Forex Trading - 3 Proven Strategies - 2016 Version: You Can Start Using Today by Jon McFarlane

Author:Jon McFarlane [McFarlane, Jon]
Language: eng
Format: epub
Publisher: Forex Useful
Published: 2014-10-06T18:30:00+00:00

Price consolidates and then moves, consolidates then moves. In a downtrend, like what we are observing above, the downside breaks can be quite quick and aggressive. These are very good trading conditions. Also, on some occasions, we notice that price retraces to test the broken trendline from underneath and then continues in a downward direction.

Now, the above week’s price action was selected because it is a good example, not every week will have such nice clean price action like this. Often we might have to endure a few losing trades before we get one that moves into profit nicely for us. Or we will miss some trades, simply because we are working at something else or away from the trading screen. This is largely besides the point. The key thing to remember here is that once we have identified a reversal signal on a large timeframe which is successful, the price action will often give us ample opportunity to get in on the move with very little risk, perhaps as little as 10 - 20 pips.

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