An example of a financial operation. The internet revolution has forced this business to move to electronic system. Forex is an over-the-counter (OTC) or off-exchange market. OnRead more
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Momentum trading forex strategies
Well, now we are at it! Then observe what is happening in the present and then predict where the market will go next. Obviously, you can see how the price reacted to the trendline by forming a shooting star. A confluence is a point/level in the market where two or more levels intersect each other (or come together) and they form a flash point or hot point or confluent point. I then switch to the 1hr chart to wait for the breakout to happen. So price action is telling you that you are now potentially in a downtrend but moving average is saying not yet. Thats the beauty about these kinds of trades: They are really low risk-high reward entry trades.
I would really appreciate that. Using Moving Averages For Dynamic Support And Resistance Levels The concept of dynamic support and resistance can be fully understood with a few charts given below. When you use price action trading with one other indicator or a combination of indicators which are incorporated into your trading system then thats what I call Not-So-Pure Price Action Trading.
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I often use the 1hr for my trade entries and can even go down to 5min timeframe for my entries. Now, in the past, we talked about other types of cycles such as seasonal cycles or calendar cycles, expansion and volatility cycles, and then we also talked about the chaos and the orderly cycle. For example, the market has been in an uptrend and when price hits a major resistance level, it reversed and formed a downtrend. So in an uptrend, price will be making higher highs and higher lows like the figure shown below: So in an uptrend, price moves in swings like this chart shown below: And in a downtrend, price will be making lower highs and lower lows:. (There are exceptions though when you can trade against the main trend like that like in trading channelssee Chapter 9 of this price action trading course where it talks about: How To Trade Channels) Market Price moves in swings. A false-break can be defined as a deception by the market; a test of a level that results in a break of that level but the market then retracts and does not sustain itself above or below that level. Notice the spinning top candlestick right at the 50 level which could have been used as a buy signal: Heres another example of how to trade Fibonacci with price action in a downtrend: You can see that this is not complicated, isnt it? Another way to do it would be say 3 times the x pips or 2 times the x pips distance. Now, if we were to look at this, the halfway point between the low and the low.