Today I decided to show you a phenomenon I'm sure many of you already know of, but which I find is the best and most profitable way of approaching Forex trading, based on my past experience.
I normally traded intraday using 15m and 5m charts in the usdcad and usdjpy pairs, before transitioning to longer timeframe trading.
If your capital isn't too big, it's the best thing to do in my view, since you can maximize leverage by having very tight stop losses and quickly go with break even stop if you caught the right direction move.
A correction is fairly likely, I'll trade the volatile ranges intraday for now. No clear longer term setup for me yet.
manijeh.kazemi.33
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hi https://jvanlabriehttps://www.tradingview.com/x/oKJEI7hv/
ChrisMoody
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WOW...
That CM_Forex_SessionHighlight Indicator your using is AWESOME...
Just kidding...Great Analysis and thanks for the post.
IvanLabrie
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Thanks for stopping by, and yeah, it comes in handy ;)
Merry xmas!
jangseohee
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Thats what i called Pro, it will take me sometime to emulate your move :-)
IvanLabrie
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I'm still learning, we all are constantly evolving.
Check out Tim West's material, he taught me a lot, a very generous and wise trader and coach.
IvanLabrie
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I personally like to start with top down analysis, coming up with a story behind each bar's range and characteristics, and drawing important horizontal levels and channels.
Then I go to 4h, and examine the intraday movement, and try to spot congestion zones, range breakouts and volume information.
First, this is the daily timeframe:
I drew a pitchfork from 3 key swing points and then drew horizontal lines around key high and low levels, which define the latest trading range.
IvanLabrie
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The last 8 bars show no new highs, weak middle or low close on the bars and clear intense selling on every advance the bulls make.
I'll look for shorting opportunities looking at 4H: