market is very volatile. This chart is uncluttered, easy to understand and to navigate, with nothing to distract you from analysing price action. So, if you enter a long reversal from support, make sure that your target is before the next resistance area. In the image above the support area is before my minimum target.5 R is met so I skip the trade. However, I don't know about you but my head starts to hurt if I have to do that too often. While this strategy can be traded with just the 4 hour and daily time frames, there is absolutely no sense in sacrificing potential trades because your broker is too outdated to provide new time frames. The Preceding Trend A preceding trend is a strong move by the bears/bulls heading into an area of support/resistance. You can lose your total investment when trading forex.
I have tried them all and I do not find them reliable. The foundation of my Forex trading strategy is reading and understanding the story of price.
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Advanced candlestick analysis goes much deeper than that so that you have a full understanding of what a chart is telling you. It could be to set a stop loss, a profit target or if you need to see how a candle compares to previous candles to make a decision. In fact, my Forex trading strategy is so simple that you can trade it from your smartphone. Or you can look at the high and the low of the candle at the bottom of the screen and do the math. Actually, it is worse than useless. How can you trade from your smartphone using a chart like this?