How to Trade and Track the Currency Markets

It's as old as trading itself. On the first day of the stock market, floor traders were using it to find opportune prices to enter and exit the market. Legendary floor traders like Jesse Livermore became rich at the turn of the 20th century, just by grasping how price movement could be used to predict the future direction of the market. You're talking about someone who didn't even use charts to make a trade, all he did was pay attention to the price. It seems silly when you think about how many traders spend thousands of dollars on all the bells and whistles that are now being used.

One of the aspects of price action, is that you are not looking at indicators to make decisions whether to buy or sell. But as in anything, it's not as cut and dry as that. Since price action is somewhat general term, different traders could be using price action, in completely different ways.

Most traders use price trading action as a way to identify the support an resistance of the market. Other ways of using price is to spot both the trend and the countertrend. In a way, that's what makes price action so great. There isn't a "one size fits all" aspect to it.

It's not like those "dime a dozen" mechanical trading systems that so many people search for. These aren't systems where you throw up a few indicators and when "x", "y", and "z" happen, then you buy or sell. Instead, it requires more analysis from the trader.

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