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The point is how do you define that market is Trending or Range Bound? I am always amused when seeing such claims when somebody trades in trending market. Anybody can trade in the trending market providing that he knows its trending (its direction).Stick with support and resistance no indicators.
What I base my trades off:
If a pair is trending, wait for a pull back and a reversal bar and place a stop order in the prevailing trend direction.
- If the market is range bound, long at support and short at resistance if there is a valid reversal bar.
- Don't take trends in the middle of a range. If there's nothing, then don't trade.
- Look at percentage returns only, not pips gained. You can still lose money even if you have made a net positive pip gain (this is the main spruiking point for most signal based sites).
- Forget intraday timeframes.
- Journal every trade and review regularly. (Read Steenbarger's books for practical application)
Chart example attached of a short setup in a rangebound market.
The point is how do you define that market is Trending or Range Bound? I am always amused when seeing such claims when somebody trades in trending market. Anybody can trade in the trending market providing that he knows its trending (its direction).
Actually price is always trending in one interval or another, even if one has to zoom in to a tick chart. If price is making higher highs, it's trending upward. If one wants to take that for whatever reason and exit when the stride is broken, he then has to decide whether or not he's going to take the opposite side. If so, he may wind up scalping, which may not be what he wants to do. If he does, and he discovers that the new stride breaks at about the same level at which he entered the previous trade, he may suspect that he's in a range and elect not to trade further until price exits this range. But, technically, the moves from the lower limit of the range to the upper limit of the range are "trends", even if the range is only a few points wide. What is more important is what one decides to do with them.
Agreed. It's all a matter of interpretation, we all view markets differently which why trading is a zero sum game.
Well, actually, it's not. But that's been argued elsewhere.
Well, actually, it's not. But that's been argued elsewhere.
Strategies are to be changed from time to time in order to become successful in Forex Trading, else we will just choose the wrong strategy everytime and end up losing our money.