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Price Action Trading

WealthWizard

I'm curious about the effectiveness of price action trading strategies. For those who have experience with it, how reliable have you found it to be in different market conditions? Are there specific patterns or setups that you've noticed have a higher success rate? Also, how do you manage risk when trading purely based on price action? Would love to hear about any tools or resources that have helped refine your approach.

PortfolioPro

I've found price action trading to be quite effective, especially in trending markets. Key patterns like pin bars and engulfing candles often have a higher success rate for me. Risk management is crucial; I usually set stops just beyond key levels and keep my position sizes small relative to my account balance. Tools like TradingView can be helpful for backtesting and refining strategies. It's essential to continuously adapt as market conditions change.