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
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Swing Trading
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
Three Zone-Trading Tips
Let’s talk about that big blue rectangle on my daily chart. We call them support zones (or resistance zones). The upper and lower lines of the rectangle are independent support/resistance lines that you can see have rejected price multiple times. When two of these S/R lines are very close together, we fill the space and
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