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In this video I show you one of my favorite forex trading strategies and how to find support and resistance levels in an up-trending Forex marketing. I will show you how to take these support and resistance levels to find the best entry points where to place your stops and profit targets.
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Hey guys, I’m back with another video to help you in answering questions regarding your Forex Trading Strategy. In this particular video I will explain how to find the the best entry and exit points.
To be honest, if there is one thing in trading that I wonder the most, it is how to define the perfect entry. The reason for this is that you can never really predict where the price is going to move from and where to it is heading.
What I do is I break the trade in two parts. First one is predicting which way the pair is going. For that I use fundamentals. For example, we can predict that USD/CAD is going up because we know that in the long-term USD/CAD is going up. When we know which way we want to trade we can determine, roughly, how far the trade is going to go. In this way, we get a very good structural framework to trade from. Obviously, the next part is to decide where to get in. However, as long as you know what fundamentals support the long trade and you have at least a rough idea of where it is heading the specific entry point is not that important. On the other hand, it is important if you want to limit your risk and place the stop losses etc. How do I do it? I simply use levels of support and resistance to get in. My levels are as simple as double zero levels. For instance, 1.2400, 1.2300 and so on.
Thanks for watching and I will be back soon with more videos answering your guys questions and helping you to develop your own Forex Trading Strategy.
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In this 3 part series, “How to Trade Forex in 3 Easy Steps”, I explain the three steps to being successful as a Forex trader:
1. Proper Equity and Risk Management
2. Optimal Trade Entry and Exits
3. How to Manage Your Trade
This video is #2 in this series that shows you how to choose optimal entry and exit points in your Forex trading.