Day Trading Forex with Price Patterns - Forex Trading System by Laurentiu Damir

By Laurentiu Damir

Day buying and selling foreign money with fee Patterns

  • Forex expense motion Day buying and selling System
  • Make a thousand pips monthly or more
  • Timeframes used - 30minutes-4hours

Components

  • Price motion Trends
  • Price Patterns
  • Support and Resistance Levels

Summary

  • The e-book features a robust fee motion day buying and selling approach that specializes in very powerful styles that expense makes.These styles are illustrated with nice element contained in the book,but extra importantly,the common sense at the back of each trend is defined in a fashion that the dealer will study precisely what's taking place with the dealers and sellers,which of them are superior at that time.Knowing this,the dealer can then make the easiest buying and selling decions
  • The approach seems on the higher photograph to discover the course within which to trade,then it makes use of the half-hour chart to identify cost styles and day alternate them with first-class success.It does not use technical indicator of any kind.It additionally has rather well outlined entry,stop loss and go out principles that permits the dealer to make the utmost out of each trade
  • Learning and employing this currency day buying and selling procedure is all you need to do to generate profits consistently.You can learn the pattern and in the event you require additional information be at liberty to touch me at damirlaurentiu@yahoo.com

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Extra resources for Day Trading Forex with Price Patterns - Forex Trading System

Example text

The slope of the wedge pattern always has to be against the main trend or against the direction that we look to trade in. In addition, the two trend lines have to converge. Let us see a chart with such a pattern: We have a clear downtrend established by that 4h chart last impulsive move. The trend enters a correction faze and a rising wedge is formed. Yes, I know, it looks like a symmetrical triangle but it is not. The symmetrical triangle has a neutral bias, this rising wedge always has an upwards slope and is valid only in downtrends.

This is because there will be times when the trend is to strong and the retest never happens. Let us see a chart: Here we have a descending triangle in a clear downtrend with the recent impulsive move on the 4h chart down. The pattern brakes to the downside, as we want it to break but after the first 30 minutes candle that closes outside the pattern there is no retest of the lower trend line. If there is no retest after the first candle that breaks the pattern, we enter at the close of the second candle that is completely outside the pattern.

You should not wait for the retest, if it did not happen after the first candle there is a good chance that it will not happen at all. We place the stop loss above the last minor lower high inside the pattern. Then we trail the stop loss manually exactly the same way as in the first example where we entered the order after the retest of the pattern. Here we have the same situation. We have an ascending triangle, most recent impulsive move on the 4h chart is pointing up, but after the first candle that closes above the pattern there is no retest, so we enter the trade at the close of the second candle, which is completely outside the pattern.

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