50 Pips A Day Forex Strategy by Damir Laurentiu

Author:Damir, Laurentiu [Damir, Laurentiu]
Language: eng
Format: epub, mobi
Published: 2012-07-21T00:00:00+00:00

In the first attempt price comes close to the Fibonacci level but does not touch it.

It even makes a reversal candlestick pattern there suggesting that price will resume the trend down but soon after price climbs back to the level this time touching and piercing it. This is the time to trade.

If you had sold on the first attempt, you would have had your stop loss hit.

Support and resistance

When trading with support and resistance levels make sure that you draw the most important ones, the pivotal ones where price bounces of them from either side. These pivotal support and resistance zones are by far the most important ones they attract the most attention from the traders out there.

Do not beat yourself up with small, meaningless support and resistance zones. They are all over the place and they will clutter your charts for nothing.

Let me show you what a pivotal support or resistance zone looks like:

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