What it is Price Action?
I’m one from traders who are using the price action really deeply, but in case you have to know what you are looking for. For me the price action is just some comunication between market and trader. It’s my princess and I have to do whatever she wants from me.
Pole, Break, Engulfing
This is the first thing I want to see in the chart before I take action. Price have to leave some zone in fast and strong move and It’s okay if it breaks down some barrier. This is a Pole for me, significant price action mark to start paying attention.
This is just all about timing. After the Pole there is no need to hurry. You have to wait for your price because you want to buy low and sell high. Someone want to see pullback according to fibo 50% but I mostly want to get the right place on the price chart.
After the pullback is finished you have to time the entry of the trade. For the best here the zooming is needed. When you are trading M15, after the pullback try to zoom to M5 so you can get the right information about you trigger a bit earlier. Just wait for close of a bar in your direction or any other Pole-Pullback formation in the lower timeframe. You goal is to lower the Stoploss.