- Hi all! I'm a trader. I trade on currency market. This is a currency couples as USD/CAD, GBPJPY and USD/JPY. I like this pairs because they are very lequid. My trade chart is one hour sometimes it's 4 hour, depends on a situatian. I use tools such as a trend line, levels support and ressistance, patterns price action, moving average and half of Fibonacci tools. Also, I look at the momemtum and extremes for determine the trend. Experienced traders will say: "man, yoy are using a lot of things". And will be right. But I don'n use all it instruments. It all depends from the market. Which position in it.
- Well, let me give you an example with USD/JPY.
- Firstly, we open daily chart.
- Farther, I'm drawing a trend line.
- The ressistance level
Pattern OB formed on the confluence
- Go to 4 hour. We define the trend using the momentum and extrems
- Excellent, we determined resistance on the daily intrervale where formed OB. This points us to a bear market. As we have confirmed it in the 4-hour timeframe. In this case, we only sell.
- Now we are waiting for the price patterns form by any resistance level or trend line or from both of them.
- Let's move to the hour. The same thing, but on a small plot.
- You can also draw a fibo.
- Сombine
- Now it remains only to wait for the patterns that are formed at levels. What patterns you ask. Answer, such as a pin bar, IB, OB, TBH, Fakey!
- I sorry at my English, if it is not clear. Thank you for watching. If you have any questions, ask in the comments!
This is great,do you do any arbitrage?
What is it ?)