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USD/CAD analysis for tomorrow, the price is currently indicating further bullish potential we have a lot of bullish power from higher Time frames , we are currently waiting for a pullback into the BuyZone to execute some Long positions ! Trade safe traders don’t forget risk management is key #forex #patience #forextrader #usdcad #daytrader #dontgiveup #keeppushing #tradesafe
You’ve probably heard before that combining price action with support and resistance can be very profitable.
This is true, as long as you are choosing good levels to trade from.When trading the bearish engulfing candlestick pattern, the idea is to look to the left of the chart for any previous structure that may act as resistance.
In order for a resistance level to be considered good, there should be a nice surge up into the level, as well as
a nice bounce down away from the level. There also shouldn’t be any other competing higher highs in recent history.
It helps to remember that support and resistance act more like zones than exact price levels. That being said,
you should always draw support and resistance levels off of the real bodies of the candles – not the wicks
Once you’ve established a good resistance level, keep an eye out for bearish price action signals,
like the bearish engulfing candlestick pattern, forming at or near the level.
If you want to learn in depth and take your trading to the next level, i highly recommend you to act right
now and get your copy of the candlestick trading bible.it is my work, and it helped thousands
of traders become profitable.if you are interested click on the link in bio or send me a private message.
The above shows two valid setups and one invalid setup. Notice how the first image shows a pin bar where the open and close are contained within the range of the inside bar. This represents a valid setup and is also the most common among the three.The second image shows a pin bar that closed above the inside bar’s high. This is still a valid pattern because of the strong close by the bulls. So strong in fact that it formed a bullish engulfing pattern as a result.Last but not least is the invalid pattern. Notice how the pin bar failed to close within the range of the inside bar. This is considered a weak close as it signals that the bulls are not in full support of a move higher. It’s generally best to walk away when you see this happen.
we need to talk about where to place your stop loss when trading the shooting star candlestick pattern,
moving your stop loss to break even (optional), and when you should do that.
Your stop loss should always be placed at the nearest logical area where, if price reaches that area, you know
that you are wrong about the trade. In the case of the shooting star pattern, you know you’re wrong if price makes a new high.In the Forex market, you pay the spread on the exit of a sell trade, so it’s a good idea to leave a little bit of room above the high of the shooting star to account for the spread. Otherwise, you may end of being stopped out before price actually breaks the high.A good rule of thumb is to place your stop loss 5 pips above the high of your signal.This leaves you enough room to account for the spread plus a few extra pips in case the spread spikes slightly.
Once price has moved in your favor a bit, you can move your stop loss to break even. This step is optional, but
I do it myself and recommend it – especially when trading reversal patterns.I personally move my stop loss to break even (plus 2 – 3 pips to cover the spread) after price has reached 60% of my take profit.
Since I shoot for 2:1 reward to risk, this means I move my stop loss to break even a little past the 1:1 mark.
If you want to learn more and take your trading to the next level,i highly recommend you to act right now
and get your copy of the candlestick trading bible.
Traders use Fibonacci retracement in different ways. However, the most important Fibonacci retracement levels are 50% and 61% Fibonacci retracements. Knowing how to use this tool in conjunction with Japanese candlestick will definitively maximize your profit potential.According to chart technicians, the most significant move is a retracement around 50 %
or 61 % Fibonacci level. This knowledge will Offer you the ability to forecast, with high accuracy, the next significant move in a trending market.The strategy is straightforward. You define a clear uptrend or downtrend, and then, you determine primary corrective levels by using the Fibonacci retracement tool. If you see an engulfing pattern matches up with 50% or 61 % levels, it is an effective price action trading signal like we see in the chart.
In the example,the engulfing pattern price action signal matches up with the 50 % and 61 % Fibonacci retracement level.
The resistance level that becomes support is another confirmation to take this high probability setup.
To learn more, i highly recommend you to get my ebook,if you are interested click on the link in bio or send me a private message
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Friends we seriously need to talk about this sort of nonsense. Between this and people taking 50% for ”time and effort” when trying to opp a full release, it is out of hand - I feel like this is the sort of thing that is going to get opps shut down or people are going to just stop playing all together.
Personally, I love opps and I especially love when there is a purpose behind it like when we run them for a real tragedy like a sick child or victims of some sort of disaster. But when your opps are all self serving, without a material item at the end and a simple portion cash prize they border on being a scam in my opinion.
An opp is supposed to be an exchange of goods not cash. They are a great way to obtain pins that you otherwise wouldn’t be able to. I honestly feel like they are one of the best things BUT only when they are fair and ran with integrity.
If you need money, go to your family, ask your friends or start a gofund. This sort of raffle type thing is ridiculous and frankly it is not reflective of this community.
I would love to hear your thoughts on this, if you are pro or con.
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