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Since you have read part 1 and you now know which currency pairs to focus on and why, it is important that you understand when the differentRead more
Forex price action scalping
be a better trader. These rules do not only apply to scalping Forex price action, they are also used for my normal support and resistance areas: Recent data is always more important. Price action is perfect for scalp trading because it allows you to make quick trade decisions.
It gives a good chance of profit, with proper risk.
Management - and the possibility of a stable income.
Using gann lines I think defeats the price action part of your system.
You now know how to place support and resistance areas. Price eventually broke above the resistance area and resistance became support. It forces you to properly analyses price. The video covers risk management as well as trading psychology, but the two are so interconnected that they are almost the same thing. And in this chapter I will cover trading psychology. Do you calmly decide the trade is no longer good and exit? I wont lie though, scalp trading is so fast paced that it can become overwhelming. You can see the AUD/USD image from above with support and resistance areas now placed.
It gives a good chance of profit, with proper risk management - and the possibility of a stable income. On M15 char t an 11:45 candle closed red at 12:00.
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