In my Price Action Course, I am often sharing my personal live trades, using them as a learning experience for the private members.
My goal is to help them learn price action, so one of the methods I will employ to help them with this is create trading quizzes.
Today I want to share one of those forex trade quizzes on an actual live trade setup I took.
Before taking the trade, I was looking at 3 different charts, so I took screenshots of each chart I was considering trading.
I will often do this when reviewing my trades at the end of the week, or examining the price action to increase my pattern recognition skills.
If you want to learn price action and how to trade it, that learning process must come from many sources – not just trading or watching videos.
The Trading Quiz
Below are three charts, all of which I was considering trading last week. Each one presented opportunities, both trading with the trend, some counter-trend, while others both long and short.
For this price action forex quiz, examine each chart in detail. Look at the overall price action context and structure. Some are offering with trend setups, some are offering counter-trend setups, and some are offering both (or none at all).
Your job is to decide which ones to trade, where, and how.
Hence your answers are the three possibilities:
a) Trade With Trend
b) Trade Counter Trend
c) No Trade
For each trade, fill in your answer (using a, b or c for each chart), what you see in the price action, and why you will take this trade. You can choose A and B as appropriate answers.
This is a great opportunity to see how well you understand price action, how well you can spot with trend or counter-trend setups, & what opportunities you can find in the charts.
There will be no prices marked, nor will I tell you what instruments they are (so you cannot cheat :-). I did however mark some key support and resistance levels I am looking at to give you some small hints.
But by and large, this is just pure price action trading and analysis.
Here we go.
Price Action Chart #1
Price Action Chart #2
Price Action Chart #3
In the comments section below, fill out your answers. You can list the name of the trade (Price Action Chart #1, 2, or 3). Then provide your answer (a, b or c). And lastly, explain the reasons for your trade setups and why.
Now try to answer each one using your current trading skill set. The winner with the best answer (most detailed, complete and closest to mine) will get a $50 discount on any one of my forex trading education courses. I will announce the winner with the next article.
Good luck and I look forward to your answers.