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Fibonacci : The Best Trading Tool, How To Use It Correctly in this video i am sharing with u all my secrets in using the Fibonacci Tool. in my trading journey this was the best most precise trading tool i have ever used. it has so many advantages such as: 1- giving u the entry point. 2- easy and precise stop loss placements. 3- early indication if the wave has failed. watch the video and an don't forget to take a screenshot of the levels settings, Good luck all.
Education
by Forex_Wealth_Factory
4
Never Underestimate A Simple Setup USDCHF +120 Pips Update: simple and easy setups sometimes are the best so never underestimate ur trade and have second thoughts about it on 2 conditions: 1- u enter from strong area of resistance or support. 2- u don't enter against the trendline or the general direction of the pair. the price is creating very decent waves and also it will hit 71% fib level that will be at the same are of the trendline so putting a sell trade around this are will be great opportunities
by Forex_Wealth_Factory
XAUUSD BUY TRADEIn the intricate realm of gold trading, strategic precision is paramount. Your astute observation has identified a compelling opportunity: a poised entry into the market, leveraging a temporary dip around 1910 or 1911. This sagacious move, underpinned by robust support at 1910, promises an auspicious trajectory. In this professional pursuit, we meticulously analyze market dynamics, leveraging historical data and technical indicators. With a steadfast focus on risk management and market analysis, we are poised to navigate the nuanced fluctuations. Rest assured, your commitment to this strategic endeavor aligns seamlessly with the ethos of disciplined trading. Together, armed with insight and prudence, we stand ready to execute this well-calculated maneuver. May our endeavors be marked by success and our portfolios flourish in the wake of shrewd decision-making. Onward to a prosperous trading journey
OANDA:XAUUSDLong
by Parinyaphonsenfx
Forex Trading Basics: Charting Your Way to SuccessIntroduction Forex trading is the practice of buying and selling different currencies to profit from market fluctuations. This financial market is the largest in the world, with an average daily trading volume of $6.6 trillion, making it an attractive arena for traders. In this article, we'll cover some fundamental principles of forex trading, and show you where charts can help you understand and apply these principles. Forex Trading Principles Understanding Forex Market: The Forex market is a decentralized global marketplace where participants buy, sell, exchange, and speculate on the value of different currencies. Currency pairs are traded, such as EUR/USD (Euro/US Dollar) or USD/JPY (US Dollar/Japanese Yen). The first currency in the pair is the base currency, and the second is the quote currency. Understanding how currency pairs are quoted and the concept of exchange rates is essential for Forex trading. Factors that influence the Forex market include economic indicators, geopolitical events, interest rates, inflation, and market sentiment. Traders need to keep abreast of these factors to make informed trading decisions. Trading Strategy: A Forex trading strategy provides a systematic approach to navigate the complexities of the market. It helps traders identify entry and exit points, manage trades, and minimize emotional decision-making. Different trading styles, such as day trading (short-term), swing trading (mid-term), and position trading (long-term), require distinct strategies. Some popular Forex trading strategies include trend following, breakout trading, range trading, and carry trading. Traders must align their chosen strategy with their risk tolerance, available time for trading, and personal financial goals. Risk Management: Effective risk management is vital to protect your capital and survive in the Forex market. It involves determining the appropriate position size based on your account balance and risk appetite. Setting stop-loss orders is crucial to limit potential losses if a trade goes against you. Additionally, traders should consider setting profit targets to secure gains and practice sound money management principles. Risk management ensures that no single trade or a series of losses can wipe out a substantial portion of your trading account. Use of Indicators: Technical indicators are tools used to analyze price charts and identify potential trading opportunities. Fractals, for example, are indicators that highlight potential reversal points in the market. They consist of five consecutive bars, with the middle bar showing the highest (or lowest) price. Traders can use other indicators like Moving Averages, Relative Strength Index (RSI), MACD, and Bollinger Bands, among others. However, it's essential not to rely solely on indicators but to combine them with other forms of analysis and market context for more accurate decision-making. Applying Charts in Forex Trading Identifying Patterns: Forex charts are instrumental in recognizing chart patterns, which are recurring formations that can indicate potential market movements. The 'head and shoulders' pattern showed on the chart below is just one example. Other common patterns include double tops and bottoms, wedges, flags, and pennants. Each pattern has its own implications for price direction and can help traders anticipate trend reversals or continuations. Understanding these patterns and incorporating them into your analysis can significantly improve your trading decisions. Using Indicators: Indicators are mathematical calculations based on historical price and volume data, providing additional insights into market trends and potential entry or exit points. Besides fractals, traders often use indicators like Moving Averages, Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Bollinger Bands. These indicators help traders identify overbought or oversold conditions, trend strength, and potential trend changes. However, it's important to use indicators wisely and not overload charts with too many