Hope you all are doing well.
I have a few suggestions and I will share a few tasks that you should do regularly if you wanna successful in forex.
1)First, you have to check the economic calendar daily and write down the major news with releasing time in a note and avoid the news time.
2)Open your mt4.draw support/resistance and trend line in a longer time-frame like W1, D1, MN in every pair where wanna trade.
3)now look on the chart using a longer time-frame(W1, D1, MN) and find out a few things. is the price reversing from support/resistance or trend-line ? is the support/resistance or trendline broken by the price? if yes then switch to the lower time-frame and wait for the perfect position to take the entry with your strategy in the direction that you got on a longer time-frame.
Example: suppose you have drawn all the support/resistance and trend-line on a longer time-frame.and you are seeing that price is reversing from a resistance. that means price rejected from the resistance and candle closed below the resistance.
and then you have switch the time-frame to lower like H4, H1.remember,you have to look up for a sell order. you can’t buy in this situation.because market rejected by resistance and price is trying to reverse.so there has the highest possibility of going down.so you have to sell only not buy.
So you have to wait for a sell signal by your strategy that you use. you can use simple moving avg indicator to take the entry and always use stop loss and take profit.
I was posted audusd signal last week.now see where is the market!
Below the current chart:
if you can trade like this, I hope you will be a successful trader soon.
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