Price Action

Price action traders argue that every indicator is a lagging transformation of price, so reading price directly avoids the delay — a fair point mathematically, since a moving average cannot know anything price does not already contain. The cost is that raw price reading is subjective: two traders looking at the same chart routinely see different structures, and there is no way to test a claim that is not stated precisely. It is best understood as a framework for describing what has happened rather than as a system for predicting what will. The discipline it does impose usefully is defining an invalidation level before entering.