Do you have similar experiences or are you still struggling? I lost more than one account with averaging losers. The first, forex double top strategy that we will go over is the standard double top strategy. Trading any financial market involves risk. I made a special video about all the tools and daily helpers that I use: My 3 most important daily helpers (click to watch) All those tips help me fight my biggest problems and it made me become. #8: The Pop n Stop Trade If youve ever tried to chase price when it bounds away to the upside, only to suffer the inevitable loss when it just as quickly reverses, you will want the secret. It might sound silly but its much harder to break your rules if you see it black on white that what you are doing is wrong and when you have to actively convince yourself that not listening to your checklist is the right. My Favorite Forex Double Top Strategy This next Forex double top strategy is my favorite technique because it typically provides excellent reward to risk ratios. Entry would be taken on the open of the next candlestick.
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The 20 SMA rule keeps me out of such trades because once price breaks the 20 SMA, price has already reversed from the absolute top. Dual Stochastic Trade, the Dual Stochastic Trade users two stochastics one slow and one fast in combination to pick areas where price is trending but overextended in a short term retracement, and about to snap back into a continuation of the trend. Its important to give the trade room to breathe. #9: The Drop n Stop Trade The flip side of the pop and stop, this strategy trades savage breakouts to the downside. I am not saying that the 20 SMA rule is ideal for everyone and I know that it wont work for all types of trading systems, but let this just be an inspiration for your own trading: look. All of these double top strategies are profitable, but it takes some screen time to get a feel for what a good pattern looks like as its setting. #3: Bolly Band Bounce Trade, the Bolly Band Bounce Trade is perfect in a ranging market. The strategies covered here on the other hand, are ones that either I or successful traders I know have used in a consistently profitable fashion. Would you like to learn some profitable double top strategies? What is a Double Top Chart Pattern?
This is an improvement over the standard technique, but the next technique Im going to show you is a huge improvement on both of the standard techniques. Everyone is hoping for a trading strategy that gives them consistent results while they jump from one method to the next, adjust indicators and settings, change entry rules or take completely random trades. I know, you were probably hoping for something more drastic and spectacular but you have probably heard that keeping it simple is the way. This helps to confirm that top as a resistance zone, which is important when youre taking a very aggressive entry like I do with this strategy. Click here to get the 10 Best. #7: The Bladerunner Reversal As mentioned above, the Bladerunner is a trend following strategy. It is a trending strategy that tries to pick breakouts from a continuation and trade the retests. Whether its about diet, exercise, studying, staying sober, or trading. In the image above, you can see a nice bearish engulfing pattern that occurred right at the resistance line.
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So let me explain why I give the 20 SMA so much credit, how it helped me turn my trading around and how I use. #1: The Bladerunner Trade, the Bladerunner is an exceptionally good. The psychology behind the pattern is that the failure to make a higher high could be an early sign that the momentum is leaving the uptrend. This technique also works better with steep trends because the reward to risk ratio tends to be better. When do we daytrade forex? As you my favourite forex strategy can see from the example above, you typically get a better reward to risk ratio using this aggressive strategy. Do you enjoy trading price action patterns? The extra volatility you get when London opens presents some unique opportunities.
Entry my favourite forex strategy is typically taken after the first candlestick that opens and closes below the trendline. Since these are more comprehensive than the simple strategies presented above, and thereby fall into the definition of Forex Trading System, they are dealt with separately in the following section, Forex Trading Systems. In the example below, price never pulled back to the entry point. This means that I only take short trades when price breaks (and closes!) below the 20 SMA and I only consider long trades when price breaks above the 20 SMA. Learn how I set up my currency daytrading charts and how I know when its time to start focusing on my, between the Greens set. ) a laminated checklist before every trade. I was generally a victim of, fOMO fear of missing out ) and I was often way too early in the trade where I should have just waited one more candle. And this is so true! They havent been tested, and there is little evidence of their reliability. This is the kind of inside info that took me years and many thousands of dollars to learn. Once I started using the 20 SMA and I saw the change in my trading, I gained trust and my trading decisions became more consistent which then lead to more consistent results. This alone already eliminates all low-momentum and range-bound markets that dont go well with reversal trading.
