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Possible USD/CAD short position!!SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1-2 days Actions on - A – Activating Event Market will meet resistance in zone @1.333 - 1.3365 and fall to the @ 1.325. In order to enter, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market move towards the first Target 1 level @ 1.325 FX:USDCAD Trade Management Entered @ Sign up for mentoring Stop Loss @ Sign up for mentoring Target 1 @ 1.325 Target 2 @ 1.3200 Risk/Reward @ 3.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Join our Mentoring Program TODAY!! twitter.com Please Follow, Like,Comment & Follow This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
Possible CAD/JPY Long Position!!SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1 Day Actions on - A – Activating Event Market consolidating above the 200 mva and has reached a condition of being oversold.If we see a break above the 83.00, a long position may be an option :) B – Beliefs Market move towards the first Target 1 level @ 83.900 FX:CADJPY Trade Management Entered @ Sign up for mentoring Stop Loss @ Sign up for mentoring Target 1 @ 83.900 Target 2 @ 0. Risk/Reward @ 3.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Join our Tier 1 Mentoring Program TODAY!! twitter.com Please Follow, Like,Comment & Follow This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Long
by SMPTrader
Possible AUD/CAD Short Position!! By Ben WrightSMP Trading SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1 Day Actions on - A – Activating Event Currency Pair creating a Double Top B – Beliefs Market will meet resistance @0.946 level and fall to the @0.94 level. In order to enter, the pair needs to be rejected by the Bollinger Band line FX:AUDCAD Trade Management Entered @ Sign up for mentoring Stop Loss @ Sign up for mentoring Target 1 @ 0.94 Target 2 @ 0. Risk/Reward @ 2.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Join our Tier 1 Mentoring Program TODAY!! twitter.com Please Follow, Like,Comment & Follow This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
Possible GBP/CAD Short positionSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1-4 days Actions on - A – Activating Event Currency Pair creating a Double Top . B – Beliefs Market will find resistance at current levels at @ 1.744 - 1.76 levels and move towards the first Target 1 level @ 1.72 FX:GBPCAD Trade Management Entered @ Sign up for details Stop Loss @ Sign up for details Target 1 @ 1.72 Target 2 @ Risk/Reward @ 2.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
GBPJPY LONGTrade had broke the resistance which then became the new support and then retested it. It since then started rising I believe the trade will go up towards the trendline area, which I personally set take profit. The next decision happens from around that area whether it will break or respect. If it breaks the trendline and closes above then I believe that it could possibly go higher to the next key area whereas if it respects the trendline it could just be a lower high and will drop after that point
Long
by Kyson
Possible EUR/CAD Short positionSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1 week Actions on - A – Activating Event Currency Pair creating a Double Top . B – Beliefs Market will be rejected at @1.5400 level and move towards the first Target 1 level @ 1.5100 FX:EURCAD Trade Management Entered @ Still waiting for confirmation. Stop Loss @ Still waiting for confirmation. Target 1 @1.5200 Risk/Reward @ 3:1 Happy trading. Will let you know closer to the time if or when executed:) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
Technical Analysis 101!!SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Technical Analysis 101!! Interpreting the candlestick This type of chart is an extension of the bar chart as discussed and is actively utilised by the investors in China for more than 500 years of time period. It helps in providing the information regarding open, close, low and high in the dimensional format. It can be seen that the vertical axis of the chart helps in providing information on the prices of the FOREX whereas the horizontal axis represents the time period. The white candles are the representation of the advances of the currency and the black candles, on the other hand, represents the decline in the value of the FOREX. Moreover, the body denotes the thick portion of the candle, and the vertical line represents the wick. This chart helps the investor to forecast the future price movement of the FOREX. b) Charting systems In the mind of a few people, charts are the exemplary image of the trader’s speciality. The experienced eye can make ups and down. Charting is a questionable piece of the fund. Future research is probably going to reveal things about outlining that would amaze people today. All things considered, even individuals who eagerly restrict the training are ought to be acquainted with the essential techniques of charting. Follow your Trading plan, Remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
FX_IDC:USDWTIEducation
by SMPTrader
Creating your own Trading Strategy!!SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Creating your own Trading Strategy!! Below is a quick run down of things to think about when creating your own trading strategy 1. How much time during the day do you have to devote to trading? .................................................................................. 2. How much money do you need to live on each year and how much of that must come out of trading profits? ...................................................................................................................................... 3. How many distractions can you expect during the day/night? ..................................................................... 4. Specify the markets and times of the day you will trade? ......................................................................... 5. Do I want to trade multiple systems? ............................................... 6. Will you short sell? Or go long? ........................................ 7.Where will you place your Entry/Stop Loss and Target Line? ........................................................................... Follow your Trading plan, Remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
FX_IDC:USDWTIEducation
by SMPTrader
Key Trading StrategiesSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Key Trading Strategies There are four key trading strategies, which are Day, Scalper, Swing and Position Trading. a. Day The day trading is the method in which the buying and selling of securities are done on the same day. The professional traders who are commonly known as market makers generally do it. b. Scalper It is one of the quickest strategies, which is employed by the active traders. In this, the currency is purchased at the bid price and sell at the asking price to receive the difference between them. Scalper holds the FOREX for short period and therefore, they search for the markets where the liquidity is high. c. Swing The swing traders steps in when the trend in the FOREX ends. These traders buy and sell at the price, which is set by the volatility. The trades, which is done in the swing, is not held for more than a day. The rules in the swing trade are set by the technical or fundamental analysis. They are generally known as algorithms. It is necessary for the algorithms to predict the peak or down price of the trade so that it can identify the direction in which the market moves. d.Position Trading Position trading is considered as the strategy, which is referred to the buy and hold of the currency. It is not considered as the active trading. However, when some advanced trader does it, it can be referred as the active trading. It determines the current trends in the market by using various charts which fall between anywhere from daily to monthly. It is a long trade, which can last for several months also. For determining the trend of the security, the traders look into the successive upper highs and lower highs for the effective judgement. However, they do not forecast any price levels. Follow your Trading plan, Remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Education
