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Have you ever taken a candlestick chart in Tradingview and:
• Removed all of the Moving Average (MA), Bollinger Band (BB), PSAR indicators?
• Removed all the underlying indicators like RSI, Stochastics, MACD, ADX?
Do you think you would be able to trade?
It might look impossible, but don't forget most of the indicators derive their existence from one thing – 'PRICE.'
A fluctuation in the price will also bring variations in those indicators. Isn't it?
Then which is better to study? The PRICE or Indicators? You can think for some time.
What is Price Action Trading?
'Price Action Trading' is a trading technique in which a trader reads the market and makes subjective trading decisions based on the price movements, rather than relying on technical indicators or other factors.
In simple words, traders use only 'Price' and 'Volume' to make any trading decisions.
The 6 Most Powerful Candlestick Price Action Patterns:
We have millions of candlestick patterns. Studying all of them is foolish because it’s difficult to understand all of them and challenging to implement in the live market.
We need to pick them based on the below parameters:
If any candlestick formation has less impact, then it is not helpful.
Similarly, if there is a powerful candlestick formation, but if it doesn’t occur very often, again, it’s of no use.