Wednesday, April 25, 2012

Bullet prof tips for forex trading

Here are some trading tips:

Never miss these.......
1. Never overtrade


2. Never enter order which you afford to loose.


3. Enter only one order in a time.


4. Use stop loss.


5. Market can move any direction


6. Use higher time frame for trend. higher time frame have superiority over lower time frame.


7.Upper shadow indicates market tends to go down, lower shadow indicates market can go up.


8. Tp for 1 min chart 10,


TP for 5 min chaart 15
TP for 15 min chart 20-25( candlestick ei time frame theke response kore, higher time frame valo)
TP 1hr chart 60( Ichimoko kinku huya valo)
TP for 4 hrs chart 200


9. Always use MACD divergence has great effect


10. Use 200 EMA to determine the trend.


11. Draw trend line for trend,  higher time frame have superiority over lower time frame.


12. Day trading 15 min chart is used , 5 min chart used to see Elliotwave.


13.Fifth wave failure may form which lead to doji formation, wave 4 may cross wave 1 territory


14, wave 2 retrace upto50-78% of wave 1, measure daily high and low in 5 min chart if >40 pips this is the 
active wave.


15, wave 4 may retrace upto 38% of wave 3.


16, Use MACD divergence in 5 min chart to see finishing of wave 5.


17. MACD shows higher volume in wave 3 then in wave 5.


18. Never become anxious after putting order. Elliotwave is formed in every time frame.


19. Always use both lagging and leading indicator.

20. Look for SR in every time frame


21.See candlestick formation in every time frame


22. Scalping is profittable but risky


23. Trade only 1.00 pm-10.00 pm in BD time when both european and usa session overlaps.


24.
I enter first entry on the basis of 5 min chart
2nd entry on the basis of 15 min chart, ( candlestick ei time frame theke response kore, higher time frame valo)MACD 
3rd entry on the basis of 30 min chart
4th entry on the basis of 1 hr chart  apply ( Ichimoko kinku huya valo)
5th entry on the basis of 4 hrs chart.


Tps no 25:
When everything fails U are depressed........... Do not worry apply Andrew pitch fork trend channel .. see where the price is 
in relation to channel...go higher time frame such as 1h/4h/1 day.... 
apply the previous sequence.........




always keep these in mind... U will become successfull trader.

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