I agree, trend trading is easier said than done but with patience and discipline it is doable.
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Take only confident trades in the best markets at the current time. You would be the one knowing which one particular even exotic pair is trending while other traders wouldn't notice it without this tool. Forex Trendy is a much more sophisticated application capable of recognizing the most reliable continuation chart patterns.
It scans through all the charts, on all time frames and analyzes every potential breakout. After considering the reliability of the pattern it tells you something like this:. And you see the chart with the trend lines forming the triangle and the breakout point — all that clearly drawn for you.
The trend line looks solid with many touching points, so you are prepared for the massive breakout. Something you would miss unless you have supernatural powers to watch and analyze all the charts! Such events happen very rarely in one single chart. It's not just drawing trendlines, but it's actually looking for reliable patterns formed by strong trendlines having more than two touching points at a certain distance. Take a look at this example. Price is clearly trending downwards even though ADX is greater than Place a 7 period, a 20 period, and a 65 period Simple Moving Average on your chart.
One tool that is often used for range-bound strategies can also be helpful in trend discovery. Contrary to what you might think, prices really range percent of the time. In other words, it is the norm for price to range.
What is one of the best technical tools we have mentioned in the previous grades that measure deviation? Bollinger bands actually contain the standard deviation formula.
Place Bollinger bands with a standard deviation of 1 and another set of bands with a standard deviation of 2. Still they are sorted based on date on the archive page: Very valuable article indeed. I can appreciate how skillful we need to be to follow the trends and breakouts, do it in a right time as well and come out with the profit not loss.
I think the more you trade, the more aware you become of unpredictability of the market. That teaches you patience and acceptance of what is. I can see more clearly now, why You take only the strongest setups and skip the weaker ones… Its about minimizing the risk which seems to be huge on such volatile and wild market. Its funny, that One need to experience those things to really start to see the risk involved. I am slowly getting to that stage to understand that all the hassle of trying to pick up some blurry setups is not worth it in a long run.
It costs too much nerves and its bound to make you disappointed! I always looked at the higher highs, when it comes to check if I have an uptrend. Thank you for this great article.
Fundamentals support your position only when you are in based on a too strong trade setup on a long time frame: You can stay longer with a trend, if you enter based on a shorter time frame, and stay in based on a long time frame.
For example you get in based on a too strong trade setup on the daily chart, but you stay in based on the weekly and monthly time frame. Mentor Chris, Thanks for this awesome, enlightening, educative article, as usual. I know better now. Please keep up the good work. God bless you really good. This eBook shows you the shortest way to acheive Financial Freedom: Just before you go, did you check This System?
Make sure to do it now, otherwise you will regret. What Are the Most Traded Currencies? What Is Currency Arbitrage? Article by LuckScout Team.
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