1. Always have your key support/resistance lines drawn in that are most relevant to current price levels. Draw in at least 2 key lines. 3-4 lines is recommended! 2. Only trade off key support/resistance lines and wait until the market is visibly decelerating into the key line. Understand that trading off these key support/resistance
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Day Trading
Forex Chart Probability Summary
Let me show you how I look at a price chart from a technical analysis point of view. By observing basic, vanilla price action and using just two support/resistance lines, I have made the following probability summaries on 9 key areas of the chart. You can see here we have a descending triangle forming. The
Forex Correlation Method
Pay close attention to your currency correlations! In the image below, when the top chart reaches key support and reverses long, the bottom chart nearly always reverses short. Why does this happen? Well, in this particular case – the top chart is DXY, which is the US dollar index. It’s an instrument that tracks the performance
Net Profit = Profits – Losses
Net Profit = Profits – Losses Sounds obvious, right? Yet most traders are imbalanced with their approach to taking good trades vs. ignoring bad trades. Truth Bomb #1 Your ability to discard low quality set ups affects your NET PROFIT just as much as your ability to identify and trade high-quality setups – if not
Avoid This When Backtesting in Forex
One of the many challenges of moving away from mechanical strategies into a more advanced/discretionary approach is adopting a false sense of confidence in your strategies based on flawed back-testing procedures. It’s very easy to say “I would have taken that”… But, really? Would you have really taken it? Over-confidence and naivety can