Anbat

Top 10 Things 2 Look 4 On Chart

Education
OANDA:AUDUSD   Australian Dollar / U.S. Dollar
Focus on larger price movement. Lesser but reliable signals. Bigger stop losses & profit targets. Market noise greatly reduced. Smaller position sizes.

Use 1 hour, 4 hour and daily for yes, scalping, day trading instead of lower time frames under 1 hour which have more signals but less reliability.

Please refer to (attached AudUsd 1 hour chart example chart) for Top 10 Things 2 Look 4 On Chart:

1) Price action by main daily pivot point (red line)
2) Risk Reward set up is at least 1:1.5 or larger on trade (ex: 20 pip stop vs 30 pip reward, per this trade)
3) Tokyo session is in a 20 pip sideways or ranging price action
4) Large big banks and or institutions for two hours (blue candles) quickly bought market (manipulation phase), thus clearing out all the retailer sell traders.
5) Large big banks and or institutions suddenly with double or triple money sold market, during London & NY sessions (too end of London/9 am PST/USA)
6A) Two psychological numbers noted on chart, 0.74000 and 0.73500 (50 pip range)-why? triple 000'sand/or 500's act as magnets for both stops/targets.
7) Noted 50 pip range area for price action for the day
8) Breakout one hour candle (Red candle), with momentum which should have been used to enter a new sell trade, with correct risk management.
9) Daily Trend (of 30 pips)
10) Target or take profit exit for trade at 0.73500 (which happen at London close, Friday and last day of month to trade)- after low liquidity/ volume

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Informative keep it up
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