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Casual Articles - Forex Day Trading- Do You Know What Price Is Doing 70% Of The Time?
Introduction & BoilerplateWhat does it take to successfully market a software product using only the Internet? This is the question I was faced with in January 2005. I had just completed development of my first software product and I was ready to conquer the world. I quickly realized that developing my software was just the first step.As I began researching various marketing avenues I made the decision to share my marketing trials and tribulations with the world. This decision was driven in no small part by a discussion I had with a certain super-
Then you need to examine the 15 minute chart to get a closer view of current price action and take note of the direction of the immediate short term trend. MACD can help here by examining where MACD is in relation to its trigger line.
Then zero in on the 5 minute chart and draw horizontal lines above and below the top and bottom of the current channel. Is there a movement of 20 pips or more? Then you
Apply that to your website wherever you can. Why reinvent the wheel when the world’s most successful marketing brains have done it offline before you. Do you have a health site? Then put up posters in your local health center and fitness centers. You might be allowed to do it free, but if not then offer a few dollars. Everybody using the health or fitness center will be exposed to your advert. Make it a real promotion and offer some free gifts for filling in your opt-in form. Ask them to sign your poster with their email address for more info, or to phone or ema
There is a particular market characteristic however than must be faced up to and which happens every day in the Forex day trading world.
A Key Market Characteristic
What is price doing about 70% of the time?
Answer: Not much!
Price spends most of its time, by a rough estimate perhaps as much as 70% of the time, in consolidation!
Can you hear someone saying: "That's it? That's hardly an earth shattering piece of information!" Maybe, but many traders fail to recognize this characteristic and suffer as a result.
What Makes This Information So Important
Why is it so important?
Because it will greatly affect how you trade! Trading when price is in consolidation requires a different mindset and very different profit objectives than when price is trending or making a breakout.
So when Forex day trading, you need to regularly ask yourself, what is price doing right now?
Is it trending or in consolidation?
Is trading when price is in consolidation part of my Forex day trading style or do I prefer to only trade breakouts or price swings?
If you prefer to trade breakouts and price swings then realize that probably three quarters of your time is going to be spent merely watching price action move up and down in a channel.
Trading The Channels
On the other hand, if you are a scalper, you can develop your skills to take small profits regularly during this major slice of the trading day when price is in consolidation.
Of course, scalping is a high risk Forex day trading strategy. As it involves a number of trades during the day, there is a higher risk one or more will not be successful.
However, with careful analysis and skills developed from experience and perhaps months spent honing the skills in a demo account, it is possible to regularly take 5, 10, or 15 pips from the market when price is in a consolidation channel.
If you choose to take profits from consolidation channels then mark your charts carefully. You will want to always keep an eye on the 1 hour chart to see where key levels of support and resistance are found.
Then you need to examine the 15 minute chart to get a closer view of current price action and take note of the direction of the immediate short term trend. MACD can help here by examining where MACD is in relation to its trigger line.
Then zero in on the 5 minute chart and draw horizontal lines above and below the top and bottom of the current channel. Is there a movement of 20 pips or more? Then you
First of all, let me explain what a blog is. The word "blog" is short for web log. It's basically an online diary. You're probably thinking, "why would I want to write an online diary?". The short and simple answer is, you wouldn't , not many people outside your of friends and family want to hear about what you get up to everyday. However, if you write a blog for your website or on a specific topic, you're going to generate a lot of interest. So if it was for your website, you would blog about any updates that you've made to the site or anything interesting that'
What Makes This Information So Important
Why is it so important?
Because it will greatly affect how you trade! Trading when price is in consolidation requires a different mindset and very different profit objectives than when price is trending or making a breakout.
So when Forex day trading, you need to regularly ask yourself, what is price doing right now?
Is it trending or in consolidation?
Is trading when price is in consolidation part of my Forex day trading style or do I prefer to only trade breakouts or price swings?
If you prefer to trade breakouts and price swings then realize that probably three quarters of your time is going to be spent merely watching price action move up and down in a channel.
Trading The Channels
On the other hand, if you are a scalper, you can develop your skills to take small profits regularly during this major slice of the trading day when price is in consolidation.
Of course, scalping is a high risk Forex day trading strategy. As it involves a number of trades during the day, there is a higher risk one or more will not be successful.
However, with careful analysis and skills developed from experience and perhaps months spent honing the skills in a demo account, it is possible to regularly take 5, 10, or 15 pips from the market when price is in a consolidation channel.
If you choose to take profits from consolidation channels then mark your charts carefully. You will want to always keep an eye on the 1 hour chart to see where key levels of support and resistance are found.
Then you need to examine the 15 minute chart to get a closer view of current price action and take note of the direction of the immediate short term trend. MACD can help here by examining where MACD is in relation to its trigger line.
