By Laurentiu Damir
Day buying and selling foreign money with help and Resistance Zones
- Forex fee motion Day buying and selling process to make one thousand pips monthly with
- Low hazard - excessive present buying and selling (1:3 Risk-Reward ratio)
- Clear access, cease loss and go out levels
- Timeframes used: 1hour and 4hour
- Moving averages
- Support and resistance levels
- Price patterns
If you require extra information be at liberty to touch me at firstname.lastname@example.org
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Extra info for Day Trading Forex with S&R Zones - Forex Trading System
A valid strong breakout usually takes place in the European session. Next, we finally have a breakout of that support level with a huge bearish candle that is entirely below the support level. This is the true breakout and this is what we will use to enter our orders in the market. Entry You probably know that almost every time a strong support or resistance level is broken price comes back to retest it shortly after. This retest is what you will use to find the entry level for your order and also your stop loss level.
This corresponds to the definition of the breakout I gave earlier but there is a problem with this candle: It is very small in size. Do not consider such small candles as breakout candles even if they fit the definition of a breakout. For a breakout to be true, it has to happen with force, price has to create a big candle to show us that the sellers in this case, are committed to push the price down further. A small candle does not show too much commitment from the sellers. Such small candles usually form in late New York session and in the Asian session when the market in choppy and there is not much volume in the market.
Timeframes We will be using the 4 hours timeframe to see the overall trend as explained earlier. If the pair trades above the 200 period exponential moving average then the trend is up, if it trades below the moving average then the trend is down. After we do this, we go to the 1 hour chart and do the same thing. If on the 4h chart price is above the EMA, on the 1 hour chart price must also be above the moving average for us to consider looking for trade setups on that pair. Same goes for the other direction, if on the 4h chart the pair is trading below the EMA, on the 1h chart price must also be trading below the 200EMA and the EMA itself must be sloping down on both timeframes.
Day Trading Forex with S&R Zones - Forex Trading System by Laurentiu Damir