Breaking Down Charts (Will Set You Free)
Need you to understand what candlesticks are telling you, what big banks are telling you (they leave their footprints): The follow seven numbers on chart, I see quickly to understand the mood of the pair and direction:
1) Down trend happened end of Tokyo and beginning of London Session (more liquidity and volume)
2) Demand zone set on Thursday for rest of week
3) Bullish Piercing Line Two candlestick pattern
4) Sideways or Ranging price action (after London close to Aud news)
5A) Psychological numbers- ALWAYS find them and know where they are on pairs you are trading. (1.60000 and 1.65000)
6) Bullish Engulfing two candlestick pattern
7) Supply zone set on Thursday for rest of week
8) Big institutional candlestick (Any others?) find them
9) Where is YELLOW 200 ema line (major support or resistance)- if above, then trade bearish and if below, then trade bullish. Nothing is absolute.
10) Where is Bollinger Bands 20 period (orange line)- this acts just like a RUBBER BAND- if price action is stretched out, it will come back to medium.
*Note: You should be able to break the attached chart down further with your own strategy and edge. Trading Forex is a business not a hobby, if you treat it correctly Forex will reward you for your hard work and efforts. More you understand and learn each day, more Forex trading will becomes easier to do.
Need you to understand what candlesticks are telling you, what big banks are telling you (they leave their footprints): The follow seven numbers on chart, I see quickly to understand the mood of the pair and direction:
1) Down trend happened end of Tokyo and beginning of London Session (more liquidity and volume)
2) Demand zone set on Thursday for rest of week
3) Bullish Piercing Line Two candlestick pattern
4) Sideways or Ranging price action (after London close to Aud news)
5A) Psychological numbers- ALWAYS find them and know where they are on pairs you are trading. (1.60000 and 1.65000)
6) Bullish Engulfing two candlestick pattern
7) Supply zone set on Thursday for rest of week
8) Big institutional candlestick (Any others?) find them
9) Where is YELLOW 200 ema line (major support or resistance)- if above, then trade bearish and if below, then trade bullish. Nothing is absolute.
10) Where is Bollinger Bands 20 period (orange line)- this acts just like a RUBBER BAND- if price action is stretched out, it will come back to medium.
*Note: You should be able to break the attached chart down further with your own strategy and edge. Trading Forex is a business not a hobby, if you treat it correctly Forex will reward you for your hard work and efforts. More you understand and learn each day, more Forex trading will becomes easier to do.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.