Have you ever wondered whats the best way to determine the trend of the market?
There are plenty of tools, indicators, etc including:
- Technical indicators such as RSI, MACD, Momentum, etc
- Fibonacci retracements and extensions
- Elliot Waves
- Gann cycles
- Other tools
You name it… Some of them are pretty subjective, and some other techniques are good.
But the question remains, among them all, which one is the best?
I don’t know about you, but I think trading is not a game, and I rather use something objective…
So to determine the best tool, I’d recommend you to take the following considerations. Make your strategy:
- As objective as possible (there will always be a certain degree of subjectivity)
- As simple as possible (KISS principle)
Once your strategy (or system) these two characteristics, you’ll have a system with a very good profit potential :)
Ok, so now, want to know what my take on this? What is as objective and simple as possible?
You guessed it.
Support and resistance levels plus price action.
In todays article, I’m going to show you how you can use support and resistance levels plus price action to make a chart talk to you, to show you how to convert a chart like this one:
Into actionable and reliable trading advice.
AUDUSD Analysis, price action, support and resistance