Hello Traders
Trading currency is an art and one should love it to succeed.
This thread will showcase how one can Utilise the basics of price action such as support, resistance, trend lines to take trades.
There will be series of illustrations showcasing how to go about trading with a solid backing towards taking a trade.
It’s with constant practice one can get hold of the price action setups with blink of an eye.
Following are some of the fundamentals we will use to Buy or sell a pair
1. Check for the breakout at key levels
2. Check for retracement at key levels
3. Check for correlation at key levels
Closing the trades:
Once you have entered the trade you can use a running stop loss after 20 or 30 pips and scale out positions at 0.5, 1,1.5 and 2 percentage profits.
The other option is use a fixed 1:2 risk reward ratio.
The risk can be determined by fixing a constant pip such as 50 or 100
One thing to remember that whatever the system you follow there should be sound money management to fight your monkey mind from taking decisions that could blow your account.
Always remember if you want to stay in this game for a longer run you must be willing to take drawdowns, negative P/l months with a smile
Detailed performance and stats of this method which has a low drawdown of 9% can be viewed at this thread - Proeureka System (https://www.forexfactory.com/showthread.php?t=914053)
Trading currency is an art and one should love it to succeed.
This thread will showcase how one can Utilise the basics of price action such as support, resistance, trend lines to take trades.
There will be series of illustrations showcasing how to go about trading with a solid backing towards taking a trade.
It’s with constant practice one can get hold of the price action setups with blink of an eye.
Following are some of the fundamentals we will use to Buy or sell a pair
1. Check for the breakout at key levels
2. Check for retracement at key levels
3. Check for correlation at key levels
Closing the trades:
Once you have entered the trade you can use a running stop loss after 20 or 30 pips and scale out positions at 0.5, 1,1.5 and 2 percentage profits.
The other option is use a fixed 1:2 risk reward ratio.
The risk can be determined by fixing a constant pip such as 50 or 100
One thing to remember that whatever the system you follow there should be sound money management to fight your monkey mind from taking decisions that could blow your account.
Always remember if you want to stay in this game for a longer run you must be willing to take drawdowns, negative P/l months with a smile
Detailed performance and stats of this method which has a low drawdown of 9% can be viewed at this thread - Proeureka System (https://www.forexfactory.com/showthread.php?t=914053)