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- Автор: Fegar
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Forex factory strategies exness forex calculator pip
How to use Forex Factory to make trading easier (How to Analyse Fundamental events - part 1)BEST BETTING WEBSITE FREE BETS
In order to properly explain relative size, we need to discuss how to enter an inside bar trade and where to place our stop loss. How to Enter an Inside Bar Setup The best place to enter an inside bar is on a break of the mother bar high or low in the direction of the trend. So now we know where to enter the inside bar trade, but to really understand why relative size is important we need to understand where to place our stop loss order. The first option is to place our stop loss just below the mother bar low.
The second option is to place the stop loss below the inside bar low. Ok, good! Just know that we should always aim for, at minimum, a risk to reward. So if our stop loss needs to be 50 pips away, our profit target must give us at least pips. The stop loss would need to be pips away from our entry, and the trade would have easily given us pips or more. On the surface this looks like a valid inside bar trade setup. We have an inside bar on the daily chart in a strong downtrend…everything looks good.
As you can see, previous support and resistance levels play an important role when determining whether an inside bar is worth trading. So, what this means that relative size of the inside bar to the mother bar is important, but support and resistance levels are equally important. They all go hand in hand if you ask me. I see many traders making the mistake of taking inside bar trades without clearly defining their support and resistance levels.
This is just asking for trouble. You need to know what previous price action has done in order to put the odds in your favor. This is true for any type of price action setup, not just inside bars. I hope this lesson has provided you with some helpful tips that you can implement in your trading plan.
I get into much more detail in my Forex trading course on how to trade price action inside bars as well as several other setups I use when trading my own account. If you liked this post, please share it with your friends using the social sharing buttons below. Next, we use simple moving averages to help us identify a new trend as early as possible. The RSI is an extra confirmation tool that helps us determine the strength of our trend.
After figuring out our trade setup, we then determined our risk for each trade. For this system, we are willing to risk pips on each trade. Usually, the higher the time frame, the more pips you should be willing to risk because your gains will typically be larger than if you were to trade on a smaller time frame. Next, we clearly define our entry and exit rules. At this point, we would begin the testing phase by starting with manual backtests. Then you would move the chart one candle at a time to see how the trade unfolds.
You can see that when the moving averages cross in the opposite direction, it was a good time for us to exit. Of course, not all your trades will look this sexy. Some will look like ugly heifers, but you should always remember to stay disciplined and stick to your trading system rules. We can see that our criteria are met, as there was a moving average crossover , the Stochastic was showing downward momentum and not yet in oversold territory, and RSI was less than
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