I just wanted to share little bit of my knowledge and learning in the forex market with you all so you can benefit from it too.
I started learning trading 3 year ago. Fundamentals and News trading were what I started with. As a news trader you need to watch the market news on fundamentals (such as decision makings on bank interest rates) and sentiments (such as short term news like geopolitical concerns in certain countries which moves the market for a short term only).... But it did not work out for me, so I moved on to a different strategy.
The next was strategy which I am sure most of you are familiar with. It made me some winning trades but in the long term I was in loss.
Next I moved to a strategy called EW ( Waves), I tried to master counting waves 1,2,3,4,5 it helped me a bit but it was also a failed strategy for me, I am not sure if it worked for anybody but it did not work for me.
Till 9 months ago I came across learning a concept called IMPULSE AND CORRECTION. When I started removing all the lines and indicators from my chart and just tried to look at the charts from a bigger perspective, I realised that price forms 2 moves only.
1. IMPULSE (a sharp move to upside or downside with long candles)
2. CORRECTION (a pattern which forms before an impulse occurs)
So to cut the story short, this is what I have been focusing on in the past 9 months and to be honest it has been making me money with proper risk management and PATIENCE.
I will go into details in my next educational posts about this strategy and how to identify corrective patterns so you can catch the next impulse.
For the time being please look at the above chart to learn something new from my experience so far.
Thank you for taking the time to read this as I know many of you are still struggling to make it happen in trading. Hope you learn something new from my posts and wishing you all good luck in this business.