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The Forex Edge by James Dicks

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CHAPTER 21THE SIMPLE S/R PRICE ACTION STRATEGY

The support and resistance (S/R) price action strategy is a trading method mostly based on price action and its behavior at key levels, which are principally the main horizontal and diagonal S/R zones.

Horizontal zones are confirmed by areas of accumulation or tight ranging, which I also call “decision zones,” where buyers and sellers enter a relationship of relative balance. Diagonal zones are determined by trendlines. Another set of horizontal S/R zones is defined with Fibonacci retracement and extension levels.

I analyze the price action of a currency pair by observing the particular candle patterns at those levels and around the decision zones and by paying attention to the successive cycles ...

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