How to Trade New Trends Using Price Action?

 

“The trend is your buddy.” Although it is common knowledge and makes perfect logical sense, this advice is so ambiguous in real life that it is useless. Because timing and entrance into that setup will probably decide one’s success or failure in that specific trade, even if you are on the “correct” side of whatever trend is now indicating, therefore, it isn’t enough to identify the trend’s direction and then ‘hope’ that we’re correct; we also need to locate support (or resistance for downtrends), be patient and disciplined while waiting for the setup to develop, and then identify risk levels so that, if/when we’re ‘wrong,’ we have a point at which to exit to preserve the rest of our equity.
This article will outline a five-step procedure for traders using price action to trade into new or “fresh” trends.
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