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Inspiring Videos

Trade Setups and Triggers

Hello Santa, How about an EA for my stocking,
I mean another elf to do the trading for me while I am asleep and at play?

This cartoon is the dream come true for Forex traders... Unfortunately, it will remain a dream because there is no such thing as "No losing trades"!

Fortunately, History does repeat itself and there is such a thing as High Probability Trading...

Forex chart patterns have been recognized and categorized for years and the manner in which many patterns are repeated show that human psychology changes little over time.
Since many traders are familiar with these patterns, they often act on them in unison. This creates a self-fulfilling prophecy and unifies market sentiment, as waves of buying or selling are created in response to “bullish” or “bearish” patterns.
Hence, knowing what went before is a good way to predict what is to come.

Trading is about probabilities, not certainties. The earlier you accept this fact, the better you will be as a trader.

Please view the charts below for Examples of High Probability Trade Entry: BUY Reversal, BUY Trend and BUY Breakout:

Price Chart without technical indicators: Difficult to tell where the prices are heading.

If you were to observe the naked chart of any currency pair, the price moves in a seemingly random fashion.

Price Chart with Bollinger Bands: Provide a good visual of price patterns and where the prices are heading based on their positions on the bands.

But if you were to overlay the price chart with some technical indicators as visual aids you will begin to realize that certain price patterns tend to repeat themselves:

Can you see how the prices bounced from one outer band to the other (Reversal), hugged the outer bands (Trend) and ranged in the middle of narrowing bands before the bands expand again (Breakout)?

Price Chart with Bollinger Bands and Fractals: Provide a good visual of price patterns, where the prices are heading, confirmations and trigger prices for trade entries.

Prices move in waves. Hence it makes sense for traders to increase the odds in their favor by paying attention to the wave cycle and to wait for the price to dip before a BUY and wait to SELL after the price has risen.
Doing so will not only maximize gains, it will also minimize losses in their trading.

Now, can you recognize the next 0123 Breakout? Hint: Do wait after the price has retraced UP before you enter a SELL order.

Buying and Selling price patterns are mirror images of each other.

Yes, History does repeat itself. Simply put, if enough market participants view a price level as significant, this often translates into tangible price action in the market.

“All through time, people have basically acted and re-acted the same way in the market as a result of:
greed, fear, ignorance, and hope – that is why the numerical formations and patterns recur on a constant basis”
- Jesse Livermore.

Probability Analysis or trading by price patterns and price actions will prevent you from chasing after the price but let the price comes to you before you act.
If you are in doubt, stay out. There are ample opportunities for you to trade Forex at your own terms and not be led by others.

With automation, your trading opportunities are multiplied by the number of currency pairs that you care to set your trading robots or EAs to monitor and trade on your behalf!

Monitoring and then responding to what has happened is a safer bet than guessing what will happen next in trading!

You are welcome to follow an actual Breakout BUY trade beginning with Chart1 in my Facebook at http://www.facebook.com/photo.php?fbid=497590154500&set=a.478775089500.260594.655329500 .

In summary, the 2 reasons for failures in Forex trading are not having a plan to trade and not trading the plan.
Newbies should not jump into live trading until a plan based on high probability trade entry and exits has yielded profits consistently.
Unfortunately, experienced traders can still lose money when the emotions involved in live trading are allowed to derail their trading plans.

"When a person with experience meets a person with money, pretty soon the person with the experience will have the money and the person with the money will have the experience." - Estee Lauder, perfumer.

It's happening all the time in the spot Forex market. I agree with the first part and may the second part comes true for all traders.

If you are new to Forex trading, I welcome you to Open a Practice Account to study the price patterns and practice your skill before you start to trade live with real money.

Find out more on How to succeed at Forex trading?

In conclusion, it's not difficult to trade profitably if you can identify and act on price patterns that consistently repeat themselves.
The trade entry, exit and the stops will fall into places once you are comfortable with their identities.

Here is my Bollinger cheers to your trading success 为您的交易成功干杯 :

If you are still adverse to the risks and the rewards of profitable trading but wish to benefit financially from the rapidly growing $4 trillion-a-day Forex market, I have good news for you...

Please click on to find out how you can start and build a risk-free "toll-gate" like business in Forex for FREE... a part-time or full-time online venture that has the potentials to keep on providing for your family after you have worked on it once to build it up.

If I can do it, so can you.

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