Naked Daily Charts (Key Swings, Price Action Levels & Patterns)
Do you want to get better trading Forex? if yes, only way is to put in chart time and do your homework.
On naked daily charts (only price action):
1) Find one, two or three day candlestick patterns. both continuation and reversal. What are they? * Chart: in purple rectangles.
2) Find price action key levels ( only xx.000 noted on example chart)
3) Is current price action trending? up or down
4) Is current price action in momentum? up or down
5) Where is price action in relation to key levels? below or above
6) Where are demand and supply zone area? draw them in.
7) Look left on chart, any recent price action noted? Does price action have room to go higher or lower?
8) Forex charts with candlesticks have their own language- what is each individual candle saying to YOU? who is in charge? bears or bulls.
9) If you scalp trade or day trade- you can do this on either a 4 hour or daily and use this same information to trade with on lower time-frames.
10) Forex trading strategies or systems can be as simple or as complex as you want it to be? Depending on your personality. I like simple.
Note: When trading Forex remember four things: Pair, Price, Session and Time. Trade with the wind of liquidity and volume go with you.
On naked daily charts (only price action):
1) Find one, two or three day candlestick patterns. both continuation and reversal. What are they? * Chart: in purple rectangles.
2) Find price action key levels ( only xx.000 noted on example chart)
3) Is current price action trending? up or down
4) Is current price action in momentum? up or down
5) Where is price action in relation to key levels? below or above
6) Where are demand and supply zone area? draw them in.
7) Look left on chart, any recent price action noted? Does price action have room to go higher or lower?
8) Forex charts with candlesticks have their own language- what is each individual candle saying to YOU? who is in charge? bears or bulls.
9) If you scalp trade or day trade- you can do this on either a 4 hour or daily and use this same information to trade with on lower time-frames.
10) Forex trading strategies or systems can be as simple or as complex as you want it to be? Depending on your personality. I like simple.
Note: When trading Forex remember four things: Pair, Price, Session and Time. Trade with the wind of liquidity and volume go with you.