Forex daily candlestick strategy


forex daily candlestick strategy

range, also called the mother bar. I think I will forget about forex providers the daily time frame and will only trade the weekly and monthly time frames when I get older. To learn more about inside bars, including which ones to trade and which ones to avoid, check out my detailed lesson on trading the inside bar pattern. Heres why, its easy to spot when you have your chart setup to trade Forex price action. Now let me show you two strong setups and one false signal at the same time.

20 Pips Daily Candlestick Breakout Forex Strategy What are the best Forex daily candle strategies?

Place your stop loss 20 pips. Place your take profit target 20 pips. Repeat the process next day. Candlesticks they inform the sentiment of the market and you should therefore follow that since the market is the decision maker. Daily candlestick shows us the direction of the market AT least for the next.

So we have a strong trend followed by consolidation which leads to a breakout in the prevailing direction. As lucrative as these formations can be, always remember that there are never any guarantees. When it comes to Forex candlestick patterns, the pin bar is by far my favorite. The stop loss will be at the middle of candlestick #2 body (because it is a relatively big bearish candlestick and the target will be x3 of the stop loss size (a 30 pips stop loss and 90 pips target). Novice traders always ask what time frame is the best to trade. Always remember that a bullish engulfing pattern at a swing low is a sign of potential strength. Unlike what most traders think, daily time frame is not a long time frame. It contains all three formations above and shows you the exact characteristics I look for when developing a trade idea. It can even cause you to lose more.

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