Forex trading can be a tricky business, but with the right strategies, it can be a profitable one. One such strategy is the low of ten candles forex, which involves identifying the lowest point of ten consecutive candles to determine support levels. In this article, we will explain how to get the low of ten candles forex.
Step 1: Identify the chart
The first step in getting the low of ten candles forex is to identify the chart you want to use. You can use any chart, but it is recommended to use a daily or weekly chart as they provide a longer-term view of the market. Once you have identified the chart, you need to identify the ten consecutive candles.
Step 2: Determine the low of each candle
The second step in getting the low of ten candles forex is to determine the low of each candle. The low of each candle is the lowest point that it reached during the time period. You can easily find this information on the chart by looking at the bottom of each candle.
Step 3: Identify the lowest low
The third step in getting the low of ten candles forex is to identify the lowest low. To do this, you need to compare the lows of each of the ten candles and find the lowest one. This will be the support level that you will be using for your trading strategy.
Step 4: Set your stop loss
Once you have identified the lowest low, you need to set your stop loss. Your stop loss should be set just below the lowest low. This will protect you from any sudden drops in price that may occur.
Step 5: Set your take profit
The final step in getting the low of ten candles forex is to set your take profit. Your take profit should be set at a level that is two to three times your stop loss. This will allow you to make a profit while also protecting your investment.
Conclusion
The low of ten candles forex is a popular trading strategy that can be used to determine support levels in the market. By identifying the lowest point of ten consecutive candles, traders can set their stop loss and take profit levels to protect their investment and maximize their profits. With the right tools and strategies, forex trading can be a profitable venture for anyone willing to put in the time and effort.
