Losing At Forex? Discover One Entry Technique That Will Change Everything!

Forex

Article

Articles menu

Article content

Losing At Forex? Discover One Entry Technique That Will Change Everything!

30.09.2007 16:10 Sunday

I'm sure most people reading this have already spent several hundred if not thousand dollars in their search for the ultimate forex system that is going to stop the losing once and for all.

I grantee you that what I am about to share with you is better than the majority of the forex systems out there charging $100's. In fact I know of many people using this technique to extract profits from the forex market on a regular basis.

First of all you need to get all those crazy ideas of riches and success out of your head, keep your feet on the ground and focus on small achievable goals. Let me set the first goal for you.

Goal #1: Trade for 6 consecutive months with each month ending in profit.

Do this before ever thinking about risking serious money in the market. Ok now on to the trading technique.

This technique only uses daily charts, it only requires 10 minutes a day to look for setups and you do not need to watch open trades all day. Watching 11 pairs gives you around 2-3 setups a week, you can then take only the very best of these for optimal success.

What we are looking for is a pin bar, this is formed by price opening then moving drastically ether up or down and closing in almost the same place as it opened.

This formation alone we can not trade however when this formation happens around strong support/resistance areas with the nose of the pin pointing at the support/resistance area you have a high chance that price is about to take a good move away from that area.

Once a pin bar is formed on the daily chart and it is at a good area of support/resistance we can set our entry order. Price more often than not retraces 50% of the pin bar on the next trading day before taking off in the anticipated direction, this is were we place our entry to minimise risk.

Place your entry at the 50% level of the pin (or half way) and place your stop 5 pips behind the pin point. If you trade is not opened the next trading day then you should close the trade.

If it is opened you should have a good trade setting up with a 75% chance of becoming very profitable.

Stops are usually trailing by the same amount you risked however if you have time to monitor your trades you may wish to use discretion and move stops according to the support and resistance levels.

This setup takes a little time to master but once mastered will reward you will profits and plenty of free time.

Do You Want To Make Consistent Money Trading Forex? Dean Saunders has created the *Ultimate* FREE forex trading system that has helped 100's of Forex Traders become profitable. Click Here and grab your FREE copy of Dean's amazing trading system!

Article Source: http://EzineArticles.com/?expert=Dean_Saunders
 


EmediateAd










Notowania

Ads

Sonda

Reklama