indicators, as it can lead to conflicting signals and confusion. Determining Entry and Exit Points: Charts serve as a primary tool for determining optimal entry and exit points for trades. Technical analysis tools, along with support and resistance levels, can guide traders in identifying areas of potential buying or selling interest. By combining technical analysis with their trading strategy, traders can time their entries and exits more effectively, enhancing the risk-reward ratio of their trades. Risk Management: Effective risk management is critical in Forex trading, and charts play a significant role in this aspect. By visualizing price movements and key levels on the chart, traders can determine appropriate stop-loss levels to limit potential losses. They can also calculate the position size based on their risk tolerance and the distance between their entry point and stop-loss level. Charts allow traders to assess the risk-reward ratio of a trade before executing it, ensuring they only take trades with favorable risk-to-reward profiles. Conclusion In conclusion, achieving success as a Forex trader requires a holistic approach that encompasses several critical elements. Understanding the basic principles of the Forex market sets the foundation for making informed decisions. Recognizing the role of currency pairs, exchange rates, and the factors influencing the market provides a solid framework for effective trading. Developing a robust trading strategy tailored to your trading style and risk tolerance is paramount. Whether you opt for day trading, swing trading, or position trading, having a well-defined plan will guide your actions and protect you from impulsive decisions driven by emotions. Charts serve as indispensable tools in Forex trading, enabling traders to visualize market data and identify key patterns and trends. Mastering the art of chart analysis empowers traders to spot potential opportunities, determine entry and exit points, and manage risk effectively. However, success in Forex trading is not solely reliant on theoretical knowledge and technical skills. Consistency and discipline play a crucial role. Maintaining consistency in your trading approach and adhering to your trading plan even during challenging market conditions can lead to long-term success. Discipline is essential in curbing the temptation to deviate from your strategy due to fear or greed. Practicing patience and avoiding overtrading are equally vital aspects of maintaining discipline. Moreover, the Forex market is dynamic and subject to constant change. Staying updated with market trends, economic events, and geopolitical developments is indispensable. Continually refining your trading strategies and adapting to evolving market conditions will keep you ahead of the curve. Additionally, never forget the importance of risk management. Preserving your trading capital through proper position sizing, setting stop-loss orders, and managing risk prudently is the key to surviving in the Forex market over the long term. In conclusion, the journey to becoming a successful Forex trader is a continuous process of learning, analyzing, and improving. Embrace a comprehensive approach that combines knowledge, strategy, chart analysis, consistency, discipline, and risk management. By doing so, you position yourself for success in the ever-changing and exciting world of Forex trading.
Education
by formaaaa
1
MOST THINGS SUCCESSFUL TRADERS DO AND THE SECRET BEHIND FOREX A single formula for success for trading in the financial markets. Think of the markets as being like the ocean and the trader as a surfer. Surfing requires talent, balance, patience, proper equipment, and mindfulness of your surroundings. Would you go into water that had dangerous rip tides or was shark-infested? Hopefully not. The attitude to trading in the Forex markets is no different. By blending good analysis with effective implementation, your success rate will improve dramatically, and, like many skill sets, good trading comes from a combination of talent and hard work. Here are the four strategies to serve you well in all markets, but in this article, we will focus on the Forex markets. Approaching Forex Trading Before you trade, recognize the value of proper preparation. It's important to align your personal goals and temperament with relatable instruments and markets. For example, if you understand retail markets, then it makes sense to trade retail stocks rather than oil futures, about which you may know nothing. It also helps to begin by assessing the following three components: Given its low commissions and fees, the Forex market is very accessible to individual investors. However, before you trade, make sure you have a solid understanding of what the Forex market is and the smart ways to navigate it. Learn the basics and see real-time examples of the approaches and strategies detailed in my youtube video Time Frame The time frame indicates the type of trading that is appropriate for your temperament. Trading off a fifteen-minute chart suggests that you are more comfortable taking a position without exposure to overnight risk. On the other hand, choosing weekly charts indicates comfort with overnight risk and a willingness to see some days go contrary to your position. In addition, decide if you have the time and willingness to sit in front of a screen all day or if you prefer to do your research over the weekend and then make a trading decision for the week ahead based on your analysis. Remember that the opportunity to make substantial money in the Forex markets requires time. Short-term scalping, by definition, means small profits or losses. In this case, you will have to trade more frequently. Methodology Once you choose a time frame, find a consistent methodology. For example, some traders like to buy support and sell resistance. Others prefer buying or selling breakouts. Some like to trade using indicators, such as MACD (moving average convergence divergence) and crossovers. Once you choose a system or methodology, test it to see if it works on a consistent basis and provides an edge. If