How I am Trading Forex Of Late:
Use 15 minute charts
1) Bracket highest and lowest price action between 4 p.m. to 9 p.m. PST and/or 7 p.m. to 12 a.m. EST (Midnight). USA times
2) Look for prices to break out opposite way (or FAKE out) and return to bracket area. NOTED: Dont BUY about initial break above bracket.
3) Then look for prices to turn around and go BELOW, bottom of bracket area (noted on chart), this is a high buy area, which you should consider.
Noted on chart, this trade would have an easy 70 pips plus and/or $600 to $700 profit on one standard lot.
Always use a tight stop lost under 20 pips.
This strategy, like all do not work ALL the times. You can use this on both SELL or BUY trades. Why does this work most of the time? Because this is the FIVE hours before New York Midnight Time, which systems reset for next day. Also, these brackets happen during the Asian session which is considered slowest FOREX session each day. The three main Forex sessions are: Assian, London and New York. Yes, there are other ones, but I only trade London/New York.
Wish everyone success and remember finding your EDGE and keeping things simple when trading FOREX, will keep you trading for life. Money Mangement.
Use 15 minute charts
1) Bracket highest and lowest price action between 4 p.m. to 9 p.m. PST and/or 7 p.m. to 12 a.m. EST (Midnight). USA times
2) Look for prices to break out opposite way (or FAKE out) and return to bracket area. NOTED: Dont BUY about initial break above bracket.
3) Then look for prices to turn around and go BELOW, bottom of bracket area (noted on chart), this is a high buy area, which you should consider.
Noted on chart, this trade would have an easy 70 pips plus and/or $600 to $700 profit on one standard lot.
Always use a tight stop lost under 20 pips.
This strategy, like all do not work ALL the times. You can use this on both SELL or BUY trades. Why does this work most of the time? Because this is the FIVE hours before New York Midnight Time, which systems reset for next day. Also, these brackets happen during the Asian session which is considered slowest FOREX session each day. The three main Forex sessions are: Assian, London and New York. Yes, there are other ones, but I only trade London/New York.
Wish everyone success and remember finding your EDGE and keeping things simple when trading FOREX, will keep you trading for life. Money Mangement.