Misconception about Price Action . Where you should look for Price Action in Trading

IN this post, I would like to guide you through the price Action technique, which is hard to find anywhere. It is just the way I approach price action and flag & how I look for best risk reward and rate the overall success of taking a trading which is more than 90% . Take a look at the chart below. There is a strong level that has been seen collection of orders up and down. Price has already maintain a fakeout zone market with black line on the left side. Now as price is approaching the level again, we have seen a compression & now as we see more PA unfold ahead of the price approaching the fakeout zone we will witness more volitality and final rejection would been around 143.70 level.

Download my Supply and demand Strategy e-book on Crude Oil Futures download here

I have already show the example chart above why I look for most respect price action zone & approach is to the level. Price is about sequence of puzzles and a combination of Action & reaction and Now, Finally we will witness the final reaction to the level. Stops could be place 15-20 pips above the zone which is already capped with a fakeout.

Australian dollar trading Retails sales & Trade Balance Data

Australian banks is due to release Retail sales & Trade balance data on 6th February and recently there would be surely a setback on retail sales amid global slowdown and conditions in China (Australia's biggest trading partner)

IF there is a shortfall of trade balance, then there would be sales effecting it, specially automobile sector due to global slowdown . I would surely keep an eye on high price approach to 0.6800, strong resistance and psychological barrier.

Trade plan should be wait for the retest of 0.6800 & short it there & then look to set stops around 0.6825 and target 0.6730 as your first target and trail your entry for second target 0.6680.