In this post I will be reviewing the Price Action Society forex signal service that as the name suggests, is based on price action trading. Price Action Society is geared towards traders of all experience levels as you do not actually need to know the underlying price action strategies as all of the analysis is done for you by the signal provider.
I would say that it sure would be beneficial if you did understand some of the price action trading principles implemented as I am not a huge fan of “blindly” taking trades without really knowing why you are other than they were a recommendation. I think it is important to understand the principles being used and adjust them according to your own trading style, because everyone is different. There is no one size fits all when it comes to trading online.
You can technically use the Price Action Society forex signal service on any trading platform including the very popular MetaTrader 4 (MT4) trading platform which is used by millions of traders all over the globe. You can download MT4 free of charge from most forex brokers. I think it is one of the most user-friendly platforms out there and a great place for beginners to start.
There ae hundreds of online forex brokers to choose from although I would always look to use an ECN forex broker for the best possible trading conditions including tight spreads, low commissions and reliable trade execution speeds. IC Markets are one of my top brokers. This is because they have lots of liquidity which means that you can get your trades executed at some of the best prices on the forex market at all times. They also have an excellent 24/7 customer support team and provide various convenient account funding options.
Price Action Society Trading System
The Price Action Society is a set and forget approach to manual trading. They send you signals based on their price action analysis along with pre-determined entry price, optional stop loss and take profit levels. You can be selective on the trades that you opt to take and also use your own market analysis to further filter the signals if you wish.
The developer states that they prefer to try and trade breakouts in order to trade with momentum and trends. They go on to state that they also trade reversals giving the right market conditions. Furthermore, they claim to use their own proprietary indicators to help narrow down trade opportunities across more than 30 Forex pairs, with up to 3 to 7 trade ideas per day.
Whenever there is a new trade signal, you will get it directly in your phone via Telegram. They trade on H1 and H4 time frames with the reasoning being they want to filter out noise from the lower time frames, something that I like to do myself when manually trading.
What is Price Action Trading?
In simple terms, price action trading is a technique that allows a trader to read the market and make subjective trading decisions based on the recent and actual price movements, rather than relying solely on technical indicators. Price action trading is not perfect. No trading system or strategy will be correct 100% of the time. However, price action strategies have been shown to be quite accurate when used correctly along with good money management.
The relationship between ongoing price movements and current price levels is strong. Price action trading strategies can be a great option for day traders, due to the fact they use information that is accumulating in real-time. Price action trading requires patience. This is because it requires the trader to wait for confirmation at support & resistance. The confirmation could be in a form of a Pinbar or Engulfing pattern. But by waiting for confirmation, traders tend to miss trading opportunities when price simply ‘touch and go’.
The trading opportunities on time frames below 30-minute are fleeting. To trade effectively, you need to keep your eyes on the price action constantly. For intraday time frames above 30-minute, you need be able to check on the price action periodically throughout the day.
While price action trading is simplistic in nature, there are various disciplines. As mentioned above, the disciplines can range from Japanese candlestick patterns, support & resistance, pivot point analysis, Elliott Wave Theory, and chart patterns.
Price Action Society Summary
Overall, the analysis seems decent enough from the provided trade examples on the Price Action Society official website although I believe it would be beneficial for any aspiring trader to study price action for themselves and learn how to interpret these trades. I would certainly be verifying them with my own market analysis.
It is very important to note that there are no guarantees of results when copying trading signals. Past performance is not an indication of what will happen in the future. Anything can happen in trading so it is important to make sure that you never risk more than you can afford to lose.
When choosing any forex signal service, the first things that I would look at would be if they are publishing any real verified results. Without these, we will not have any idea of how the forex signals may have performed historically speaking. This could also give you an idea of the types of trading strategies that the signals are using to see if they are suitable for your prefeed trading style.
If I was going to copy forex trades, I would make sure that I did so on a demo trading account to begin with. This would allow me to get a feel for what type of signals to expect so that I can determine if they live up to expectations. You can get a free demo trading account from most forex brokers. Once you have built some confidence and have some success, you may then consider switching over to a real live account.
The Price Action Society signal service includes easy to follow setup instructions, support but no money back guarantee.
Price Action Society$147
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.