say you want to define the trend using a moving average indicator thats fine. Conclusion Trading pull backs not only provides you with very high-probability entry points into trends and from levels with huge potential risk rewards, it also helps with the psychology of trading. Over the course of a few weeks, it became evident this was a protracted pull back that could keep moving lower, yet it was not quite clear whether the overall uptrend was over just yet. This is partially why trading gives many people trouble; because you typically must do the opposite of what you feel like you want to do, to make money. Heres a simplified example As you can see Over the last 5 trading sessions, USD/CAD is the most volatile during the European session. The trend is your friend.
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Its those who have the guts to commit to trading in the direction of what looks like an over-extended trend when everybody else is running scared, that make the money. This means as the market moves in your favor, you adjust your stop loss in the direction of the trend. Todays lesson is a just small preview of what you will learn in my price action trading course and members area. . But the good news is You can just switch on the Forex Session indicator and find the blue vertical line on your chart because thats the candle of London open. Now, there are many times when the market trend is not super clear or obvious, and during such times we can still use pull backs or retracements to our advantage. Heres how to add the indicator to your charts: Select the indicator tab Search the indicator called Forex Session by Chris Moody Add the indicator to your charts Here are the settings I used: Then you should see something like this: Heres what it means. But if your charts look like this: Youre obviously doing it wrong.
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