-term daily trend by looking for high-probability price action strategies forming within the structure of the market trend.