| Forex trading advice for people who really want to | | | | Now I have my support and resistance established. |
| trade. High Profit Candlestick Patterns and Profitable | | | | Knowing and understand the currency pair you want |
| Candlestick Trading are both great resources | | | | to trade is very important at this point. history says |
| regarding the subject of charting. A person needs to | | | | that the Euro/Dollar will move approx 70 Pips in a 24 |
| be conscious of all the pitfalls when dealing with | | | | hr period and that it usually retraces around the.382 |
| foreign exchange trading and it is advisable to get | | | | or 38% mark on my Fibonacci ratio scale, this gives |
| advice from a experienced forex trader if you have | | | | me a good idea as to where things are going. |
| any questions. | | | | None of this is written in stone and this is why you |
| Candlestick charting is by far the most revealing | | | | need to read and understand candle patterns.Where |
| method of understanding the basic moves made | | | | one candle pattern will say there is nothing happening |
| each day the market opens. Now all we need is | | | | the next one maybe giving you a warring for use of |
| confirmation so you can pull the trigger or click the | | | | a better word as to what might be going to happen |
| mouse to establish an entry in the market and | | | | next. As I said earlier there are no leading indicators |
| establish a position. | | | | but learning to read candle stick and understanding |
| All indicators unfortunately or lagging indicators but | | | | their patterns will give you an up on most traders. |
| candle stick charting gives you the best advance | | | | Once I know this I can start looking at shorter time |
| notice of what may possible be happening at any | | | | frames like the 240,180 and 1 hour chart. this gives |
| one time... | | | | me a pretty good picture as to what is happening in |
| It really doesn't matter what time frame your are | | | | the market.Once I have establish where and what |
| trading whether your a scalper,day trader or going | | | | the market is likely to do then an only then do I drop |
| for the long term trade. It is all the same in most | | | | down to a 5 minute or 15 min chart. |
| case you will get a pattern of three to five candles | | | | Now I begin looking for an entree point using candle |
| before you start a retracement but the trick is to | | | | sticks and remembering the rule 3 to 5 candle stick |
| read the candle pattern and understand which one is | | | | before a retracement. Once I decide to pull the |
| giving you a warning and letting you know a change | | | | trigger and get in I close out the short term chart |
| might be happening. | | | | and work with the 1 hour or 60 minute chart. |
| The first step in any trading system is to determine | | | | Trading forex is a skill but like any skill it can be |
| market trend once you have establish that now you | | | | learned. There's no forex trading system that is |
| can set up your moving averages but you do not try | | | | perfect you will always have loosing trades the trick |
| to trade with the same moving average for ever | | | | is to have more winning trades than loser's, makes |
| time frame.when I start looking I start with the | | | | sense right. |
| month, day then week to see what information | | | | Forex trading advice. So how do you accomplish this? |
| history is providing for me.Is the currency I'm trading | | | | It really is not that difficult build or use a system you |
| in an up trend down trend or is it changeling Then I | | | | can trust,never trade with out a stop loss, never |
| draw my trend lines determining the highest high the | | | | expose more than 1 to 2% of your account on one |
| lowest low. | | | | trade,learn the currency pair you want to trade |
| Now i have set up my moving averages now I need | | | | become an expert on that pair. |
| to set a Fibonacci retracement ratio using A,B,C,D. A | | | | Risk management is the most important aspect to |
| being the lowest low or highest high depending on | | | | any trading plan. The result is a broke trading account |
| market direction and As the D as the opposite end | | | | and loss of confidence. So don't be a gambler be a |
| of the scale | | | | skilled trader. |