your system is reliable more than 60% of the time, you should consider that an edge, even if it's a small one. Test a few strategies, and when you find one that delivers a consistently positive outcome, stay with it and test it with a variety of instruments and various time frames. Market (Instrument) You will find that certain instruments trade much more orderly than others. Erratic trading instruments make it difficult to produce a winning system. Therefore, it is necessary to test your system on multiple instruments to determine that your system's "personality" matches the instrument being traded. For example, if you were trading the EUR/USD currency pair in the Forex market, you may find that Fibonacci support and resistance levels are more reliable. Your Forex Trading Attitude Behaviour is an integral part of the trading process, and thus your attitude and mindset should reflect the following four attributes: Patience Once you know what to expect from your system, have the patience to wait for the price to reach the levels that your system indicates for either the point of entry or exit. If your system indicates an entry at a certain level but the market never reaches it, then move on to the next opportunity. There will always be another trade. Discipline Discipline is the ability to be patient—to sit on your hands until your system triggers an action point. Sometimes, the price action won't reach your anticipated price point. At this time, you must have the discipline to believe in your system and not second-guess it. Discipline is also the ability to pull the trigger when your system indicates to do so. This is especially true for stop losses. Objectivity Objectivity or "emotional detachment" also depends on the reliability of your system or methodology. If you have a system that provides entry and exit levels that you find reliable, you don't need to become emotional or allow yourself to be influenced by the opinion of pundits. Your system should be reliable enough so that you can be confident in acting on its signals. Realistic Expectations Even though the market can sometimes make a much bigger move than you anticipate, being realistic means that you cannot expect to invest $100 in your trading account and make $1,000 each trade. Although there is no such thing as a "safe" trading time frame, a short-term mindset may involve smaller risks if the trader exercises discipline in picking trades. This is also known as the trade-off between risk and reward. Motivating Forex Trading Factors Instruments trade differently depending on the major players and their intent. For example, hedge funds vary in strategy and are motivated differently than mutual funds. Large banks that are trading in the spot currency markets usually have a different objective than currency traders buying or selling futures contracts. If you can determine what motivates the large players, you can often align that knowledge to your advantage. Alignment Pick a few currencies, stocks, or commodities, and chart them all in a variety of time frames. Then apply your particular methodology to all of them and see which time frame and instrument align with your system. This is how you discover alignment within your system. Repeat this exercise regularly to adapt to changing market conditions. Implementing a Forex Trading Strategy There is no such thing as only profitable trades, just as no system is a 100% sure thing. Even a profitable system, say with a 65% profit-to-loss ratio, still, has 35% losing trades. Therefore, the art of profitability is in the management and execution of the trade. Risk Control In the end, successful trading is all about risk control. Try to get your trade in the correct direction right out of the gate. Evaluate your trading system, make adjustments, and try again. Often, it is on the second or third attempt that your trade will move in the right direction. This practice requires patience and discipline to achieve success. The Bottom Line Trading is nuanced and requires as much art as science to execute successfully, which means that there is only a profit-making trade or a loss-making trade. Warren Buffet said that there are two rules in trading: Rule 1: Never lose money. Rule 2: Remember Rule 1.1 Stick a note on your computer that will remind you to take small losses often and quickly rather than wait for the big losses.
Education
by wakaman
XAUUSD - KOG REPORT!KOG Report: 17/04/22 In last weeks KOG Report we said we were not convinced by the bullish move from the previous week and would be expecting the market to go a little higher to target the levels of 1970 and above that 1975 where we would be looking to protect and take most of the profits on any longs and then waiting to short the market into the lower support levels initially. We suggested that we would like the market to open, target the 1950 level and then drop into 1940 where we would be looking for support where we would go long for our targets. As we suggested the market played out exactly as planned, not only down into support but then up into the 1970 and 1975 regions. We ended the week in Camelot with 19 targets hit across 22 trade ideas. Another phenomenal week for us and our members here at KOG. So, what can we expect for the week ahead? Again, we’re going to keep it quite simple this week as the plans from last week haven’t really changed. We can see another push to the upside into the 1985 and 1995 levels and potentially just a little higher around 2003-8 where again we will be looking for the market to correct at some point during the course of the week. We have a lower level of 1920 and 1895 which we’re targeting as long as the price stays below the 2000 level. Breaking 2000 to the upside on the Daily and closing above it will negate our plan temporarily. Immediate supports stands first at the 1960 level and below that just above 1950, this is where there is likely to be a reaction in price to the downside. On the flip side, immediate resistance stands 1980-85 which is also where we are likely to see a reaction in price. We have a pattern test around the 1995 level with