Traders on major charts such as the daily and the H4 often take partial profits and let the rest of the trade run to earn more profit. This is an effective way to earn more pips without any doubt. Yes, to do that, traders need to have good ideas about price action and enough experience to interpret the market’s language. In today’s lesson, we are going to demonstrate an example of partial profit-taking and a situation where traders to make a decision. Let us get started.
In today’s lesson, we are going to show an example of a trade setup, which tests our psychology and ask us a big question. This situation is something that often happens with traders trading on the major pairs. We try to find out the answer to what we shall do in such a situation.
Practical Use of Candlesticks: Gold Short
In today’s lesson, we are going to demonstrate an example of trend riding along with the H4 breakout trading strategy. We often see that the market is in a strong direction, but it does not offer many entries. It is frustrating, but we must take it easy. We must not be impatient but keep our eyes on the chart. We never know what is around the corner.
The wave analysis consists of the market study following the principles described by R.N. Elliott in its Treatise "The Wave Principle." In this educational article, we'll introduce the concept of wave patterns.
The trend is the trader's friend. To be able to spot the trend and reversal point are the two most important factors of price action trading. In the Forex market on the minor charts, trend changes in a second. However, the trend usually continues on major charts such as the H4, the daily as well as weekly. In today's lesson, we are going to demonstrate an example of how we can ride on a trend and make most of it.
Price action trading is considered one of the most effective and easiest ways of trading. Traders are to follow a few rules and be disciplined to be a successful price action trader. One of the most important factors is marking the support/resistance zone/level. If a trader draws support/resistance zone/level; accordingly, trade management gets easy for him. In today’s lesson, we are going to demonstrate an example of how important it is to mark support/resistance levels on our trading chart and manage trade accordingly.
The ABC pattern is one of the traders’ favorite trading patterns for its lucrative risk-reward. It usually offers at least 1:2 risk-reward. In many cases, it offers even more. However, the price may sometimes find it hard to make a breakout at point B. That is where the ABC pattern traders must be patient and hold their nerves while trading on the minor charts. However, with major charts, it is a bit different. In today’s lesson, we are going to demonstrate an example of the ABC pattern trading on a minor chart.
We have completed the section that covers the preliminary concepts of the Elliott Wave Analysis described by Glenn Neely. These concepts are explained and include the following aspects.
Chart Patterns: Start Here
We have finished the section that covers advanced concepts of the Elliott Wave Principle. These concepts are unfolded, including the following aspects.
Harmonic Pattern – Walkthrough [caption id="attachment_48985" align="aligncenter" width="3682"] Bearish Butterfly Pattern against 180-degree Square of 9 angle.[/caption] The chart above is the AUDJPY Forex pair on its 6-hour