Best intraday forex trading strategies
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Uw reservering is akkoord als u binnen 24 uur geen bericht heeft gehad. Is uw reservering voor vandaag of op korte termijn, belt u dan even met Pas mijn afstudeerborrel gegeven. Te gekke plek, echt een super avond gehad! They can give you a feel for the direction of the market. But only the price action can show you how our emotions are affecting the market. A Reversal is simply a picture of that emotion on a candle chart. In the Forex market, everything that happens in an uptrend can happen in a downtrend as well because currencies are traded in pairs, one against the other.
At the same time, the US Dollar is in a downtrend against the Euro. This is also called the reversal pattern and once you learn to find it you will see a rapid increase in your trading success. The first element to look for in a high is a strong uptrend. The trend should be fairly strong without a lot of retracements and pauses. The stronger the better. To the left you see a potential setup happening.
This is a strong uptrend with volume. Something like a pin bar or an engulfing bar. I especially like to see this happen at a historical resistance level. That just gives it more legitimacy. Again, to the left you can see the same uptrend I showed you earlier, but this time I included some of the candles to the left.
After the high point, your next job is to look for a pull-back. It can happen on the same candle, but I prefer to see it on subsequent candles. It just looks better to me that way. If it appears to be happening on the same candle, drop down to the next lower time frame and see how it looks down there. This will be the number 2 point of your If the next high exceeds the point 1 high, then your high is blown and you can move on and look elsewhere.
To the left you will see what was a potential high that is about to be blown. This was looking like a pretty nice 1 2 3 trading strategy pattern until the last few minutes when it started to test the number 1 high. Officially, your trade entry is a break of the number 2 point to the downside. Certain pattern strategy occur regularly on charts. The reasons these patterns continue to provide trading opportunities is that the emotions that caused these patterns are consistent and happen frequently.
The number 1 point occurs at a place where traders who were long in the market decide they need to secure the profits they made during the trend up. That surge in volume usually happens when a move has reached exhaustion. This is the number one point. Of course, after there are no more traders to buy up the positions the latecomers entered, the price starts to drop. As the price drops, the smart money sees an opportunity to possibly make a little profit on another pop to the number 1 high, but they are less committed because most of the longer term momentum indicators are still giving overbought indications and the market has just made a big up move.
Eventually, all the latecomers that bought while the market was at the peak are experiencing fear. As the market continues to drop, they unload those positions to the smart money — who are more willing to buy as the price drops lower. Until there are no more folks wanting to sell. Now that the latecomer sellers are gone, prices will start to move up again. The smart money folks bought from the latecomers, so now as it starts to go up again, the latecomers figure they got out too soon and start buying again, but since they were burned before, they are a little more wary, so fewer of them get involved this time.
And of course, the smart money folks are more than willing to take their profits as the market goes up. This is the number 3 point. As the market starts to drop from the number 3 point, the more educated, smart money traders recognize that this could be a reversal or the beginning of a trading range, but at the very least, they are willing to sell down to the number 2 point again — which is exactly what we will do.
This causes prices to drop back to the number 2 point — often breaching the number 2 point by a few pips. As I mentioned before, reversals most often happen at areas of support and resistance. They happen after a good strong trend. They can happen on any time frame on any instrument. On the shorter time frames less than one hour , you have to watch continually or you will miss your opportunity.
Often you can see one after a big news event. I know folks that do it on the 1 minute charts and make lots of pips daily doing it.
You have to know your strengths and limitations to be a profitable trader. I use three different entries for the My favorite entry is cheating the number 3 point as this can be done with very little risk, fairly large trade size and works quite well.
Also, the first position, while having a low risk in terms of pips — also has a lower probability of success.