Then zero in on the 5 minute chart and draw horizontal lines above and below the top and bottom of the current channel. Is there a movement of 20 pips or more? Then you
The most important asset of your infopreneur business, the reason people would want to do business with you, is your content.It doesn't matter- what your infopreneur business is about- or how pretty your packaging looks- or that you administer it excellently- or that you are the top expert in your area- or that you have hundreds of pages on your websiteThe most important thing is the content you provide your audience. You'll be judged harshly by your readers, viewers and listeners. Many of them will come into conta
Is it trending or in consolidation?
Is trading when price is in consolidation part of my Forex day trading style or do I prefer to only trade breakouts or price swings?
If you prefer to trade breakouts and price swings then realize that probably three quarters of your time is going to be spent merely watching price action move up and down in a channel.
Trading The Channels
On the other hand, if you are a scalper, you can develop your skills to take small profits regularly during this major slice of the trading day when price is in consolidation.
Of course, scalping is a high risk Forex day trading strategy. As it involves a number of trades during the day, there is a higher risk one or more will not be successful.
However, with careful analysis and skills developed from experience and perhaps months spent honing the skills in a demo account, it is possible to regularly take 5, 10, or 15 pips from the market when price is in a consolidation channel.
If you choose to take profits from consolidation channels then mark your charts carefully. You will want to always keep an eye on the 1 hour chart to see where key levels of support and resistance are found.
Then you need to examine the 15 minute chart to get a closer view of current price action and take note of the direction of the immediate short term trend. MACD can help here by examining where MACD is in relation to its trigger line.
Then zero in on the 5 minute chart and draw horizontal lines above and below the top and bottom of the current channel. Is there a movement of 20 pips or more? Then you
When you run a business and deal with dozens of customers on a daily basis, there is always a chance that some of them will not be satisfied with your service. There will be accusations, raised voices and even lawsuits later on.To defuse the situation and prevent it from escalating into something both sides may regret later on. Here are some tips you can follow.Talk It Over:Ask your customer what exactly he is angry about. This will give him a chance to think what exactly his grievance is and maybe calm down. This also signals your sincerity an
Of course, scalping is a high risk Forex day trading strategy. As it involves a number of trades during the day, there is a higher risk one or more will not be successful.
However, with careful analysis and skills developed from experience and perhaps months spent honing the skills in a demo account, it is possible to regularly take 5, 10, or 15 pips from the market when price is in a consolidation channel.
If you choose to take profits from consolidation channels then mark your charts carefully. You will want to always keep an eye on the 1 hour chart to see where key levels of support and resistance are found.
Then you need to examine the 15 minute chart to get a closer view of current price action and take note of the direction of the immediate short term trend. MACD can help here by examining where MACD is in relation to its trigger line.
Then zero in on the 5 minute chart and draw horizontal lines above and below the top and bottom of the current channel. Is there a movement of 20 pips or more? Then you
Multi-Level-Marketing (MLM) has disappointed a lot of former enthusiasts. That included me. But it is not because MLM does not work. It does. Neither is it a get-rich scheme nor a scam like a lot of disgruntled past members swear to. The notoriety was unfairly publicized by those who were enticed by the promise, caught on a transitory fire, flickered, and flamed out, consumed by impatience and lack of perseverance. But the most obvious cause of the major turnoff is that most of those who bought into the idea were the least prepared mentally and financially. They we
Then you need to examine the 15 minute chart to get a closer view of current price action and take note of the direction of the immediate short term trend. MACD can help here by examining where MACD is in relation to its trigger line.
Then zero in on the 5 minute chart and draw horizontal lines above and below the top and bottom of the current channel. Is there a movement of 20 pips or more? Then you have a reasonable chance of extracting 10 or so from the market.
Remember to not only take into account the candle wicks but also the candle bodies. Sometimes it makes more sense to draw the horizontal lines marking the consolidation channel across the bodies of the candles rather than the wicks.
You need to use your judgment and skills to determine which makes more sense in the particular session you are in.
Acceptance Leads To Realistic Expectations
Once you accept the fact that price spends most of its time consolidating, you can approach Forex day trading with a healthy mind set.
You will accept there will be long periods of inactivity requiring patience. You will need to decide on your personal trading style and whether you want to add scalping skills to your overall trading experience.
If not, if you just want to concentrate on breakouts and swings, then fix your profit levels accordingly. Don't be too ambitious and be ready to take some profits early.
Look ahead, see where price is going and where it is likely to stop and enter into another period of consolidation.
Do you have the mental stamina and emotional strength to endure a few hours of consolidation not really knowing whether price is going to move out and on or pull back further?
If this is difficult for you then take most of your profits early and give yourself peace of mind. Leave one or two lots to run after bringing up your stop to break even point and at least you will get additional profits, sometimes quite substantial, if price decides to continue.
Giving careful consideration to this key market behavior pattern will certainly help your Forex day trading sessions.
At least you will approach the market with a realistic frame of mind.
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