+10 Pairs broken down analysis
1. Indicator- 50 EMA
2. Identify market type.
3. Identify market structure and market trend.
4. Draw up support and resistance levels, and if applicable make use of chart patterns.
Conditions:
Market type and market structure should be identified on a higher timeframe.
Price must be above the 50 EMA for buys and below the 50 EMA for sells.
Entry:
When price is at an area of support in an up trending market drop down to a lower time frame and look for one of these confirmations; engulfing green candle, 2 adjacent green candles, a hammer, or a double bottom.
When price is at an area of resistance in a down trending market drop down to a lower time frame and look for one of these confirmations; engulfing red candle, 2 adjacent red candles, a shooting star, or a double top.
Entry at the closer of one of those options.
Stoploss:
My stoploss is normally below or above previous structure that was broken.
Target:
I personally use 1,4:1 just to make sure price hits those targets.
2. Identify market type.
3. Identify market structure and market trend.
4. Draw up support and resistance levels, and if applicable make use of chart patterns.
Conditions:
Market type and market structure should be identified on a higher timeframe.
Price must be above the 50 EMA for buys and below the 50 EMA for sells.
Entry:
When price is at an area of support in an up trending market drop down to a lower time frame and look for one of these confirmations; engulfing green candle, 2 adjacent green candles, a hammer, or a double bottom.
When price is at an area of resistance in a down trending market drop down to a lower time frame and look for one of these confirmations; engulfing red candle, 2 adjacent red candles, a shooting star, or a double top.
Entry at the closer of one of those options.
Stoploss:
My stoploss is normally below or above previous structure that was broken.
Target:
I personally use 1,4:1 just to make sure price hits those targets.
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