Have you ever traded and wondered where the market was heading and even when you knew where it was heading at what point to take a profit?
Have you ever wondered what tools or indicators to use to ensure you trade successfully?
Well, this is the reason this blog is written for you. I could tell you a lot of things based on my experiences but then its up to you to actually follow the tips and advices i’ll give to you and then trade to your hearts content, posting huge gains as each days goes by and smiling all the way to the bank.
Do you know the first thing i discovered is that each currency pair has its trading range for the day and your ability to know this gives you an insight of whether to trade the pair or not.
Note: The more liquid a pair is, the more you can stay with the pair once you’ve spotted the trend for the ride and soar on its wings.
Now after discovering the Average Trading Range (ATR) of a pair, do you know its also imperative you know where to place your buylimit or sell limit to generate massive pips?
In doing this, the first thing you’ll need to know if how did the daily candle close? Bearish or bullish?
What fundamentals are expected for the following day and based on the forecast, what is the probability that the currency in quote will post a better than expected figure?
Then take a fibonnaci tool from your platform and find the daily high and low for the previous day. If the market closed bullish then get the lowest low for the day and the highest high for the same day. It will give you levels of support for bulls or levels of resistance for bears. Your best bet is to place a buylimit at the .618 and .5 levels as these act as strong support for a thrusting market pair with a stop below the 1 level.
However take note that if a pair has posted a lot of gain against its contending pair, the market may perform some sell offs first before taking on the bull position again. For trending market, you can place a bollinger 62 indicator in your chart with a deviation of 3 for better grasp of the pair and always buy when it hits the top on the 30mins or 1hr chart but ensure there are no macro news data accompanying this or else it may take you out on any stop position you placed. You can always set your trades with this few tips and be sure you’ll pick 50 – 80 pips on very good entries.
We’ll talk more as we begin to receive comment and tips for trading successfully.
Have a wonderful weekend and pipful new working week.
