forex daily chart strategy

1,000,001 traders out there telling you that they have the best. We recommend testing your trading system on demo account before investing real money. The best pin bar setups occur near confluent levels of previous price action as the market moves in one direction and then regresses back to re-test a previous support or resistance level. Now, I am not going to get too detailed on one of my favorite Forex trading strategies when trading from the daily charts.

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The pin bar should have a long upper or lower tailthe tail is also sometimes called the wick or the shadowthey all mean the same thing. However, counter trend pins can set off long-term directional bias changes that can mean serious cash for traders with a trained eye. Comments comments, powered by, facebook Comments. Generally, pin bars taken with the dominant daily chart trend are the most accurate. Its important to note that a sell stop order must be under the current market price, including the spread, and a buy stop order must be above the current market price, including the spread. There are other stop loss placements for my various setups taught in my advanced price action course. I am going to give you my Forex strategy secrets. The beauty of price action analysis is that it teaches you how to analyze market movement based on inherently generated data; namely price data. Pin bars can be taken at major market turning points counter-trend if they are very well formed. They are best played at confluent levels with strong support and resistance confirmation. We can see in the daily chart of EUR/JPY below two very well formed counter-trend pin bars that formed off support in a range bound market that netted some serious gains for traders with a keen eye for price action analysis. The last pin bar on the right side of the chart set off a very powerful move that resulted in a breakout of the range and subsequent downward trend resumption.

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