very simple. But the main idea is this: Find an entry on the lower timeframe If the price moves in your favor, consider planning your exits on the higher timeframe Now, lets discuss the pros and cons of transition trading The pros: Can get an insane risk. No, that is to the right of the midpoint. Heres an example of swing trading on USD/JPY: free html5 responsive blog templates Now, lets discuss the pros and cons of swing trading The Pros: Dont have to quit your full-time job to be a swing trader Its possible to be profitable every year because you have more trading opportunities. The timeframes youll trade on are usually the 5mins or 15mins. From there, if it follows the rules, we will execute a trade. I love doing these videos for you. Winning trades also need a period of inactivity once they are closed out.
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Gann was famous for teaching this, the confluence of time and price. Heres the thing: Ive seen traders wasting many years on trading strategies that dont suit them (right from the start). You will find out exactly why soon. Also read the way bankers trade in forex market. Heres how Back while I was in proprietary trading, one of the interesting things I learned was transition trading. Now, we have a tool thats mathematically based, then you have an objective evaluation. Having a written out pre-defined trading plan means you are making an effort to hold yourself accountable to something, this is necessary to forex trading success because there is no one to be accountable to as a trader. This could give you a more accurate place to make an entry point. Many traders do not attempt to have a trading plan because they arent really sure where to begin or how to write one.
If the candlesticks are moving to a point where it is making a new low, this would not be a good time to enter a trade. Another very practical aspect of this is those big moves that have been in a very short period of time are often caused by news events, sometimes thats now fake news. Develop your own Forex trading plan.