I believe most of us knows what is Forex. Now with internet more and more people are jumping into this opportunity. With it’s 24 hours 5 and half days a week business hours it provides broad spectrum of investor and retail traders like myself to invest here as most looked at it as gold mine.
Unfortunately it doesn’t sound as easy as flicking you fingers. Out of all the so call traders only 5% make it and can make a living. This is due to the market that has no boundaries and rules to control us buying and selling these currencies. In order to be among the 5% traders we have to equipped our self with good reliable trading system, discipline and mind control.
To cut the story short, I m here to share my simple technique, hopefully can be some help in your trading. However I do not make any claims whatsoever of guaranteed profit by using the method that I m going to brief in below. I just want to share my trading techniques which i applied in my daily trading as a trader. Maybe I am lucky ……”i don’t know.”
I am an intraday trader, just to give a rough idea. So my method will no be suitable for scalping or swing traders. I believe most of you know Candlestick, Elliot Wave and Fibonacci. The questions is how we put the together and use them in our daily trading sessions.
Okay, I used the candlestick to identify price reversals or trend reversal in 1 hour chart. So my suggestion lets get to know and love the candlestick like our beloved, identify it’s reversal pattern. Really this will helped a lot. I can’t detail things out here, as you can dig in the resources in the internet. Then the Elliot Wave which is for some people too complex to learn. But let me give you some tips, you just need to identify the first wave then it’s easy. Because once we got the 1st wave we can draw the Fibonacci Level which will show us the support an resistance level and the price action. My entry for buy or sell will be at Fibo Level 100% and exit at the 161% fibo level . Normally if you’re trading GBP vs. USD the profit will be minimum 50 pips per entry.
Happy Trading and best of luck to all fellow Traders.