There are several different forex price action strategies that you can use to make money.
The most commonly used forex price action strategies are trend following, breakout trading, and range trading.
Trend Following involves waiting for a particular market trend to develop before investing in it. You’ll then buy the currency pair that’s going up in value and sell the one that’s going down. This strategy is usually effective when the market is moving slowly, and there’s enough historical data to suggest that it will continue moving in the same direction.
Breakout trading is similar to trend following, but it focuses on taking advantage of sudden changes in the market. Instead of waiting for a trend to develop, you’ll attempt to take advantage of any sudden spikes or falls in the prices of the currency pair you’re invested in. This strategy can be riskier than trend following because there’s a higher chance of losing your entire investment if the market moves quickly against you.
Range trading is another forex price action strategy that involves buying and selling currencies within predetermined limits (known as “busts”) or “buys”). This allows you to avoid getting too heavily involved in one direction or another, which can lead to more significant opportunities for profit.
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