a lot of imbalance above, so its likely we will see bullish movement but as we’ve said, we would like the pull back first into the lower support regions. So, we will as always look at this with 2 scenarios in mind: Scenario 1: The price begins by declining into the lower support region of 1960 initially, this is where we feel there could be an opportunity to target the long trade into the above resistance levels with the complete target being at 1985. This is where we will be looking to protect any long trades and taking a majority of profits of the table. We would like to see this target the higher levels where we will be looking for signs of a reversal to take the short trade back down into 1940, 1920 and below that 1895. IF we do achieve those lower levels we will be looking to go long again to go higher! Scenario 2: Price pushes to the upside and targets the 1985-95 levels, if we face resistance here we will be looking to short the market back down into the first key resistance level of 1960, below that 1940 and a break of that the level we’ll look for 1920. At this point we will take it step by step looking for signs of a reversal to again go long and target the higher targets. In summary: So, our key levels are 1960 and 1985 as immediate targets to the up and downside. Price needs to stay below the 2000 level on close for us to continue targeting the 1895 level. A break and close above 2000 with confirmation of the movement and we will start looking to target the higher levels with the ultimate target being 2090 for us. We’re not expecting much during the start of the week so its possible we will just see the market range and prepare for a breakout in either direction. We will of course share our daily levels and plans as we progress throughout the week. We will try to share the daily and monthly levels and structures at some point during the course of the week so you can see what we’re looking at and what we have been observing in Camelot. Hope this helps in preparation for the week ahead, we will update you as we go along as we usually do. Please do support us by hitting the like button, leaving a comment and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold so your likes are very much appreciated. As always, trade safe.
FX:XAUUSD
by KnightsofGold
123
AUD/CAD - retesting double top neckline before move lowerAUD/CAD price action is currently in the process of testing a double top formation neckline. The double top for price is more clearly seen on the daily timeframe but the peaks have been pointed out on the image above. The fact that the double top has been created on the daily fills us with confidence that, for now, price has found an upper limit and is on it's way back down. Price closed below the neckline of this double top formation late last week, signalling a lower low. Today price is now retesting the neckline which we see as an excellent opportunity to enter short on this pair. Our price target will sit at the support level of 0.92371. If price closes above the neckline on the daily time frame, this analysis will be invalidated.
Short
by TheForexFellows
USD/SGD - market takes a breath before going LONG!Like many of the USD pairs this week, USD/SGD has shown a lot of strength, from it's lows at the start of the week it has risen 236 PIPS. Price broke to the upside from a descending daily trend channel last week, and this week price has broken again to the upside from a falling wedge. Both good indications that we may be seeing the start of a trend shift. Due to the moves experienced this week it is only likely that the market will pullback to retest a level of support - namely the zone between 1.3730 to 1.3715. At this point will be looking for an entry to go long on this pair. From their take profit targets will be 1.3775 and 1.3856. If a lower high is formed below this zone, this analysis will become invalid.
Long
by TheForexFellows
2
GBP/AUD - completed retest now further push lower?Our analysis earlier in the year suggested that GBP/AUD had broken out of a ascending weekly trend channel to the downside. As is often the case we were waiting for a retest of the trend channel and confirmation that price had entered a bearish phase. That retest was completed in Late-August and since then GBP/AUD has moved further to the downside, posting an exceptionally bearish candle last week. We will now be looking to sell the peaks on this currency pair during any pullbacks. If support at 1.7450 is broken, there is then very little support until 1.6050.
Short
by TheForexFellows
2
GBP/JPY - break out from daily sloping support!GBP pairs have taken a real hammering this week, and GBP/JPY is no exception! Price yesterday broke outside daily sloping support which has been intact since the lows from March. It has since bounced from the support zone circling 135.35 and is currently on a pullback leg of its move. We believe that this is looking like a great opportunity to sell the currency pair. Price could now pullback to retest the sloping daily support turned resistance before continuing it's journey downwards or it may even turn quicker at the resistance of 136.39 which it currently finds itself at. If price breaks and holds above the sloping daily support turned resistance line, this analysis would be invalidated.
Short
by TheForexFellows
Quick Tip Video - How to Analyze Markets Hi Friends, I've been having many people contact me for questions on what trading advice and how I look at the market.I thought I'd make this short video for everyone to help with your trading. Trading doesn't have to be complicated, especially with all the techniques out there. There are basics everyone should understand but I've met successful traders with various techniques; this is, in no way, the "best" technique out there but it has worked for me and my clients. Feel free to message me directly or comment below on any questions/thoughts you may have. I'm here to help as much as I can. 1. Pivot points 2. Trend lines 3. RSI + other indicators 4. "Look Left" Let me know how I can help. Charles V www.cvfxmanagement.com Trading made simple.
by cvfxwealth