mittendry68

There are numerous methods to analyze the foreign exchange market to be profitable like a currency trader.

I have discovered it very useful to use Elliott wave theory within my market analysis. I am not saying which i base my entries solely depending on Elliott Wave theory. No, this can be only part of my overall strategy. My Currency trading system incorporates other tools and indicators so as to make entries.

Other possiblity to analyze the currency market can sometimes include: trend analysis, Forex news analysis, candlestick analysis, pattern analysis, technical analysis, and numerous others.

Personally, it is very important have an overview and outlook during the foreign exchange market as a whole - over multiple periods. Even though I might trade periods for example the 60 minutes, 4 hour or daily, often I refer to the weekly and monthly time frames to think about 'the bigger picture'. I've found that in that way, I will be far more familiar with the terrain and thus We are much more confident and experience less negative feelings while trading.



Also i do this since i want to align my trading together with the over everything direction from the market without having to be relying on the market industry 'noise'. Measuring only visible on the longer timeframe frames. Having the over all direction in the market is essential information.

Keeping the information that we manage performing my market analysis allows me to plot my trades in advance regardless of what my specific Foreign currency trading method is. Like a currency trader, I will be far better equipped to trade the foreign exchange market. I'm able to hunt for specific and profitable opportunities on shorter time frames with far more confidence, realizing that I 'trade using the trend'.

By way of example, if I understand that the direction of the trend on the weekly time period stands, it will be a lot more profitable for me to search for short trades for the 4 hour and daily time frame. In such cases, any up movement will be corrective and probably less profitable.Also, by performing an intensive analysis, I consider different possibilities upfront i know where We are apt to be wrong (and thus set my s/l accordingly.

You will need to stress that analysis should only take part in a complete trading strategy; analysis usually works as a guide only. Entries should be determined by specific trading rules.


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