10:24 PM
Forex Bond
Every professional trader will tell you the trend is your friend. This means that, if at all possible with the current market trend.
Now comes the part that is a bit difficult. The determination of the trend. It 'easy to say that when the new market makes lower and higher, the trend is up then. Sounds simple right? Well, not the market goes in a straight line, it will be down or sideways.
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Who is more difficult to identify the trend. The best advice I can giveis to get rid of the indicators and studying the price action. This is the only way to know how to get the price movements. A simple candle or bar chart should do it.
Begin with a view on the daily chart or weekly. Looking from left to right, the trend will only pop up to you. This is the longest-term trend. Then switch to the short intraday charts and see if they agree.
It may seem a simple idea, but remember the smaller period of time show the trendbefore the long term time frames will. Also the shorter the time frame the less weight the trend on it has if it does not agree with the longer term time frames.
Remember the daily trend is much more important than the intraday charts and you should do well. Once you have an understanding of price action you will never need an indicator to help you identify the trend. Your charts will be much cleaner and easier to understand where the market is probably headed.
The Trend is Your Friend in the Forex MarketTags : Free forex ebooks site All about FOREX trader Forex global trading What is foreign exchange markets
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2 comments:
This blog is really awesome. Provide very useful information. Now I know how to pick right broker. Thanks for sharing
Haim Toledano
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