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Closedforprofit

Forex Trading IdeologyIn Forex trading, understanding price movements is essential for success. This article presenteds a conceptual ideology that metaphorically interprets price movements in Forex. We explored range trading as breakfast and conversation, where traders analyze overbought and oversold levels on a RSI 4 for potential breakouts. Trends were attributed to buyers and sellers, with uptrends indicating bullish sentiment and downtrends reflecting bearish sentiment. Breakouts were seen as pivotal decisions made during breakfast, confirmed through technical indicators like the RSI. Correlation and retesting allowed traders to analyze market relationships and make informed decisions. Trend continuation or reversal required careful analysis of price patterns and indicators. Finally , the closing and opening of trading sessions marked the end of one day and the start of another. By applying this kind of ideology, traders can gain insights into market dynamics, improve their strategies, and make informed decisions in Forex trading. ♧J
OANDA:XAUUSDEducation
by ATU_TAD
2
USDJPY....headed upwardsAs discussed in my previous posts, we were long the pair and advised entry in 3 tranches. 2 of the trades were executed at our levels and we also hit our TP at 109.20 levels... I had mentioned in my previous posts that 109.30 is an area of congestion and we can see that markets so far couldn't beat that level is around that zone. If you look at the RSI, bulls pulled it upwards very sharply from undervalued zone to now in their zone, where it may show over bought. However, with experience, we know markets can remain over bought for longer period of time Look out for how RSI moves to decide the next course of action. 109.5 looks in reach, but if RSI retraces back to oversold zone, trend could reverse, else, uptrend likely to continue If you like what you read, please share a thumbs up Cheers
Long
by LoveForCharts
NZDUSD : Third attempt at a short The Bias is still there Trade Setup: -As in the above picture its a congested area and price is failing to make new highs -Number of patterns are detectable -On the 15min chart there is a Double Top -Trendline Break -Meausured Move Trade Management -2 Trades entered @ 0.7275 -Stop Loss for both @ 0.7309 -Target Profit 1 @ 0.72211 Fib level 1.618 of measured move -Target Proft 2 @ 0.72000 Fib Level 2.0 of measured move -Move SL to Break Even after 1st TP hit Lets see what happens... A note about the previous two trades on this pair (both linked below) I think my stop was a bit too tight on the previous trade and the one before that my entry was not too great
Short
by UnknownUnicorn73945
USDJPY: SHORT MEASURED MOVETrade Setup: -Measured move from retest of major support / resistance level -No particular pattern found -Trendline break Note: The ideal point to enter thsi trade would have been the break of the trendline as mentioned on the chart I have decided to enter on the basis of the long wick candle (with the arrow above it) Trade Management: - 2 Limit order placed at 100.300 - 2 Target profits ; 1 @ 99.78 Fib Level 1.618 of trendline s/r measured move ; 2nd @ 99.440 Fib Level 2.0 of trendline measured move although I am open to trailing it further down to the 99.20 level - Same SL for both trades - Once first TP hit ; SL for second position will go to Break Even Lets see what happens...
Short
by UnknownUnicorn73945