HAPPY NEW YEAR TO YOU ALL GURUS IN THE HOUSE!!!
This is probably my first post this year on the forum and with this post i intend to share with the gurus my simple but powerful trading system that has been pulling in green pips into my FX portfolio.
You don’t really need all those expensive and complex systems out there for sale to really suceed in the forex market.
Forex trading is quite simple. It is us that makes it complex with too many unneccessary indicators on our chat monitor.
the system i am about to share with you gurus, makes me consistently +200 pips every week and can do the same for you if you apply it well.
Like i mentioned in my post last year on this forum, that after +3years experience in the forex market, i can summarize forex into just two words “PATIENCE AND DISCIPLINE” without this two tools, any forex trade system is doomed to fail.
THE SYSTEM
WHAT YOU NEED FOR THIS SYSTEM:
- A 4Hour chart of any currency pair
- A basic knowledge on how to draw trend lines
- A basic knowledge on how to use fibonacci retracement and extension tools
- Patience for the right trade setup to occur.
With all the above mentioned tools in place, then you are ready to begin pulling green pips into your forex account.
First draw all Trend Lines (Inner, Outer and Long Term) to determine the current market trend. After which you will find and draw your latest A.B. (latest swing high and swing low) Spread fibs from A - B to project a C bounce off the Trend Line which will be a retracement(38.2, 61.8, 78.6).
After the market retraces to Trend Line / C ? / Fib retracement look to enter on a bounce. Place Stop Loss below C/TL in an Uptrend and above C/TL in a downtrend. Profit will be set 10-20 pips before projected D ? / Fib extension. Or use a Risk/Reward of 1:1.5 or greater.
If the market bounce at a 38.2 or 61.8 it is likely to go to a Fib 161.8, a bounce at a 78.6 is likely to go to a 127 extension.
ENTRY RULES
Enter on any of the following candlestick formations:
Uptrend
1. Engulfing Bullish Candle
2. Tweezer Bottoms
3. Morning Star
Downtrend
1. Engulfing Bearish
2. Tweezer Tops
3. Evening Star
NJOY!
RECOMMENDED FOREX EBOOKS TO HELP TRADING SKILLS
- Candlesticks, Fibonacci and Chart Pattern Trading Tools
- A Complete Guide To Technical Trading Tactics. How To Profit Using Pivot Points
Candlesticks Other Indicators
-Selective Forex Trading How to Achieve Over 100 Trades in a Row Without a Loss.
- Fibonacci Trading - How to Master the Time and Price AdvantagE.
