Trading forex urbain
It's time to make a change and step up your game, stop the bleeding and turn profitable! It will take some experience in chart and pattern reading to make it work. So we can also look for an exhaustion candle at or near the pivot points on this pair. But do not use an automatic trailing stop, you should be manually moving your stops but remember never increase your stop losses.
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And remember to look at other currency pairs to get a birds eye view of the market. We are looking for exhaustion candles. All this means is we want to find where the market has exhausted a certain push in that direction. Exhaustion candles simply tell you the market is getting ready to go in the opposite direction. Remember this should be on the hourly chart and nothing less than that as there is too much noise in the smaller time frame candles.
So once you know how to find Exhaustion candles you can move onto the next stage. These candles are also called hammer or pinbar candles too. So as you can from the screenshot there are 3 day pivot points. Navin recommends having 3 day pivot points on your chart the 1 hour chart remember. He also recommends looking for the exhaustion candles that hover around your pivot points. For example on the 20th October Stop losses should go….
Also Navin recommends putting the stop losses below previous day or 2 days previous pivot lines. Take profits would be again based on structure and pivot lines. Target one would be at previous pivot line of the day before, this is what Navin calls the guaranteed profit zone. I like that term. Remember we want a candle that closes above the pivot points. Another example below including our guaranteed profit zone in the blue.
This strategy is very effective on the one hour candles. After these examples Navin continues to show us more and more examples of how well this theory works. That means this is one of the few trading strategies that can actually compound your bankroll. But the strategy gets more evolved. Navin talks about the pairs that act the same as one another and ones that act in an opposite way.
For example the following:. All of those currency pairs go the same direction as each other. There are some that go in the opposite direction, e. Navin recommends trading these pairs at the same time.
So we can also look for an exhaustion candle at or near the pivot points on this pair. The strategy has been around for a number of years and has had an update in June and is still one of the best forex strategies. The phrase 'slow and steady wins the long race' or the story about the tortoise and the hare , fits the description of this strategy perfectly! Instead of aiming for fast gains and risking major losses along the way, this strategy focuses on trading conservatively and gaining consistently.
This strategy's concept is simple and easy to follow and for that reason is one of the best forex strategies. The entry is very straightforward and the different exit options provide potential for each kind of trader.
Just be patient, find the right setup in the market and go for it. This is not exactly a strategy for beginners. It will take some experience in chart and pattern reading to make it work.
However, once this works, it can lead to some very substantial trades. Some very successful traders have incorporated this technique into their trading and with terrific results. It works on any time frame and can be seen over and over on any chart. The pivot point technical indicator is one of the few forward looking technical indicators for trading Forex. This makes this strategy very powerful. This forex trading system is ideal in many market conditions, even in ranges.
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