So, ever wondered what support does hold and what not? Would it be possible to set an entry and forget?
Here is my first thread I am starting and I am about to show you what to do and what NOT to do.
remember, there is no holy grail. All I can do is showing you my simple way of trading. All you need is patience and good money managment.
So here we go.
1) First of all, I want to tell you all that I don't care about news! Even if it is NFP or GDP or whatever. Price will always move with a reason what has been determined before the news comes out. Don't believe me? Ok check where the Euro is currently, or where the US$ is with all the money printing. See, it doesn't matter anymore. News is just an event that can speed up the price movement to the determined levels with shaking out as much as possible! Remember this.
2) It doesn't matter neither that it is asia trading so it is irrelevant because London didn't opened yet. Also another thing to debunk right now. I have seen big moves before during asian session. Remember, market NEVER sleeps! Not even in the weekend! FX is 24/7. Just for the public it is 24/5. But yes, market is ALWAYS moving.
Now, lets get going. I don't use any indicators, no volume no MA's. Simply a 4 hour chart and that's it! If you want to add Moving averages or whatever indicator just go ahead. I am just going to show you how to determin good entry points and exits.
Patience is really important. If you're a day trader then this system is probably nothing for you because we're trading off the four hour chart.
First of all I am going to show you a four hour chart of my EUR/USD as it is right now. I have drawn my support in it. There is no 100% winning system. You will fail once in a while but if you're determined and have patience, you will make much more with the winnings.
Here is my first thread I am starting and I am about to show you what to do and what NOT to do.
remember, there is no holy grail. All I can do is showing you my simple way of trading. All you need is patience and good money managment.
So here we go.
1) First of all, I want to tell you all that I don't care about news! Even if it is NFP or GDP or whatever. Price will always move with a reason what has been determined before the news comes out. Don't believe me? Ok check where the Euro is currently, or where the US$ is with all the money printing. See, it doesn't matter anymore. News is just an event that can speed up the price movement to the determined levels with shaking out as much as possible! Remember this.
2) It doesn't matter neither that it is asia trading so it is irrelevant because London didn't opened yet. Also another thing to debunk right now. I have seen big moves before during asian session. Remember, market NEVER sleeps! Not even in the weekend! FX is 24/7. Just for the public it is 24/5. But yes, market is ALWAYS moving.
Now, lets get going. I don't use any indicators, no volume no MA's. Simply a 4 hour chart and that's it! If you want to add Moving averages or whatever indicator just go ahead. I am just going to show you how to determin good entry points and exits.
Patience is really important. If you're a day trader then this system is probably nothing for you because we're trading off the four hour chart.
First of all I am going to show you a four hour chart of my EUR/USD as it is right now. I have drawn my support in it. There is no 100% winning system. You will fail once in a while but if you're determined and have patience, you will make much more with the winnings.