- Forex Day Trading Strategies
- Forex Day Trading Tips and Strategies
- The 4 Best Trading Setups For Next Week - Smart Forex Learning
- Forex Day Trade Setup – A Very Simple and Profitable Highly Trading Strategy
GMT candlestick on the 1 hour Forex chart.
Make sure that the time you see on your MT4 chart matches that of 7 a. If not, ask your Forex broker. You can also use Google to calculate what that time is in your time zone. For me, it is in the morning. Lets look as some trading examples where the Forex trading signals either won or lost.
Forex Day Trading Strategies
The vertical dotted line you see drawn on the chart represents the 7 a. GMT time and they are spaced 24h rs apart 1 day. Often times, the highs and lows also represent both support and resistance although it is on a very limited basis. Breaking of support or resistance when volume is coming into the market can lead to strong moves in the triggered direction.
Yes, although you will have to live with missing some trades at times. For example, when you see a strong momentum move against the trend, that will often lead to another leg counter-trend. There are many pips that can be found. You will certainly want to be able to evaluate trend strenght through technical analysis to see if this is a trade you can hold. This is one of those day trading techniques that looks to trade breakouts of support and resistance.
Forex Day Trading Tips and Strategies
There are times when breakouts occur and then pullback which can give you an entry. Just as often though, price will take off and not look back leaving you on the sidelines. Gaps represent prices that the market did not trade at. They are pockets of vacuum.
The 4 Best Trading Setups For Next Week - Smart Forex Learning
For this reason, price gaps captivate traders. Hence, it is not surprising that there are … Read More. Let's start with a question. What is the most common technical indicator? Hint: Even fundamental analysts place this indicator on their charts. You don't need to reach too far … Read More. We often overlook a crucial aspect of price action: its … Read More.
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Price channels present a powerful tool for visual analysis. This ensures that you … Read More. For this, we will rely on price action analysis. However, if the CCI falls below at any point, the trading setup is void. Cancel all orders, and wait for another opportunity. Cancel your sell stop order, and wait for the next setup.
Forex Day Trade Setup – A Very Simple and Profitable Highly Trading Strategy
In the two of the examples below, I applied the Congestion Zone indicator from my trading course to highlight potential support areas. This minute chart example comes from the 6E futures market. The inside bar and its preceding bar formed a distinctive two-bar reversal pattern. Reversal patterns work best when they jut out of preceding price action, and that was the case here.
If you check your charts, the market continued rising after moving sideways for a bit. Nonetheless, the CCI divergence was a useful signal of a stall in momentum. Depending on your stop-loss placement, this trade could work. However, with a standard stop-loss below the setup bar, the market whipsawed us out of our position.
Take a close look at the CCI panel. Immediately before this setup, the CCI pushed to extreme levels twice. Each time, the CCI reversed sharply without any struggle.
Hence, it was not surprising that these breakouts did not lead to dominant trends. Compare these two instances to our observations in Point 1. The CCI indicator points us to a break-out in the form of a price thrust. It identifies market momentum that is likely to persist. From there, we can wait for a retracement and perform price action analysis to finetune our entry. If you revisit the first three examples, you will realize one critical function of the CCI.