In part 1 we looked at the overall strength of the market as a determinant for if we should stay in a trade or not through a pullback. Yet, pullbacks can be rather deceptive. Assume we have decided to stay in a short trade because there was a lot of selling pressure prior to a […]
Place a few trades and you’ll invariably ask yourself this question at some point. Say you buy the EUR/USD at 1.3700 and have a price target at 1.3730. The price climbs to 1.3720 and then starts to reverse. Do you say “Close enough!” and take your profit, or do you allow the EUR/USD to pullback […]
In a rare event, non-farm payroll data out of the US was released on Tuesday, October 22 due to the prior government shutdown. Non-farm payroll data is usually released on the first Friday of each month, at 8:30 AM EST. Having a strategy for trading the non-farm payroll report should be in every forex trader’s […]
When trading futures, stocks, ETFs or watching indexes–directly or via a binary option–the early morning trades often present the best opportunity. When the market opens orders flood in, creating volatility and profit potential. While I’ve read some trading books that say to avoid trading near the open and close of a market because it is […]
Technical versus fundamental analysis has been a long-standing debate amongst investors, but for day trading or short-term trading technical analysis is the way to go. Technical analysis is the study of price charts and basically any information that can be compiled from them, such as volume analysis, cycles, trends and statistics. Technical analysis is used […]
Sunday evening 15 pip gap up open followed by initial mostly sideways action. The highlighted pinbar doesn’t mean anything to me until the following fade downward, slow reverse & impulsive break of the Tenkan. At that point I see the top of the pinbar as a likely magnet & resistance, and I look for entries […]
The wedge is fairly common pattern, and if you familiar with Elliott Wave analysis a wedge often appears in wave 5–the final stage–of a trend. Rising wedges are bearish and falling wedges are bullish. Depending on trend direction and the angle of the wedge, that could mean there are occasions when a wedge is a […]
Losing trades happen–to everyone–so as long as you follow your strategy, and executed the losing trade according to your plan, that losing trade doesn’t matter. A good trade or bad trade should not be determined on the result of the trade, but on whether you executed your plan correctly. As traders we need to learn […]
Paying attention to price action doesn’t just occur before a trade, price action is also very closely monitored while a trade is underway. We take trades because our strategy indicates to do so based on current market conditions, and a stop loss and profit target are placed to limit risk as well as capitalize on […]
Good Day traders, In this article I am going to say and explain some useful and simple strategies for newbies.If you do your research out there you will find so many strategies which promise fast and sure profit. Their creators describe them as the “holy grail” and many times it needs to subscribe to take […]