- Hi all! I'm a trader. I trade on currency market. This is a currency couples as USD/CAD, GBPJPY and USD/JPY. I like this pairs because they are very lequid. My trade chart is one hour sometimes it's 4 hour, depends on a situatian. I use tools such as a trend line, levels support and ressistance, patterns price action, moving average and half of Fibonacci tools. Also, I look at the momemtum and extremes for determine the trend. Experienced traders will say: "man, yoy are using a lot of things". And will be right. But I don'n use all it instruments. It all depends from the market. Which position in it.
- Well, let me give you an example with USD/JPY.
- Firstly, we open daily chart.
- Farther, I'm drawing a trend line.
- The ressistance level
Pattern OB formed on the confluence
- Go to 4 hour. We define the trend using the momentum and extrems
- Excellent, we determined resistance on the daily intrervale where formed OB. This points us to a bear market. As we have confirmed it in the 4-hour timeframe. In this case, we only sell.
- Now we are waiting for the price patterns form by any resistance level or trend line or from both of them.
- Let's move to the hour. The same thing, but on a small plot.
- You can also draw a fibo.
- Сombine
- Now it remains only to wait for the patterns that are formed at levels. What patterns you ask. Answer, such as a pin bar, IB, OB, TBH, Fakey!
- I sorry at my English, if it is not clear. Thank you for watching. If you have any questions, ask in the comments!