Wanna Get More Out of Trading Daily Chart Frame…Try End Of Day Trades

Hello and welcome to another edition of the bulls vs the bears. Today my message is simple. If you want to get more out of trading the daily chart chart frame, try placing your trades at the end of the day. Your focus will be on closed candles not open ones.

Now I can hear somebody asking”How IS Trading At The End of The Day Going to Help Me?” It will definitely take your trading to another level. And it makes the trading process simple and straightforward. End of day trades accomplishes this feat several ways. First it cuts down your trading time which translates into a positive mindset. With this mindset you don’t need to stare at the screen all daya- a major addiction of a lot of traders. When you stare at the screen all day , you overthink , which makes you over-analyze and which eventually sends your money down the abyss.

Even more important end of day trading helps you with money management via the set and forget approach. With a solid money management plan you dont need to scratch your hair over your trades. Set your trades and get out of the way.

So what are we going to do? We are going to learn how to trade end of day session And how we are going to do this? By utilizing popular trading patterns that we have looked at before. We are going to look at how you can employ these patterns at the end of the day.

First up is

Inside Bar Pattern

The first pattern we are going to look at the inside bar pattern

bullish inside bars

This pattern looks perfect for an end of day trade. Doesn’t it? All you have to do is place your entry, take profit, and stop loss. And the market will do the rest. Just set and forget and go on vacation. By the time you get back you should see a handsome profit in your trading account.

Do you know what you just did. You solved the most difficult aspect of forex trading – trade management. Even more important, you took the emotions out of the process – a trade killer if you ask me.

Now let’s t look take another example of the inside bar using the GBPUSD pair

pinbar6

First thing we see here is the dreaded range that most traders don’t really care about. However, see the back-to back pin buy signals at the level of support. This is what you call confluence where you have multiple signals popping at the same time. This is perfect for an end of day trade.

With this trade you could make three times your risk. As I indicated earlier, just step away from your screen and let the market rack up the profits for you and out them on your bank account. This will open happen if you don’t over-think your trades, and you are not in a hurry to jump into the market.

And Finally

Fakey Pattern

Let’s look at another end of day trading example using the fakey pattern via the GBPUSD pair.

fakeywithpinbartrend

Here we see a fakey/pin bar combo forming in-line at the uptrend in the daily chart frame.. Place your take profit at the breakout of the inside bar or at the high of the pin bar and stop loss below the low of the mother bar. Do that and you make yourself a handsome profit.

The only hitch here is you have to wait ten days for this pattern to form. Sorry folks that;s the way the daily chart frame works. You need sit tight and watch things unfold.

That’s  a wrap for ”Wanna Get More Out of Trading Daily Chart Frame…Try End Of Day Trades. ” End of day trades will definitely do wonders for your forex trading account. But please don’t get the impression that end of day trades are a walk in the park. They are not. However, you’d be a whole better off trading end of day than spending your whole day searching for 15 minute scalps on the market. Who does that?

In utilizing end of day trades, you vanquish the small voice torturing you into taking those 15 minute scalps. You only take what the market offers you, depending on your trading edge of course. Even more important end of day trading teaches you self control. You don’t feel the urge to jump into the market just for the fun of it. I trade using the engulfed pattern. If it is not evident on the screen I don’t trade–Simple as that.

Take care til next time

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How To Profit From Trading Key Chart Levels

Hello and welcome to another edition of the bulls vs the bears. Today we are going to look at how to profit from trading key chart levels. Obviously when I say key chart levels I’m referring to support and resistance.

We are going to look at how to trade the price action occuring around the key chart levels. As you well know key chart levels show up in different scenarios. We will use these key chart levels together with basic price action strategies to create a high probability trading strategy.

First off:

How Do I Trade Support and Resistance in Trending Markets?

Trading the dominant trend is the most popular technique that traders like my self use to trade the markets. Any trader worth his salt will dedicate as much time to trend analysis and stick to simple price action strategies when trading the market that is trending. You look for price action signals forming near levels of support , a consequence of the ebb and flow of the market.