by SMPTrader
Elements of a Successful Trading Plan 106SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Elements of a Successful Trading Plan 106 The last Element that i will explain is Trading edge. 6. Trading Edge The season, in which the currency will exchange, it is beneficial to hold the exchanging edge down to maybe a couple setups when beginning. The more systems one plans to ace, the more troublesome it will progress toward becoming reliably profitable in the market. The following are the points of interest of exchanging edge: • Early Range Breakouts • High Volume • Tight Spreads • Combination preceding the breakout Follow your Trading plan, remained disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
BITFINEX:LTCUSDEducation
by SMPTrader
Assessing your Trading Journey!! Are you moving forward?SELF-DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Assess your Trading Journey!! Whether you are new to trading, or you are a veteran everyone needs to constantly improve and developing themselves and their trading. Would you expect to become a brain surgeon after attending a weekend seminar and reading a few books? So why do so many people expect to become market experts within a short period of time? Trading is a journey. We must have steps in place( Trading Plan) in order to achieve trading success.How long does it take to become a competent trader? This will all be determined by the individual. Below is a quick guide line: Years (0-1) Spend the time and effort in creating a Trading strategy that suits your personality and lifestyle Educate yourself on basic trading books, podcasts, you tube videos and seminars. What asset class will i be trading? Determine whether you will use Fundamental or Technical analysis? Will i be a discretionary or use a mechanical trading system? Open a demo account and learn to use the software and execute orders. Start using a trading journal. Buy self help books and listen to motivational you tube videos Towards the end of the year you will know whether trading is for you or not. Year 2 Fund your trading account with a small amount of cash. Continue learning by reading trading books, attending seminars, Podcasts, forums, watching you tube videos and listening to motivation videos Start to understand the importance of psychology in trading Back test your strategy and gain more confidence in your strategy Develop a trading plan Year 3 By this time you should have created a strategy that fits your personality and life-style. You will be starting to make small gains Improving your trading psychology Improving your trading plan Years 4............ At this stage you should be taking a regular profits from the markets Continue learning through books and listening to motivational videos Always looking at ways to improve your trading strategy and yourself The above is just an example. There are many more steps that you can take in your trading journey and this will be determine by the individual trader :) Follow your Trading plan, remained disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Education
by SMPTrader
Elements of a Successful Trading Plan 105SELF DEVELOPMENT/METHODOLGY/PSCHYOLGOY Elements of a Successful Trading Plan 105 5. Record Keeping Record keeping in Forex exchanging is similarly as critical as the exchanging plan and can incredibly expand the odds of achievement. In a perfect world, a person should keep some type of journal or diary to record every one of the exchanges he or she makes and their outcomes. By breaking down the records after some time, one can search for approaches to refine and enhance the exchanging plan for better outcomes. The diary, which is maintaining by the person, ought to become a precise record of each exchange he or she makes and needs to incorporate the accompanying data Recording the significant data at the season of entering an exchange encourages a person to adopt a deliberate strategy and guarantee that he is making the exchange for legitimate reasons – which is aligned as per the exchanging plan. After some time, he will develop a scope of information with reference to what prompts him to influence an exchange and this can be contrasted with the outcomes to see which techniques are working for individuals and which systems can be enhanced. A person can likewise utilise the data from the records to create certain insights about the exchanging, which can be useful while dissecting the exchanging history and searching for approaches to make strides. The accompanying insights, which are for the most part and are valuable to know: • Win Rate – The quantity of effective exchanges communicated as a level of all exchanges • Average Profits – The normal benefit of every single fruitful exchange • Average Losses – The normal loss of all losing exchanges • Net Profit – The aggregate benefits less any costs that are brought about • Top Currencies – The cash matches that give the best win/misfortune proportion and additionally the most benefit • Top Indicators – The signs used to settle on choices that have the best achievement rate Listed above is just covering a small handful of suggestions and somewhere to start:) Follow your Trading plan, remained disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Education
by SMPTrader
USDCAD IDEAMy thoughts on two alternate ideas: IDEA 1 - If it breaks the support zone and the trendline it would go lower to the next zone which is either at the 38.2% or around the 61.8% on fibs (that's more long term those levels as I did the fibs a bit wider, however even if I did a smaller fibs the zones I drew out will still be around key levels). IDEA 2. If it instead respects the trendline and pretty much the support zone then it can go to test the resistance zone. Also I did a counter trendline as that could be a possible confirmation for it to go higher plus a possible entry once it breaks and then retests. If it gets to the resistance zone at the top, breaks wait for the retest there and there's a good possible entry. When it does break the zone that's when you drop down to the lower time frames to get more precise entries on the retest
by Kyson
EURAUD SHORT HERES WHY...We have previously broken an ascending trend-line which means we need to look for sell opportunity's right?... Right! so we can see the trend shift pretty clear around the 1.61893 region we have our higher high then we have a lower high which indicates bears have taken over long term. So from our Lower high where I have marked point A our first point of our fib down to our new lows point b, we have the 50% level pierced multiple times + monthly resistance 1.57150 holding firm hopefully we do actually get this bearish close and continuation before we even think about any shorts. However our overall target is 1.50438 which is our fib D1 extension level. I will update if this place out in my favour. please don't hesitate to message me.
Short
by Bfx_4rex