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#2: Daily Fibonacci Pivot Trade, fibonacci Pivot Trades combine Fibonacci retracements and extensions with daily, weekly, my favourite forex strategy monthly and even yearly pivots. Note: This technique works better when there is an obvious trendline because its more meaningful when an obvious trendline is broken. The get your take profit, use the same technique as you would with the standard double top strategies. From here on, Ill refer to this line as the breakout line. It occurs when an uptrend fails to make a higher high and instead, makes an equal (or near equal) high.
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Thus, we dont look for candles that just barely break the 20 SMA, but we want strong momentum candles that show that price is shifting from one trending phase into a new one. Trading the Double Top Chart Pattern. Heres the best Ive found in over 10 years of trading, trialling and researchingtotally free! Regardless of which double top strategy you choose to use, trading macd divergence can help qualify them. Many traders use it in combination my favourite forex strategy with confirming signals, to great effect. He mentioned that he was using moving averages as a directional filter and he also talked about utilizing checklists. Avoid making mid-candle decisions because price often shows a fake break attempt at the 20 SMA during the duration of a candle. Once I started auditing my trades and performance, I saw that I made some pretty good trade calls but then I always kept repeating the same mistakes and I gave back my profits and then some. The Top Dog Trading system also works well for this. Now that weve got the basics of the double top chart pattern down, lets go over the two most common ways to trade. For instance, I like to wait for an engulfing pattern in which the engulfing candle closes in the bottom 1/3rd of its range.
Pit Bull: Lessons from Wall Streets Champion Trader from Marty Schwarz and it was the right book at the right time. Tip: When using the 20 SMA rule, only make trading decisions when the candle has closed. Somewhere around that time I my favourite forex strategy read the trading book. The equal high is an indication that the previous high is being tested and confirmed as resistance. Early on, I always caught myself second-guessing the 20 SMA rule and I still went before the candle close or ahead of the 20 SMA because I thought I was going to miss the move or I could get more money. The top line is the resistance line.
(video has been removed if you want to learn more, take a look at our pro area and learn to trade with us) More: Go to my free Forex introduction video series #2 The best entry for safe trades. Follow Raghee Horner (aka Queen Cleopiptra) into her kingdom of forex and futures. #6: London Hammer Trade. Note: As I mentioned in my article about the double bottom chart pattern, waiting for a candlestick to close past the breakout line often leads to missed opportunities. I like to use strong price action signals as entry triggers for this strategy. My fastidious record keeping showed that the 20 SMA worked great it gave the best signals and it kept me out of many losing trades at the same time. Strive for consistency in decision making! Then you take that measurement (in pips if youre trading the.
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The London Hammer Trade is my take on an attempt to capitalise on these opportunities. Some perform better than others, and each individual trader will find some strategies more suitable for them to trade than others. In hindsight, I can see that this is a very overlooked aspect of profitable trading. When I go through my trading journal, I can see that my trades now almost look identical and whenever I see a trade that looks different, I immediately know that I screwed. When is the right time to switch to the short-term time frame? Shooting stars should be followed by a bearish confirmation candle (which also closes in its bottom 1/3rd range) and then a pullback to the close of the shooting star. If, after a rally, price starts reversing and then breaks the 20 SMA with a strong candle, you are often very early during a completely new trend. Your search is over. Free forex trading strategies, when it comes to selecting strategies to trade, you have the choice between buying one off-the-shelf or trawling the Internet for freebies. In the example above, the reward to risk ratio was around.5:1. . This technique typically provides a 4:1 or better reward to risk ratio. Well, we all know how this ends In his book, Marty Schwartz said that he was still using ( after decades of making millions as a trader!