Trading Forex with Price Action Strategies - Price Action Market Commentary | The Forex Guy

TheForexGuy Representative
Hey guys,

I've started a thread here on this epic website to share some of my market commentary and trade ideas. This thread is for those traders who are interested in learning how to approach the market without using 'magic' indicators, robots, complicated charting tools or other unnecessary variables , and trading directly from price action.

I like to keep trading as simple as possible, and I trade off the higher time frames. I do believe that most traders lose money because they are way too active in the markets. The low time frame traders are notorious for this and I know most traders do find relief with the clearer picture the higher timeframes offer.

I won't drag this on, I am looking forward to sharing my market analysis here from a price action perspective.

I am currently watching the GBPUSD market, waiting for a bearish price action signal to form at a key swing level here...

gbpusd waiting to short.png

After a large bearish rejection candle formed, the market broke down below support and continued to weaken for the next few days. This week we've see an ongoing countertrend retracement and price recoups from some of it's losses. The GBPUSD is looking like it's going to test the old support level. If we get a bearish reversal signal here, then it confirms this level is acting as a swing level and can considering positioning in short with the bearish momentum.

Just waiting to see what the market reaction is to this level once it's tested.