I realised that I need to have more patience in setting up my forex swing trades. For the past couple of days, I have been watching individual price movements on H4, H1 and even M30 charts.
My aim is to try finding a correlation between these charts with the daily chart trend pattern I used and thus determining the best price for entering and exiting a particular market.
My past strategy has so far restricted me to take a larger profit or even sometimes straight into a losing position only minutes after opening a position. Therefore, I should be more scrutinous as the market always seems to trick you to take the opposite direction.
Currently, I like the outlook of USD/CAD where all charts, i.e D1, H4, H1 and M30 charts all flagging a long signal, which I will not hesitate to take at this time. I will put up an analysis in a later post.
My aim is to try finding a correlation between these charts with the daily chart trend pattern I used and thus determining the best price for entering and exiting a particular market.
My past strategy has so far restricted me to take a larger profit or even sometimes straight into a losing position only minutes after opening a position. Therefore, I should be more scrutinous as the market always seems to trick you to take the opposite direction.
Currently, I like the outlook of USD/CAD where all charts, i.e D1, H4, H1 and M30 charts all flagging a long signal, which I will not hesitate to take at this time. I will put up an analysis in a later post.
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