Forex trading can be a complex and risky endeavor, but with a well-defined trading plan based on trend and key levels analysis, traders can gain a competitive edge. In this article, we will explore a real-life example of a forex trading plan that leverages these two powerful strategies to maximize profitability.
Understanding Trend Analysis:
Trend analysis...
Good afternoon gold gang! i hope you are all well and enjoyed your bank holiday weekend.
This weeks educational post is based on trends and how to define them. The example above is of an up trend. You can follow this example in a down trend situation also, just in reverse.
Ok so what do i look for .. on the 4hr chart .. im looking for my key levels as always....
Good morning gold gang! Im back with another educational piece this weekend getting ready for market open.
In this weeks i want to look at the fakeout. The fakeout is a false breakout of the key level. When price moves and closes outside of the level, the next step is to enter the trade. Sometimes what happens is price will close then shoot back up into the...
Good morning gold gang! I thought id hop on here and post my super simple entry method for you to see.
Its no SMC or ICT model that turns your brain in knots trying to figure out .. its simple, as trading should be. I look at some strategies on here and think to myself .. wow, that would turn me into an emotional wreck with my finger on the button.
Ask...
Trading can be a lucrative and exciting venture, but it can also be overwhelming and risky for new traders. Whether you are interested in stocks, forex, or other markets, there are some important tips to keep in mind as you begin your journey as a trader. Let's outline some of the top tips for new traders.
Start with a solid education
The first step to becoming...
What is a lot?
A ‘lot’ is a measure of a transaction amount.
It’s the minimum number of units of the base currency that you can buy or sell.
This gives traders more control over the exposure per trade.
There are four main types of Lot Sizes.
Lot size #1: Standard lot = 100,000 units of base currency
Risk per pip =$10 per pip
Lot size #2: Mini-lot = 10,000...
Hey Purpose Traders. I pray all is well. In this video, I wanted to give you a deep, but quick insight on how you can trade pullbacks using the Fibonacci Retracement Tool.
I'd love to know your thoughts and if you have any questions. Lets chat in the comment section below.
If you feel like you're missing trades due to a busy work schedule or because you're afraid to hit the button when a great trading opportunity comes along, pending orders may be the thing you need.
In this video, I will teach you the difference between market orders vs. pending orders.
Thank you for watching the video and comment below your thoughts. I'd love...
⭐ ZOOM OUT
1️⃣ When preparing to take a trade, it is better to take a broad look at the charts.
2️⃣ Taking into account the higher time frame charts, makes you see the bigger picture of the market structure and have a better bias.
3️⃣ Analysis carried out on the daily (1D) and
four hour (4H) gives you "stronger entries" and reduces the chances of having false...
⭐ DO NOT FOMO
💥The financial market provides trading opportunities every day.
💥Do not FOMO (Fear of missing out). Most often rather than not you will always be in the wrong end of a trade if you FOMO on it
🤔 What to do instead?
1. Remain calm, if you didn't plan the trade, let it be.
2. Ignore traders who shill trading opportunities without giving you...
It's important to know when to hold a trade and when to close it.
Knowing can be difficult, however ask yourself - would I open a position at the current price?
For example, if you have bought a trendline and the trendline breaks should you close the trade? We say yes.
The exception to this is backtesting. If you backtest manual exits of a trade you can find...
Have you ever heard the saying that the casino complains about their losing days and every gambler brags about their big wins?
Well the same thing applies to traders. Diligent traders remember their big losses rather than their wins, where losing traders remember their big wins.
Sticking to consistent small gains over time rather than targeting huge wins is a...
In forex the base currency is the first currency mentioned in the symbol (the first 3 letters). The quote currency is the second currency mentioned in the symbol (last 3 letters). The base currency is being given a 'quote' in the quote currency quite simply, saying that if you hold one base currency you will receive x amount of quote currency.
If you take a buy...
Now ichimoku is relatively simple look for buys above the cloud and look for sells under the cloud. so when we backtest that over our 5/5 winners with rvi we get two less entrys, however as a beginner to avoid them whipsaw movements that isnt always a bad thing. The cloud itself offers dynamic support and resistance based of averages. price breaking through the...
So I am going to breakdown an indicator that I have featured alot in my trades, so if we look at the crude oil chart here, we can see that in total we have 5 notable crosses of the rvi indicator, 3 bearish trades and 2 bullish trades for a total of 510 pips, 5 winners out of 5. Now the magic of the indicator is that it is both an entry signal and an exit signal,...
