Advice for new traders: STOP trading trendlines and precise currency levels. Trade higher timeframe horizontal zones (there is a reason ALL platforms have their currency exchange rate levels on the vertical side column), and price action (for conviction). Forex is too volatile to be concern with specifics such as Fibonacci levels, quarters theory, harmonics, EW theory, etc. This is the biggest mind fuck trapping 95% of traders long term! Analysis is paralysis!
Trading Criteria:
Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here.
Wait for a significant breakout of the 4hr. consolidation or daily consolidation from red border boxes to take the trade. Red border boxes are the High/Low of a consolidation period inside the consolidation zone. I usually aim for 80% of the weekly ATR (or monthly ATR for yellow solid boxes) taking profit but not always at the next yellow box. I place my stop loss above/below red border box.
*These zones, with the inclusion of price action described above, have remarkable accuracy.
Yellow border box: weekly consolidation zone
Yellow solid box: monthly consolidation zone
Red border box: High/Low breakout box (5 minimum candles)
Trading Criteria:
Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here.
Wait for a significant breakout of the 4hr. consolidation or daily consolidation from red border boxes to take the trade. Red border boxes are the High/Low of a consolidation period inside the consolidation zone. I usually aim for 80% of the weekly ATR (or monthly ATR for yellow solid boxes) taking profit but not always at the next yellow box. I place my stop loss above/below red border box.
*These zones, with the inclusion of price action described above, have remarkable accuracy.
Yellow border box: weekly consolidation zone
Yellow solid box: monthly consolidation zone
Red border box: High/Low breakout box (5 minimum candles)