It's a good feeling to close a trade profitable. You can not win every trade but you can do a lot of evidence that most of the open Border trade profitably and tear a hole into the lost trade account. An essential part of a trade, is preparing to seek good opportunities and to act only these.
This begins for me so that I analyze the market situation of a currency pair in larger time frames. To this end I start in Monast chart and work my way up to the 4 hour chart down. Is there a trend in each time level? What are the next resistance? Is it possible to draw in trend lines? Where are the pivot points of each time level? Help me here a Fibonacci retracement or a possible tool for mapping an extension?
arrived at the 4 hour chart, then I have some Trend lines and important level in my chart located. Now I look at whether there are levels at which several events overlap. These levels are then checked.
Such a key level arises, for example, if the weekly chart is an up-trend, which now forms a retracement. With a Fibonacci tool I can now draw the most likely reversal points. In the daily chart, I see now that one of these Fibonacci level is exactly on a support or trend line. In the 4-hour chart, these two levels from higher levels are now even 5 pips on a round number this together results in a key level. The chance that the price fails at this level and then goes into the upward accordingly large. So I'll keep an eye on this level. If the price reaches this level, search in the 1-hour or 15-minute chart for a possible entry point.
Admittedly, this is work. Because if I do not for a currency pair interesting key level think there is no trade. It therefore needs patience to wait for the trades with good opportunities. Fortunately there are many currency pairs and thus there are almost every day a good chance. offers
addition to good success chances of such a trade, the potential of such trades is very high. After a start in the 15-minute chart you will find yourself suddenly in a 3rd Elliott wave in the daily chart.
Once again, a clear that there is not enough to look for in a time level for a signal of a system or indicator. You may purchase this signal only a few pips below a strong resistance zone, a higher time level. Only a holistic picture of the price makes it a 'good trades with great potential and good opportunities to find and act.
Through the analysis and the "Overview", I get this, it is also possible for an up-trend in the 4-hour chart to act if the trend shows in the weekly chart in the opposite direction, because I know about, what can I expect from this movement in the 4-hour chart and find that it is high time to close my long position.
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