One rule in price-bar formation trading is: Do not fight the trend when it is present. Trading out of a trading range - as I have posted this afternoon - is very simple and has a 95% chance that it works when it is done right. I have also explained how GAPs work and when the retracement in the direction of the GAP usually starts. It always starts with a trading range consisting of 20 or more bars, as can be seen on the 1 hr chart today. According to the rules, bar nr. 17 is the earliest one that should be traded. But it is safer to trade a bar past nr. 20. The buy-signal I posted was on bar nr. 23 - a very safe bar to trade.
Learn the language of charts and take the guessing out of the game. Trade without indicators, media manipulation or other people's opinions. Trade what you see on the charts and not what you think (or others think) should or could happen. The truth about direction can only be found in the charts.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.