- Price Action Forex Trading Course by Nial Fuller » Learn
- RoboForex - 24x5 Online Forex Trading, Currency Trading Broker
- XE – Six Steps to Improve Your Trading
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Price Action Forex Trading Course by Nial Fuller » Learn
So when that ends and price resumes in the original uptrend direction then that is called a continuation. The chart below makes this concept a bit more clearer:
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A forex trading strategy is simply a set of rules telling you when to buy or sell when certain market conditions are met in order to make a profit.
XE – Six Steps to Improve Your Trading
This was what Debora said to me. She was in her mid-forties, had a good career and saw the need to invest for her retirement.
If you see a symmetrical triangle pattern form in a downtrend, then expect a breakout of this pattern to the downside like this one shown below:
Notice that for the 6hr trade entry, it was done almost at the very top and the stop loss distance was very small in comparison to the trade taken in the daily timeframe. Which means that the risk:reward of the 6hr timeframe trade is a lot better than what you would get in the daily.
The next important aspect of position sizing that you need to understand, is that it allows you to trade the same $ amount of risk on any trade. For example, just because you have to have a wider stop on a trade doesn’t mean you need to risk more money on it, and just because you can have a smaller stop on a trade does not mean you will risk less money it. You adjust your position size to meet your pre-determined risk amount, no matter how big or small your stop loss is. Many beginning traders get confused by this and think they are risking more with a bigger stop or less with a smaller stop this is not necessarily the case.
So if you take a sell trade on the first trendline but price intersects it and you are stopped out with a loss and now price is heading to the 7 nd trendline above, you should also look to sell if you get bearish reversal candlestick signal.
Now each of these 8 trend types have certain price structure about them that tells you whether the market is in an uptrend, downtrend or sideways trend.
Now, I can put lots of charts giving you examples of what happened in the past…but it’s best that now you see and understand what I am explaining here, and then go and sit down and observe what happens on your charts in real time.