In this article I show you how successful this simple strategy has been whilst I was recording this forex training course back in spring 2012. Since I went back to this basic, simple chart set up I have since added it to my usual trading methods. I have multiple screens and one has just candlesticks, fibs, trend lines and support and resistance and it is amazing how spookily accurate it can be.
I do not use it in isolation as I have been using emas as well for support and resistance for over 10 years and I do not feel comfortable in disposing of them!
You of course can choose to add or remove whichever indicators you wish.
The aim of this forex training course is to show you various options that you can choose to include in your forex strategy and those which you may wish to ignore.
I show in the video how I have used the techniques from the first part of the course to make a LOT of winning trades. Later I will show you how I continued to use this fx trading strategy successfully in 2103, so this was not just a “flash in the pan”
Trading solely from the simple indicators I outlined this week gave me stellar results, so much so that I have now added this method alongside my main strategy. I made profits from trading side ways ranges on the Cad and yet more 100′s of pips trading trends and channels on other pairs. This is a good example of how learning to be flexible in your trading gives opportunities in most market conditions.
It has also allowed me to now trade a lot more from daily and weekly charts which means that I am spending far less time in front of my computer waiting for something to happen.
I do most of my analysis on a Sunday where I draw up an “A” list of trades for which I place forward orders soon after the market open on a Sunday evening. I wait to see what happens at the market open. Sometimes there are gaps in price which are caused usually by news or events that take place over the weekend when the forex markets are closed. Sometimes the gap in price is due to large trades that were made over the weekend between large financial institutions.
Once I have placed these orders I walk away! I also compile a list of “B” grade potential trades. These are trades that I may take, depending on market action. All of this analysis, including daily updates as well as a real time forum, run by my colleague, pro trader Pierre, is available in my 5* rated, ridiculously low-cost forexmentor program. If you would like to take your trading to the next level then here is a link to a special offer where you can test drive the service (access all areas) for $1 for the 1st seven days and only $49.95 a month thereafter. If you are serious about becoming a successful forex trader then give yourself a real chance by being mentored by those who have already been where you are now, wherever you are on the learning curve.
Here is the link to find out more: Forexmentorpro.com Special Offer
In the second week of this current course I show how to plan your trades and a number of other indicators that can help this strategy become even more successful