How to trade the weekly and monthly forex charts ~ best forex trading demo
Selling on the weekly chart is one of the easiest ways to make money trading forex. Markets are always ranging, and when the range is broken it pays well to maintain a sell limit order at the broken support. This is because whenever the price breaks a range it must always retest the previous support before moving further down. The trick is to maintain a pending order on the previous support level.
The disadvantage with this trading strategy is the lack of a clear place to maintain the stop out level. But as long as you draw the mental line and decide that you are comfortable with losing a particular dollar amount, it will work out well for you.
The strategy almost never fails when selling but has a mixed bag of fruits whenever you seek to buy when the resistance level has been broken passed the range.
Do also note that this strategy works well on the weekly and monthly charts. This strategy also offers an early sell or buy signal on the daily chart close.
Try it out in your demo or real account and see the results.
This is how the weekly XAGUSD looked after the breakout. We maintained a sell limit order at point A after the close of the breakout candle on the weekly chart.
This is what happened after a few weeks and it definitely provided a nice return for those who waited for the previous support to be tested.
Note that on the daily chart this strategy gave us an early sell entry through a set up that most newbies must have probably used to go long instead of going short.
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Call us today on 0725 050 419 for the best forex trading orientation.
Do not lose your initial trading capital. Call us today on 0725 050 419 for the best forex trading orientation.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
------------------------------Call us today on 0725 050 419 for the best forex trading orientation.
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