Forex pips strategy

Forex Pips Strategy
By James Taylor

http://www.FishingForexPips.com

Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.

Finding an effective forex pips strategy to use
that is easy to learn and implement may prove
to be a struggle for some people simply
because of the huge number of complicated
but ineffective systems and methods for
currency trading that you can find online.


In reality, forex trading does not have to be
costly or difficult in order to be successful.
Some are rather simple and easy to
implement such as using the support and
resistance levels in a particular market to get
into trades with high success probabilities.


It is common knowledge that trending
markets offer great opportunities to secure
profitable trading positions


The reason for this is that there are underlying
factors, both fundamental and technical, that
make it possible for a particular currency pair
to ride a favorable trend.


All the trader has to do is to be able get into a
strong trend. This can only be done by
understanding the fundamentals of market
trends and where to come in.


Once you get a good grasp of these concepts,
you practically have the foundation for a
sound forex pips strategy which is basically
being able to identify and trade with powerful
trend directions.


When trending, a foreign exchange currency
unavoidably flows and ebbs. In a powerful
upward movement, for example, a market will
usually make a remarkable upward push then
stays put for a while before either continuing
to move up or rotating downwards.


In some cases, the market will power its way
through the trend direction but will quickly
revert back to the latest resistance or support
level without stalling out at all.


In forex trading, the trend is a friend, and
there are certain rules that you must observe
in order to master this trading strategy.


For one, you must be able to determine the
existence of a trend where a series of “higher
lows and higher highs” indicate an uptrend,
and a series of “lower lows and lower highs”
show a downtrend.


If you encounter a market that exhibits the
same features, plot the appropriate resistance
and support levels on a chart. Use horizontal
lines drawn across the chart, mark points that
are obviously high or low where the price
shifted.


Keep in mind that the old resistance, when
broken, becomes the new support, while the
old support becomes the new resistance once
it is broken.


One good thing about employing trend
trading as a forex trading strategy is that it can
be used for any time frame. This means that
you need not trade off and monitor 30-minute
charts all day because you can opt for charts
with higher time frames.


You have the flexibility to take a look at the
market for only a few minutes daily or even
just for several times in one week. The best
currency trading strategy involves the use of
pullbacks in trending markets to secure a
position in the trend direction.


There is absolutely no need for complicated
forex strategies when there obviously are
simpler but nevertheless effective trading
systems such as the forex pips strategy.


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Forex pips strategy

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