Dan has been teaching us to trade in a slightly different way this week, we are now trading predominantly the hourly charts based on analysis from the daily and 4 hourly charts. We made some amazing pips last week. By having a better understanding of the medium to long term trends from the 4hour and 60 minute charts it is giving me more confidence to trade the smaller retracements against these trends.
This mornings trade was a cheeky short retracement against the hourly uptrend. Entered short at 13555, took profit at 13519, soilid 30 pips off a 5 minute chart. Thanks Dan.
I Learned how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.
They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.
The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.
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