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    My Trading Strategy

    Uploaded by

    Yiunam Leung
    The document outlines a forex trading strategy that involves identifying two support and resistance zones above and below the current price on a higher time frame chart such as 4 hours. The trader then determines the overall trend and waits for a strong candlestick breakout of one of the zones. After the breakout, the trader waits for a retest of the broken zone and looks for an indecision candle like a doji. If the next candle closes and moves the price immediately in the direction of the overall trend, the trader enters on the next candle. The goal is to ride the price movement to the next zone and take profit after seeing multiple confirmations like supportive news or indicator signals.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    My Trading Strategy

    Uploaded by

    Yiunam Leung
    276 views10 pages
    The document outlines a forex trading strategy that involves identifying two support and resistance zones above and below the current price on a higher time frame chart such as 4 hours. The trader then determines the overall trend and waits for a strong candlestick breakout of one of the zones. After the breakout, the trader waits for a retest of the broken zone and looks for an indecision candle like a doji. If the next candle closes and moves the price immediately in the direction of the overall trend, the trader enters on the next candle. The goal is to ride the price movement to the next zone and take profit after seeing multiple confirmations like supportive news or indicator signals.

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    The document outlines a forex trading strategy that involves identifying two support and resistance zones above and below the current price on a higher time frame chart such as 4 hours. The trader then determines the overall trend and waits for a strong candlestick breakout of one of the zones. After the breakout, the trader waits for a retest of the broken zone and looks for an indecision candle like a doji. If the next candle closes and moves the price immediately in the direction of the overall trend, the trader enters on the next candle. The goal is to ride the price movement to the next zone and take profit after seeing multiple confirmations like supportive news or indicator signals.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    276 views10 pages

    My Trading Strategy

    Uploaded by

    Yiunam Leung
    The document outlines a forex trading strategy that involves identifying two support and resistance zones above and below the current price on a higher time frame chart such as 4 hours. The trader then determines the overall trend and waits for a strong candlestick breakout of one of the zones. After the breakout, the trader waits for a retest of the broken zone and looks for an indecision candle like a doji. If the next candle closes and moves the price immediately in the direction of the overall trend, the trader enters on the next candle. The goal is to ride the price movement to the next zone and take profit after seeing multiple confirmations like supportive news or indicator signals.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 10

    FOREXTIPS101 01

    MY STRATEGY
    What I Use Daily
    02

    A BREAKDOWN FOREX101 TRADING STRATEGY

    Find 2 zones above and below


    price. You can do this on ANY
    time frame.
    Determine the trend. I usually
    do this on the 4h or daily.
    Wait for a BREAKOUT candle
    Once price has broken zone,
    we await a RETEST
    Look for a doji (indecision
    candle) at the retest
    Enter after candle close once
    we see price move
    immediately in our trend
    direction
    Await multiple confirmations
    03

    FIND TWO ZONES


    Mark two zones above current price and
    two zones below
    You can also find two zones above and
    below price on a HIGHER time frame. Be
    careful not to draw too many zones!
    In the photo here I have drawn zones on the
    4h time frame
    04

    DETERMINE THE TREND


    You can determine the overall trend more
    easily on the higher time frame.
    I generally trade WITH the trend unless
    scalping :)
    05

    THE BREAKOUT
    Wait for a strong breakout candle. Price
    needs to completely break a zone
    Remember: The body needs to close above
    the zone for it to be considered a breakout
    06

    THE RETEST
    Once price has BROKEN our zone we await
    a retest of that same zone. We want price to
    come back down and touch that zone again!
    This can take days if swing trading! Be
    patient.
    07

    INDECISION
    At the retest we now look for INDECISION!
    Study your indecision candles. We are
    looking for LONG WICKS!
    08

    CANDLE CLOSE AND PRICE


    ACTION
    ALWAYS wait for candle close. You can
    enter on the 15m or 4h.
    After candle close we must see immediate
    movement in the direction of our trend
    If buying, we look for a green candle after
    candle close. If selling, we look for red.
    We enter at the candle AFTER the rejection
    candle
    09

    RIDE TO NEXT ZONE


    Ride to next zone, where we take profit!
    ONLY enter the trade after multiple
    confirmations (see next slide)
    10

    MULTIPLE CONFIRMATIONS
    I need at least TWO confirmations to take a
    trade
    My first confirmation is always the
    immediate price action in direction of my
    trend (the candle after the rejection candle)
    NEWS can also be a confirmation. News
    released that is in favour of my trade will
    often act as my second confirmation
    INDICATORS can also confirm my trades. I
    like to use the fibonacci tool most often.

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