1) trade: Beginning of London session open, break in the 30 degree angle trend line (peach in color) down for around 80 pips to beginning of New York open.
2) trade: Beginning of New York open, break in the 45 degree angle trend line (peach in color) up for around 60 pips to end of London session.
3) trade: End of London session, break in the 45 degree angle trend line (peach in color) up for next around 30 pips to end of New York session.
What can you learn from this attached one hour CHART:
RSI or Relative Support Indicator:
1) RSI indicator below (shows momentum of trades)- you want to be trading with volatile, liquidity and momentum on your side. Makes easier trading.
* When the RSI purple line crosses above the BASE yellow line and 50 number LEVEL on trade #1 and trade #3 are buy trades.
* When the RSI purple line crosses below the BASE yellow line and 50 number LEVEL on trade #2 is a sell trade.
Trend Angle Lines of 30 & 45 degrees (important)
2) Yes, Trend angles of both 30 degrees and 45 degrees. Why you ask? because if the trend on your timeframe you trade on is breaks either one of those degrees then price action most of the time changes directions. Need to know when scalping, day trading, swinging or higher trading. What happened on 1 hour chart of EurJpy on Friday? One break in the 30 degree angle #1st trade and two breaks in the 45 degree angles #2 and #3 trades.
GENERALLY, most higher timeframes 4hr, daily, weekly and monthly will stay within this 30 degree to 45 degree angles, if they plan of CONTINING same direction in pair being traded. If PA goes higher then 45 degree angle then expect higher prices and lower then 30 degree angle expect lower prices.
Quarter Levels (YouTube and/or google them)- use for entries, exits and targets in trading.
3) NOTE: add peach lines of resistance and support major lines at 143.500, 143.000 & 142.500. Why put these lines on charts? Because these are major quarter line levels: which both .000 and .500 levels on all time frames. Minor quarter levels are both .250 and .750 levels. F.Y.I. These areas represent 100 pip areas of price action for Friday for EURJPY- from 142.500-143.500. Then you can break these down even further with placing more lines at noted quarter minor level lines on charts.
Keep Forex trading as simple as possible, no need to complicate trading (that is what the big banks and/or money wants you too- so you lose money). Wish all great success, remember 5 things with every trade: Risk Management, trade right pair, at the right time, during right session & at the right time.
2) trade: Beginning of New York open, break in the 45 degree angle trend line (peach in color) up for around 60 pips to end of London session.
3) trade: End of London session, break in the 45 degree angle trend line (peach in color) up for next around 30 pips to end of New York session.
What can you learn from this attached one hour CHART:
RSI or Relative Support Indicator:
1) RSI indicator below (shows momentum of trades)- you want to be trading with volatile, liquidity and momentum on your side. Makes easier trading.
* When the RSI purple line crosses above the BASE yellow line and 50 number LEVEL on trade #1 and trade #3 are buy trades.
* When the RSI purple line crosses below the BASE yellow line and 50 number LEVEL on trade #2 is a sell trade.
Trend Angle Lines of 30 & 45 degrees (important)
2) Yes, Trend angles of both 30 degrees and 45 degrees. Why you ask? because if the trend on your timeframe you trade on is breaks either one of those degrees then price action most of the time changes directions. Need to know when scalping, day trading, swinging or higher trading. What happened on 1 hour chart of EurJpy on Friday? One break in the 30 degree angle #1st trade and two breaks in the 45 degree angles #2 and #3 trades.
GENERALLY, most higher timeframes 4hr, daily, weekly and monthly will stay within this 30 degree to 45 degree angles, if they plan of CONTINING same direction in pair being traded. If PA goes higher then 45 degree angle then expect higher prices and lower then 30 degree angle expect lower prices.
Quarter Levels (YouTube and/or google them)- use for entries, exits and targets in trading.
3) NOTE: add peach lines of resistance and support major lines at 143.500, 143.000 & 142.500. Why put these lines on charts? Because these are major quarter line levels: which both .000 and .500 levels on all time frames. Minor quarter levels are both .250 and .750 levels. F.Y.I. These areas represent 100 pip areas of price action for Friday for EURJPY- from 142.500-143.500. Then you can break these down even further with placing more lines at noted quarter minor level lines on charts.
Keep Forex trading as simple as possible, no need to complicate trading (that is what the big banks and/or money wants you too- so you lose money). Wish all great success, remember 5 things with every trade: Risk Management, trade right pair, at the right time, during right session & at the right time.