Hi traders, here at Unique4xPro we are firm believers that price action trading is the way to go in these markets and for that reason we do not use any indicators. We base our trades solely on price action and we only trade in the direction of the overall trend to ensure that all of our trades are backed by the banks and institutions that are backing the direction of the trend with huge amounts of money.
We hope you find this useful and please comment if you have any questions... We will be happy to answer!
You can also learn a lot from our YouTube live streams which we do at 7 P.M. E.S.T. every Monday, Wednesday, and Thursday. All of our streams are automatically uploaded to our channel so that they can be watched back: youtube.com/channel/UCqEIrcVtJYb1WBCH7xmaIdQ
Yes we may see potential for a short if we break that short-term up trend that you have drawn... on the flip side however if we can break above that high we can move higher. Good analysis.
NearDrowning
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How do you know that this line is correct?
UnknownUnicorn261897
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The short term trend line should actually be a bit steeper. You can get two touches at the start of the reversal. Where you started the short term up trend and then the next higher low the line should be touching both of those lows. We have two possibilities here: 1) we are in the midst of what is now an uptrend and we can look at current price action as nothing more than a pull back and if we break out to the upside we can expect to see the uptrend continue. 2) this upside move is just a bigger picture lower high in the overall down trend and once that short term uptrend line that you have drawn is broker we can expect to see the market move significantly lower, perhaps to the .67000 level.
immawin
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what is this analysis known as? is this price action idk a lot about this. also could u suggest me some good articles or books to read about price action?
UnknownUnicorn261897
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Yes this is price action and trend following. The idea is to follow the big picture trend that is ultimately backed by BIG money. Definitely follow you will learn a lot. We also have a few educational videos on our YouTube channel that you might find insightful goo.gl/g8sWn3
Simpleisbeautiful.
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Adding position all the way down the trend great!~
UnknownUnicorn261897
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Yes you can either add to your position, trail stops, or continuously get in and out of the market.