Overview of Price Action Charts I f you browse the web at times, it can be difficult to determine if you are looking at a stock chart or hieroglyphics. When you see a chart with many indicators and trend lines, it is likely a trader trying to overcompensate for lack of certainty. For example, I have talked with traders whose screens look something like the picture below. Too Many Indicators I have even seen some traders that will have four or more monitors with charts this busy on each monitor. When you see this sort of setup, you hope at some point the trader will release themselves from this burden of proof. What if we lived in a world where we just traded the price action? A world where traders pick simplicity over the complex world of technical indicators and automated trading strategies . When you remove all the clutter from the trades, all that is remaining is the price. To see a chart minus all the indicators, take a l...
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50 Pips A Day Forex Day Trading Strategy The 50 Pips A Day Forex Trading Strategy is designed to capture the early market move of GBPUSD or EURUSD but you can certainly experiment with other major currency pairs. It is a pretty simple day trading strategy but remember that many times, the best day trading strategies that work are actually simple in design which can make them quite robust. I think this is a great day trading strategy for beginners because you do not need to learn complicated indicators or price patterns. The trade setup is quite clear but like any trading strategy, risk management is vital for your overall success . It is very similar to the London breakout system that is also on this website. We are going to use the major Forex currency pairs and the first thing you will want to do is open up the daily chart to look for the pair that has a decent daily range . Our main goal for our trading day is to ca...
scalping forex
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scalping forex Initial resistance is eyed at the June high-day close at 1.1367 with critical confluence resistance eyed at 1.1445/71 – a region defined by the objective 2019 yearly open and the 38.2% retracement of the 2018 decline. Look for a bigger reaction there IF reached with a close above needed to suggest a more significant low was registered last month. Yearly open support at 1.1222 backed by the Fibonacci confluence at 1.1170/86 – losses should limited to this threshold IF price is indeed heading higher.