Price action forex technical analysis for forex trading
Price action forex technical analysis important pillar of TerraSeeds Forex Tflow®
Technical analysis is a field of study that looks for price phenomenon inside forex charts. By spotting high probability setups, technical analysts look for clues that will reveal direction of currency pairs as well as support and resistance levels. Due to a proliferation of forex trading indicators that were poorly understood or misused by forex traders, there is a return to emphasis on naked price action. Price action trading became a byword (see development of price action trading).
While fundamentals of the market dictate long term trend of currency pairs and may be more appropriate for long term investments in foreign currencies, technical analysis is considered a superior method for short term analysis. Technical analysis concepts are able to explain many types of price action that is witnessed in short term fluctuations. In fact, price action-based technical analysis is the core of TerraSeeds Tflow® forex trading course.
Concepts of price action forex technical analysis used in TerraSeeds Forex Tflow®
- Trendlines, horizontal support and resistance
- Chart patterns
- Elliott Wave structure, fibonacci expansions and fibonacci retracements
- Fibonacci Ratios
- Documented phenomenon such as false trendline break
- Multiple time frame analysis