Forex doesn't need to be complicated. The noted GBPUSD hourly chart is one of the few setups I look for to daytrade, which is putting blended candles together (like a puzzle) to make either engulfing or pin bar candlestick patterns. That can be normal candlestick patterns like engulfing is only two candlesticks, but can be blended to include more (like chart three...
GBPNZD- this is how I break down 15-minute charts to take entries or exit trades when day trading for 1:3 to 1:6 risk and reward setups.
*Before chart was Asian session: low volume and low liquidity equals sideways or ranging price action (I don't trade this)
* Extension part of Forex Master Chart Pattern is most of the time three pushes down or up...
From my evaluation of larger time frames to lower enter/exit time frames of 5 minute/15 minutes, I believe the following will be going on with this pair:
Entry: 1.79375 (when price action hits this level, will initiate a buy)
Stop Loss: 1.79250 (12.5 pips)
Targets: 1st is 1.80000 (62 pips/psychological #) & 2nd is 1.85000 (112 pips)
Risk/Reward of: 1:6 & up to...
Forex Master Pattern- is the Big Banks/Money Makers playbook. This is like peaking at their insider's books to get on the same trade train as they are on.
F.M.P. - is on all time frames, but if you are a scalper or day trader you should see them on 4-hour timeframes and lower, so you know where potentially price action will go too. In Forex you do not want to be...
From the daily GU chart, In my opinion, I believe the following will happen for the rest of July with this pair.
1) Once price action hits 1.26000 (maybe this week), with momentum will continue to be bullish until the target of 1.27500.
*I will be placing a buy order at 1.26000 with a stop loss at 1.25500 (50 pips). This will set trade up for a 1:3...
If you want to win at Forex for the long run, then do not fight the natural hourly, daily, weekly & monthly cycles of the market. You need to recognize where the price is in relation to cycle. When you have time, google and/or youtube forex master cycle and then look at different time frame charts and spot them.
Good luck in forex & remember risk management is...
I stick with cross pairs with highest ATR (average true ranges), mainly GBP, EUR and JPY but to each their own trading in Forex. (pip value on Mataf website).
If you trade cross pairs instead of major pairs with the only USD in them only, then stick with pairs with sessions open times (forex factory has them on the website).
Keep Forex Simple, especially if you...
This is a great set up for profit on some pips without a large stop-loss, especially day trading or scalping.
Remember 80% of the time, from 2 a.m. to 5 a.m. EST/USA price action makes a HIGH or LOW for the day.
If you catch this right away you can ride daily trends without many issues.
Risk Management is always #1 so you can trade Forex for a lifetime....
Like using weekly setups for daily and shorter trading. Looking for a reversal at AUDJPY price too bullish on the weekly timeframe, once PA hits 70.500 will use a buy limit to enter with a 50 pip stop. You need to always have risk management number one in Forex as a trader.
My expectation is PA hit 72.000 to 72.500, which would give me a Risk/Reward of 1:3 to...
Order is pending until price action hits my entry/buy limit (should be soon)
Risk/Reward of 1:4
Profit: 120 pips
Stop: 25 pips
Profit is at the daily main pivot point
I believe that price action just completed a Fakey (lower), now the trend will be bullish for the rest of the day.
Always, have risk management 1st, which is stop loss and lot sizes in place before...
Bearish Setup to look for on charts:
1) Price action at 20 ema & 50 ema
2) Price action is at a daily pivot point level
3) Nothing like watching a 225 pip profit happen, within 12 hrs of trading
4) Total of three candles involved ( 1 hour or 4-hour candlesticks are better to trade)
5) Set a Sell Limit on break out of the lowest candlestick
6) Set Stop loss 12...
Why? The Reasons
1) Daily High/Low happened in-between the times of 10:00 p.m. to 2:00 a.m. PST/USA west coast time (Happens 80% of the time)
2) PA reversal happened a daily pivot R2 level (blue line)
3) Noted ABC was a fake-out (going bearish) then real daily trend happened afterward
4) EMA 10 & EMA 20 were very close & crossed over at same area (red & white...
Yes, I daytrade but utilize both 4 hour and daily charts for setups because of less noisy charts, but exit trades on 1 hour or 15-minute charts.
Reasons, why I will take this trade, are as follows:
1) On this noted day chart, AUDNZD already reversed from the main bullish trend and found liquidity at Fib. Ret 50%-61.8% levels, which price is at now.
2) Made a...
This session opens at 12.00 am and closes at 8:00 am. The main participants in this session are commercial banks and central banks. The currencies that are traded the most are Australian Dollar(AUD), New Zealand Dollar(NZD), and the Japanese Yen(JPY).
This session opens at 8:00 am and closes at 4:00 pm. This session is the most active...
If you are a day trader and have minimal time, you might want to download the following strategy PDF of 100 pips daily set & forget (by Dittmann) .
Forex is 1st about risk control (lot size & stop losses).
This PDF is 18 pages and free online.
You can try this strategy as is or change it to your own personal choices.
I would use only forex pairs with a...
Some of my random notes on the attached XAUSD 15-minute chart and explanations:
I start by looking at monthly, weekly, daily and four hour charts and trade on either 30 minute or 15-minute charts. Entries and exits of trades.
Do You Recognize Forex Master Pattern?
1) Asian Session- ranging and low volume. Don't Trade it.
2) Asian Session and London Session...
Nothing like trading from 4-hour charts and entering and exiting from trading on 15-minute charts, my way of trading forex.
Just EMA 20,50,200, traditional pivot points and volume on the bottom (for indicators, but price action is always #1 in trading)
What does noted 4-hour chart says:
1) Price Action could not get above R1 on the traditional weekly pivot...
You need to recognize on the 4-hour timeframe (can be 1 hour, 4 hours or higher) BIG BANK block orders. Yes, I spot three fairly big bank block orders that happened last week. They run the forex market and YOU or us little retail traders do not want to be on the wrong side of these or will be run over or crushed.
Go thru some charts on hourly or higher and SPOT...