ForexFloorTrader

ForexFloorTrader 10 views ・

I will no longer be contributing to the chat forum but I will still be adding tutorials and trade setups! If you have any questions about the tutorials or trade setups please ask or PM!

ForexFloorTrader 23 views ・

This trade setup was identified on November 23 and continues to move sideways. Price continues to reject higher prices as noted by the long upper candle shadows. I was taught in my formal trading training if price doesn't start to move in the expected direction after 3 to 4 days I should close out the trade as the probability increases that price could start to...

ForexFloorTrader 33 views ・

This short trade setup was first identified on November 25. However this market continues to move sideways. In my formal trading training I was taught if price doesn't start to move in the expected direction after 3 or 4 days I should cancel the trade. So, I am closing out this trade with a very small loss. I will now wait for the next trade setup to develop.

ForexFloorTrader 86 views ・

The long trade setup was first identified on November25 and hit its entry price level 3 day's later on November 28. In my formal trading training I was taught that if price doesn't start to trend right away I should consider abandoning the trade setup as the setup may not work and may start moving in the opposite direction. Notice that over the last 4 daily...

ForexFloorTrader 42 views ・

The anatomy of a candle tells us a lot of information about price action. The high to the low of the candle tells us what the trading range was for the session. The real body tells us the day was bullish if the candle is green and bearish if the candle was red. The size of the real body tells us how committed traders were to the market. A small real body tells us...

ForexFloorTrader 43 views ・

GBPAUD is making higher highs and higher lows indicating an upward trend. The 10 day EMA is diverging from the 20 day EMA indicating increasing momentum. The last 2 candles tested and bounced off 10 EMA indicating 10 EMA holding as support. Last candle is Engulfing previous candle indicating a reversal in trend from a sideways trading range to the beginning of...

ForexFloorTrader 52 views ・

I missed my original entry point by 3 PIP's so I entered SHORT at market. 1.6:1 reward to risk ratio. I really like to keep reward to risk ratio at 2:1 or greater but I decided to go ahead with this trade as I feel confident price will move lower.

ForexFloorTrader 52 views ・

Price action has been making higher highs and higher lows indicating an upward trend. Notice Swing Level. A swing level is similar to a support level where price has actually come back and tested it as support. When price action rejects this swing level it indicates a probability price action will continue higher so this is a very good place to consider a long...

ForexFloorTrader 61 views ・

DURUSD has formed a lower low and a lower high indicating the trend is reversing from an uptrend to a downward. A new lower low will confirm the reversal in trend. Price is also rejecting higher prices as noted by the long upper shadows (see red ovals). The last two candles are rejection candles as noted by their long upper shadows, red bodies and closing near...

ForexFloorTrader 35 views ・

Yesterday I showed a valid short trade setup with a Stop Loss and a Profit target. Today EURUSD moved above my stop loss price during the day stopping out this trade setup with a small loss. This is an example illustrating that not all valid trade setups will work. Nothing is guaranteed in trading there are only probabilities that trade setups will work. As...

ForexFloorTrader 54 views ・

EURUSD Daily TF - EURUSD is at resistance. Yesterdays' candle had a small body indicating buyers are weak and unwilling to breakout above resistance. If todays' candle closes below the low you yesterdays' candle that will indicate the sellers are taking control of the market. Further, this would then be a valid signal to Short this market!

ForexFloorTrader 26 views ・

An upward trend is identified by a series of higher highs and higher lows. A downward trend is identified by a series of lower highs and lower lows. As long as the series continues the trend will remain intact. A simple way to identify a trend is by placing a plus sign or some other symbol on the chart as shown. Once the series is interrupted the trend is then...

ForexFloorTrader 38 views ・

There are many ways to measure the strength of currency pairs. One such way is to use the RSI indicator and compare the strength of one currency pair versus another. Another way might be to use Stochastic to determine which currency pair is overbought/oversold compared to another. I don't measure the strength of one currency pair versus another I measure the...

ForexFloorTrader 46 views ・

PUTTING IT ALL TOGETHER ======================= Window 1 shows the yearly candlesticks. Here I can see the long term trend is down. I can also see the real body of the 2019 candle is bearish (red) and is completely below the long term swing level at 77.217. This exposes the next lower support level at 66.19. I also know that it will take a new yearly candle,...

ForexFloorTrader 50 views ・

Chart Setup - After I have analyzed this market on the monthly chart I move to the daily chart. The daily chart shows the monthly pivot points. Looking back at the monthly chart for a moment, in a downward trend it is expected that the monthly candle continue to make lower highs and lower lows. With this thought in mind let's now go back to our daily chart and...

ForexFloorTrader 39 views ・

Long Term Outlook : Downward trend Analysis: NZDUSD started the month below pivot point "P" indicating a bearish bias. "When the market is below the pivot point "P" Floor Traders are "Sellers" and not "Buyers"." Price has now moved up to pivot point "P" closing above "P" but leaving an upper shadow. This upper shadow indicates price is rejecting higher...

ForexFloorTrader 61 views ・

After I have plotted all the swing levels on the yearly chart I move to the monthly chart. Chart setup: On the monthly chart I show the yearly pivot points. These pivot points are plotted on the chart from the beginning of the year to the end of the year. I also drawn in any swing levels from the yearly chart that pass through or are close the the yearly pivot...

ForexFloorTrader 48 views ・

AUDCAD DAILY CHART Chart setup: Chart shows monthly pivot points in blue. Analysis: AUDCAD opened the month below the monthly pivot point "P" indicating a bearish market environment. This pair moved up to monthly pivot point "P" where it ran into resistance. Daily candle then printed a Bearish engulfing candle on the chart indicating a bearish trend setup. ...