Day Trade Setups (What To Look For) #1
Look at an hourly chart on any pair you trade for last 100 sessions, what do you see? You will get a good general idea when the both the low of day and high of day. Use that in your Forex day trading as part of your scalping or day trading edge and strategy.
Noted on chart is low of day (could be high of day too): mostly happens around that time on most pairs. See a three hour reversal setup with last downward (mother candle) candle, then a small one hour doji ( apex or lowest candle/ undecided) candle shows up, then next trigger candle is one you want to get on for the bullish/buy trade with stop loss and right risk management on every trade you do.
Always know: pair, price, time and session before you enter any new trade.
All trade set ups should be at least: 1: 1.5 risk to reward or higher....
Noted on chart is low of day (could be high of day too): mostly happens around that time on most pairs. See a three hour reversal setup with last downward (mother candle) candle, then a small one hour doji ( apex or lowest candle/ undecided) candle shows up, then next trigger candle is one you want to get on for the bullish/buy trade with stop loss and right risk management on every trade you do.
Always know: pair, price, time and session before you enter any new trade.
All trade set ups should be at least: 1: 1.5 risk to reward or higher....