Hey everyone , i wanted to show you how that you can use price action to determine weather the price going up and down , through simple tools like Support & Resistance , Trend lines and Japanese Candle sticks
My story with forex started 4 years ago , when i started to trade smaller time frames like the 15 mins time frame , using the same price action im using now but with Stochastic , But now i realized that the bigger time frames are more accurate , and you dong have to set the hall day in front of the screen waiting for signal to come …
Now i dont use Stochastic any more but i use the SMA 50 , 100 and 200 SMA , they are playing big role as support and resistance in the biger time frames starting from the daily chart
Some times the stop loss is bigger than the target but you can manage this through your risk .
Trading on the bigger time frames will give you clue what is happening in the small time frames too
So for example if you see an Inside bar and you should sell now in the smaller time frame and you know in the daily chart showing long patter you will never short it because you want to play it big
in the next days i will write here some signals and explanation how to use this system probably.
if you want to check my history trading this system you can check my twitter account if the forum allow me Under Fx7days name on Twitter
On the chart you will see now is simply , the support and Resistance everyone is using plus the 50 , 100 and 200 SMA , i uste them as S & R and indication for the Golden Crosses and the Death Crosses .
I don’t enter directly @ the S or the R , buti wait for signals "Candle signal "
[ul]
[li]Engulfing pattern
[/li][li]Pin bar
[/li][/ul]
or close above S or R level .
Some time i trade the ranges when they are directly broken or i enter before the get broken so that i have a chance if its false break out to get out of the trade with some pips .
through the examples you will learn more , watch the picture here yesterday i took EURUSD short made around 150 pips shorting from the 50 SMA and my target was the 100 SMA , look how the price retraced directly from the 100 SMA yesterday , that means there is allot of people using it and took there profit out there !!!
I use Support and Resistance on the High and the Low most of the Time .
I trade most of the Volatile pairs .
Yes i trade my live account not big account but live , i made the last month 1050 pips .
You can check my signals for the last 8 month on my twitter account , Fx7days .
I use the daily chart to enter the trade and some times in the strong support and resistance on the H4
So this is the Weekly EURCAD as you see , the price couldn’t break this Support level since 2 week and made JCS "Japanese candle sticks " patter it called Pin bar ,that simply shows that the traders couldnt break this level and always closed above it . Plus there is a Trend line and the price closed above it . So how we will use this Setup …
We will go to the smaller time frame which the daily time frame , as we see the price closed above the 50 DMA , above the trend line and support too on the daily , always the closest S or R to the price is the most important one …
And its pin bar too , so when this high is broken will go Long and our target is the 100 SMA on the Weekly chart and at the same time the high of the Last week the green line , which is 1.4100 level if it breake it ,the next target is 1.4163 … so this is my next target , My Stop loss is " 1.3820 …
You can risk in this trade just 1% of your account
This is the Signal for the EURCAD , i explained before why did i get in , The Eur usd example is old example and i made all these trades in this EURUSD explanation picture , you can check them on twitter
GBPCHF & EURCHF have opened in Gab , so if the daily candle close @ this shape i will enter long when the price break the high of the candle of today . This candle is a great reversal candle its completed
$$
Can you explain the GBP/CHF setup in more detail. Maybe with a picture with your indicators targets and stop loss. I see in the daily time frame it formed a pinbar yesterday and looks like it will do a race up today. So you mean that if it close high today you will enter long tomorrow at todays closing price? Going long means going against the long term falling trend. Is this not risky?
