A channel is a chart pattern consisting of two parallel trendlines connecting swing highs and swing lows. This pattern presents great trading opportunities since the trendlines act as support and resistance levels.
Channels are also an excellent tool to analyze trend continuation or reversals since prices stay within the channel until a breakout occurs.
Forex Trading is a numbers game. Do you have more 1’s than 0’s? Losses are a normal part of trading, and the sooner you understand that the sooner you will be affected less by them and finally learn to MANAGE them. Not AVOID them. There’s a difference.
The descending triangle is a pattern that shows a continuation in trend with price approaching a support level, creating lower highs showing aggressive bearish momentum. The ascending triangle is a triangle with a roof acting as resistance in a bullish market that shows some form of consolidation.
It’s a bitter pill to swallow. Not all of us go through this phase of trading, but it does happen. If your strategy depends on a market inefficiency or a particular market environment, then this will most likely happen to you at some point. Frustration is only natural, but maybe don’t throw in the towel just yet…
Like always, I want to debunk any myths you might believe about profitable Forex trading. I will start by saying No! A holy grail does not exist the way most people think. There is no strategy that doesn’t take a loss or have a losing streak every now and then. There is, however, a strategy that you have to FIND (If you haven’t bought a course and you don’t have a mentor) that makes money in the markets.
For a very long time, I struggled to trade my strategy because other people’s strategies seemed to be working better than mine. It was so bad that it felt that they were on the other side of most of my trades, taking my money and smiling to their withdrawals for some weekend shenanigans!
Before you get too excited, know that there is no such thing as “The Perfect Forex Trading Strategy.” So if you’re still reading, I’m assuming you already know that.
There IS, however, the Perfect Forex Trading Strategy for YOU!
Head and shoulders (H&S) refers to a popular technical analysis pattern used to trade market reversals.
A classic head and shoulders indicates the probable end of an uptrend proceeded by a downtrend. Inverse head and shoulders also occur in markets, and these suggest that a downtrend should come to an end followed by an uptrend.
All the time, people will think of Forex trading as an intimidating thing or skill. Still, when I look back, I can’t really pinpoint how I came to know what I know now about trading the Forex market.
I completely understand a beginner’s pain hearing all these terms like “Spread” or “Margin” or even “Pips”.
Have you ever felt overwhelmed by all the strategies you know? You’ve tried most of them, and each works well in different market environments, producing fantastic results for you. So many methods at your disposal, but you are unsure when to implement them.