03/04/2022
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4. Select synthetic indices.
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03/04/2022
TP and SL in reversal patterns.
22/02/2022
Pin bars in range bound markets.
Range bound market is when prices don't make any higher high and higher low and start trading horizontally between a definable level of support and definable level of resistance like shown in the picture above.
Trading Range bound markets successfully
1. Pin bar was rejected from support level as shown above 👆 you can place a buy order after the pin bar closes or wait for the market to touch 50% of the pin bar , place your stop loss above the support level and target profit near the resistance level
2. The second trading opportunity occurs the support, you can place a buy order after the close of the pin bar
3. The third one is an obvious buying opportunity as you can see the market was rejected from the support level and formed a pin bar to inform us that buyers are still there
22/02/2022
The below diagram shows several factors of confluence giving us a high probability sell set up
1. Market was trending downwards
2.Support level broken which becomes resistance
3. Pin bar rejected at key support level
22/02/2022
Trading Pin Bars
1.Pin bars are well traded when you combine them with other factors of confluence.
2.Confluence happens when many technical indicators generate the same signal.
Factors of Confluence
1. The trend 📉📈 either an uptrend or a downtrend.
2.Support and resistance and supply and demand areas
3. Moving averages - they act as dynamic support and resistance levels
4. Fibonacci retracement tool
5. Trend lines
Formation of pin bars near support and resistance levels indicates that the retracement move is over and the beginning of an impulse move is likely to happen.
06/02/2022
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06/02/2022
Difference between a flag a pennant
1. A flag has a channel correction
2. Pennant has a triangle correction which is angled contrary to the trend.
There are two types of pennants
1. Bullish
2. Bearish
The concept for trading pennant is the same as that of trading flags.
06/02/2022
Types of flags
1.Bearish flag - it starts with a bearish move followed by a channel correction in a bullish direction. It has a s strong bearish potential.
2.Bullish flag- It starts with a bullish move followed by a channel correction in a bearish direction ⬇️
Rules for trading flags in forex
1. Enter a trade when the price action breaks the flag in the direction of the flag.
2. Put a stop loss beyond the opposite extreme of the flag.
3. Take profits at each of the targets.
28/03/2022
28/03/2022
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06/02/2022
06/02/2022