Best Price Action patterns Forex high accurate Indicator for MT4

Description of the Price Action patterns trading system
Price Action is translated as “price movement”. Adherents of technical analysis believe that the price takes into account everything that happens in the market. Therefore, there is no need for indicators and advisors, since they are calculated on historical price data and can be very lagging. By the time the indicator signal is triggered, the price direction may already change. Those indicators that try to predict the direction of the price are very often redrawn. All this leads to unnecessary losses.

Fundamental analysis works very well on Forex, but only a few use it in practice. To use fundamental analysis effectively, you need to have full control of the market situation, read analytics and financial news on a daily basis. It takes a long time and there is no guarantee that your predictions will come true. If you do not have relatives in the US Federal Reserve, and you are not the head of a large investment fund, then the chances of a successful forecast of price movements are significantly reduced.

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With Price Action, you don’t need to spend time watching economic news or delving into complex technical analysis chart patterns. All you have to do is spend 15-30 minutes a day looking for new signals and monitoring open trades. The Price Action system uses candlestick patterns, also called patterns and setups. Candlestick patterns usually consist of one, two or more candles, which are often found on the chart. They can be reversal or trending.

But you should not take all signals of Price Action patterns, but only those that have support in the form of support/resistance levels or trend lines. In this case, the efficiency will be more than 90% of profitable trades. It is recommended to trade the Price Action strategy on a daily timeframe or 4-hour, but not less, since the accuracy of signals decreases on small timeframes.