Let’s take a look at the graphic below

Forex Support and Resistance | Support holds at 1.4700

Here we see 4 months of price action data Notice how the key of support has been drawn. also look at how the various price action strategies have been set up via the inside bar pin bar, and fakey setups. You don’t need to use any fancy robots-just pure price action.

If you want to freshen up on trending markets look up Trade Trend with Price Action Analysis as the Weapon of Choice

Next up is:

How Do I Trade Support and Resistance in Range-Bound Markets?

Unfortunate markets don’t trend all the time. And when that happens go in consolidation. This means that the big players are taking a breather planning their next move. This is manifested in the manner the market move sideways. and when the market move sideways, it means the market is range-bound. Let’s look at a range bound market through the eyes of the USD/CHF pair.

Range-Breakout-Trading-Example

Here we see the USD/CHF pair from 23RD January to August 1. Notice the period of consolidation from May to September. Two things happen in this pic. First a long-tailed pin bar formed showing a strong rejection inside of the range. Next we see a break of the pin bar which, of course sparks an upward break by the bears.

Be careful with trading ranges though. Ranges can be very unpredictable. If you don’t play your cards right you risk blowing a hole in your trading account. But if you keep a close look at the peripheries , you could catch some serious price signals at the key levels of support or resistance of the range.

If you want to know more about trading ranges, look up Forex Market Goes Sideways

Next up is:

How Do I Trade From Swing Points In Trending Markets?

In case some of you don’t know by now swing points are the highs and lows formed by the market. Look out for these as they make for great support and resistance. The good thing about swing points is that they dont require mutiple rejections of price to be considered a bona fide support or resistance level. Instead, the swing in the opposite direction is enough to create a key support or resistance level.

When you see price getting price etching towards a swing point , look out for possible price action setups around that point. Let me you in on two secrets. First a swing high acts as support in an uptrend while a swing low as resistance in a low trend. Let’s look at the illustration below.

GBPJPY-Daily chart lower

Right in front of us is an illstration of swing points using the GBPJPY pair. Here we see price finding support around 17 July. This swing point is absolutely crucial as we see price action swirling around it at both support and resistance levels.

If you want to know more about swing points look up Let’s Do A Little Swing Trading

Next up is:

How Do I Trade Dynamic Support and Resistance in Trending Markets?

For those of you who don’t know dynamic support and resistance leves are levels where the market finds support without having to be at a horizontal support or resistance. I alway price changes at the speed of light at tehse levels because of the evolving nature of the market.

The best way to trend dynamic asupport and resistance levels in trending markets is exponential averages (EMA’sfor short). It’s the best method for analyzing and identifying dynamic support and resistance levels.

Why? Because they do a great job of catching crazy momentum switches in price action, while at the same time keeping an eye on long term price movements. Let’s take a good look at the 1 hr chart using the 20 EMA via the EURUSD pair

dynamic support and resistance forex market 2ndskiesforex

Notice the numerous times the price action touche the 20 EMA(The bluish line. This opens the way to numerous trade setups that you can chew on. If you want to know more about dynamic support and resistance levels, look up How To Locate Dynamic Support and Resistance Levels

How Do I Trade Event Area Support and Resistance Levels?

In case you guys have forgotten, an event area is a price level or zone where a price action signal forms followed by a humongous directional move or “event.” Let’s see how event areas are traded in the pic below

Event zone

As you can see, the white arrows pointing downwards suggests price retracement after price bounced off the resistance ;levels. However take a close look at the huge upwards arrow at the line of resistance. Here we see a humongous break by the bulls at this level. And when you see such a pattern it’s time to make so much needed doe.

Even more important, keep an eye on this price signal for future entries when it touches this key level again. You dont want to miss out on another opportunity to ring in the cash.

For more information on price event areas look up A Closer Look at Price Event Zones and Support and Resistance Levels

That’s  a wrap for ”How To Profit From Trading Key Chart Levels ” As you can see, learning how to trade key levels is not that scary. All you have to do is analyze the market and gain enough lough as to how to identify key market levels and price action match ups.

Once you have these two components you have a huge advantage over other traders. You can combine these two weapons to form a high probability trading strategy that you can apply to the ever changing market conditions week in week out. These sets do work out in your favor when you constantly seek them out these confluent key levels

Take care til next time

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