Trading forex longer term
Time and time again I see the importance of trendlines for use as support and resistance on the higher timeframes, especially now I am spending my days listening to a trader that discounts technical trading as total balderdash, don’t get me wrong fundamental trading is absolutely brilliant but combined with technical analysis it it utterly astonishing.
I just had to post this incident almost caught me out and that will have caught so many other traders out. The h4 buob ( bullish outside bar ) marked by the white question mark is the point I considered going long.
However the solid red sr line was old resistance that had the potential to become new support which led me to believe the price would return to that as a test, as mentioned in previous posts, the ascending trendline and the dotted red daily 20 moving average represented another support level that had the potential to be tested.
Profit taking was rife and buyers piled in after they had allowed sellers to test those levels; all fascinating stuff for me as always. The daily charts show that whole move as a hammer candle.
It just all goes to show the power of candlestick charts, trendlines, and the daily charts.
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Always Remember.
Keep your risk as a percentage of your capital low (1%), equals stress free trading.
Always work out potential losses before potential profits.
We are paid to take risks, if you aren’t in a trade you cannot win a trade!!
Buy off support and sell off resistance.
Bank partial profits early and move your stop loss to break even as soon as you can.
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2b reversal and 123 reversal trading instructions
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