Wave Rules We Use in Trading Forex - FreeForexCoach.com - reedcraver1962

Hello fam, As the year comes to a close, I wish to share forex wave rules that accept kept me in this business.

I started off trading currencies hoping it would be an easy job but i have learnt concluded time that for our lives to be easy we must perform what is hard.

Trading is already paying and i thank God that I learnt about trading early in my life. I am already looking forward to the next year and as others jam entertainment joints to splash their cash. I will be indoors sharpening my skills in preparation for the adjacent trading year.

As wafture traders, before we move into any trade we wait at these forex wave rules for entry and exit. We thenceforth finagle our trades and move with social system.

I have antecedently shared with you some of the patterns that we look away at (we combine Elliot waves and classic patterns).

Our Forex Wave Rules

The rules are as follows and they bequeath be repeated several times during analysing a specific price chart.

1. Social system drawing

This is done on past price chart data. I have previously also done an clause of how to key and suck in body structure lines for us to make a decision.

Remember we assume't righteous click on buy/sell on the vogue lines. The trend lines are fair points where we view the markets for us to make a decision on what we should be doing at those specific points.

For this specific case i will use the GBPCHF chart to score my illustrations.

2. Pattern designation :

Subsequently we have drawn our structure we then dig deeper and identify and name the patterns in the structure.

There are ii kinds of patterns that we take namely trend continuation patterns and trend reversal patterns. The trend continuation patterns signal to us that the trend is awaited to continue.  On contrary the reversal patterns state us that we may be coming just about the end of a trend.

This pattern's article can make up found on the education section of the website. (please bring up your prison term and appear at IT)

3. Future indication :

This entails reading the indicators to have a feel on what they are saying.

There are various arguments on which indicators are Charles Herbert Best and which ones work best. To Maine indicators are mostly lagging merely they john tell off America what the market is doing. we should therefore look at price action mechanism as we also depend at indicators too.

In this case I will prefer using the MACD index. you tail end however use RSI, Bollinger bands operating room even stochastics and still end up with the same result.

4. Future undulate :

Afterwards we have looked and observed the higher up rules we now have to draw our future wave that helps United States set targets and know what we are risking.

Remember trading is all near risk management. We should ne'er trade without using stop over losses.

5. Prospective Reversal Point

This is the point where we expect the forthcoming wave to reverse again or change. This is the point at which we are besides expected to bank our net profit.

With the above forex wave rules, I wish you a merry Christmas and a happy 2022.

Follow us on facebook (Kaliq asset management ltd) for more trade set-ups.  Thank you for always attractive clip to register our posts.

Source: https://www.freeforexcoach.com/rules-we-use-in-trading/

Posted by: reedcraver1962.blogspot.com

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