Forex Trading Secrets | A Trading System Revealed
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Where this occurs, it makes sense to trade a return inside the Bollinger bands or to assume support or resistance may hold. Strong and stable trends tend to stay on one side of the middle line, pulling the central moving average in the trend direction. If we put on another Bollinger band at 1 standard deviation, while keeping the 2 deviations Bollinger band, we can see how tidily the trend falls in the outer channel between 1 and 2 standard deviations.
Trading systems often suit one or more of the four market states, but usually not all of them. The market states are trending volatile, trending quiet, ranging volatile and ranging quiet. Putting it all together we can make an assessment of the current market state and compare it with the conditions that our trading system s perform best.
We want to have a higher frequency of trading in conditions that our trading system s suit and a lower frequency in poorly suited conditions.
Bollinger bands make up a helpful part of a traders toolkit, giving clues about the market and where it may be heading next. Your email address will not be published. Leave this field empty.
What are Bollinger Bands. Spotting the runaway trend.
Gauging momentum. Banging on opposite extremes. Spotting a reliable trend.
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Identifying the market state. Keep reading to learn how. This is one of the most commonly asked questions by those new to the risky yet profitable currency trading arena. If you want to make a million on a single trade, think again. There is, however, a dynamic strategy to employ in order to rapidly compound your earnings. By stacking multiple trades on the same market move, you can compound your earnings and make more with each one. Not only that, but with each trade being placed at a larger lot size than the last, this allows you to increase your profits with less and less market movement.
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To do this and take full advantage of market momentum, open your first trade at the normal lot size you trade with given your particular account balance. You will see big candles moving in the same direction with minimal retrace. Here you have 4 more additional entries by entering on daily engulfing candles. Again, without a single loss even if you put the stop loss below the daily low candle.
Even though by text book definition Shooting stars and Pinbars are different, to me they are the same thing. As your profits begin to build, take some of your profits from this trade to open another position in the same direction. Only this time, increase your leverage. At this point, you can take the profits from the first two trades, increase your leverage, and open a third position in the same direction.
As an example, you could open a position on a pin bar or shooting star on the daily chart, and then open more positions using the 4-hour chart to identify additional pin bars and optimal buying or selling opportunities. You then switch to the 4-hour chart and open a second position in the same direction when you identify another pin bar, and the distance between the two points is pips.
To calculate the size of your subsequent positions, divide your profits by the distance between the stop of the first trade and the entry point of your second. In keeping with our example and assuming the distance was 60 pips, you would place your second trade at approximately three mini lots. When another pin bar forms to provide another buying opportunity, once again use the total profit from the first trade, not the second, to up the leverage yet again and open a third trade.
When you factor in the stop loss distance of the last pin, you may be able to open your last trade at twice as much as the second, which in our case would be six mini lots! Plus, the first two trades are still running and making you money as well!
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If one does occur and there is no sign of a long-term trend reversal in sight, you could once again use the profits from the first trade to repeat the scaling process. While I used the daily and 4-hour timeframes for our example, you can use this strategy on any timeframes you want. Taking multiple positions in the market gives you ultimate freedom and flexibility to test and tweak your trading methods.