Forex trading fibonacci levels
Date: 2017-05-19 06:47
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The weatherman knows where the wind is blowing from, sees the high and low pressure systems forming over the land, knows the temperature variation, cold front, hot front…you know what I’m talking about, right?
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There are many website that are selling Forex courses online. I know some of you don 8767 t have the money to spend on such paid Forex training courses.
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You see, no forex trading strategy will give you 655% success rate. None. Once a trade is placed, the outcome that you want is not guaranteed because you can 8767 t control the market price and where its going to go next! You are at the mercy of market forces of supply and demand buyers and sellers.
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So let’s say you are a trader that loves to trade only hammers and shooting stars and you are waiting buy at a major support line in the 6hr timeframe.
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So when you trade in the 6hr timeframe (or much smaller timeframe) you can actually trade a lot more contracts without risking more because your stop loss distance are very small compared to the larger timeframe trade.
You’ve been waiting patiently for a bullish hammer candlestick pattern to form to give you the signal to unfortunately, no hammer forms in the 6hr timeframe and even though you see a bullish engulfing pattern formed, you did not enter a buy trade.
Yes, if you manage your trading risk and have balls of steel Really, you can be profitable if you eliminate those things that sabbotage your forex trading like:
The only main disadvantage of swing trading is you 8767 ve sometimes have to maintain the trade even in its up and down swings of price as it heads towards your profit target.
And now, compare market noise in the 9hr chart (notice the white box on the chart? That equates to the area of the 5min chart above!):
These forex trading strategies in the advanced category do involved a bit more thinking and they are not so simple if you are new forex trader.