TRAIDING GUIDE ~ real time forex trading news
For the Medium-term trade, W1 chart is my principal guide and I D1 to determine the current direction of the market and H4 or atimes H1 to identify my specific points of entry for such trades. I also use RSI 14 days period to determine the strength of any current price movement. Once the RSI is around 70 or below 30 the W1, in 95% of such situations, the trend reversal would most likely result in a movement of between 700 -above 1000 pips. My targets for such trades is usually between 400-500 pips. I allow such trades to roam for days or even weeks to in order to reach my target.
For my long term trades, I play like the big boys, I have two pending buy order at 118.00 for GBPJPY for some months now. I know the big boys will one day push the downtrend from 163 to that price to complete the 2nd leg of the downtrend. Whenever the price get to such levels, the retrace for curren is usually definitely more than 1000 pips. Before the price gets to 118-118 however, there is an unfinished business between 126-123.
The weekly chart for GBPUSD indicates that it is gradual get into the end of a wedge. It will either move out of the wedge or fall to around 1.33570 to complete the 2nd leg of fall from 1.70000. I am patiently waiting both currency pairs at those critical areas. However, while the wait is on, I will continue to implement my short term strategy
Forex trading is a product of habit and it is fond of repeating itself over and over again. A trader needs to have the big picture within his purview and understand the cycle to be able to play the game. You need to have both your short-term, medium term and long term strategy firmly in place if you dont want to be one of the casualties of the merciless forex world and stand out from the crowd.
I will discuss the importance of fundamental analysis in my next posting before discusssing the Mechanical Trader i.e. The trader without emotion.
For my long term trades, I play like the big boys, I have two pending buy order at 118.00 for GBPJPY for some months now. I know the big boys will one day push the downtrend from 163 to that price to complete the 2nd leg of the downtrend. Whenever the price get to such levels, the retrace for curren is usually definitely more than 1000 pips. Before the price gets to 118-118 however, there is an unfinished business between 126-123.
The weekly chart for GBPUSD indicates that it is gradual get into the end of a wedge. It will either move out of the wedge or fall to around 1.33570 to complete the 2nd leg of fall from 1.70000. I am patiently waiting both currency pairs at those critical areas. However, while the wait is on, I will continue to implement my short term strategy
Forex trading is a product of habit and it is fond of repeating itself over and over again. A trader needs to have the big picture within his purview and understand the cycle to be able to play the game. You need to have both your short-term, medium term and long term strategy firmly in place if you dont want to be one of the casualties of the merciless forex world and stand out from the crowd.
I will discuss the importance of fundamental analysis in my next posting before discusssing the Mechanical Trader i.e. The trader without emotion.
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