In the TradersHelpDesk webinar today for day trading futures and forex, Gail reviews the higher time frame patterns that have developed. While scalpers could go down in time and identify quick trades with smaller profits, by identifying the bigger move, which is seen on the higher time frames, day traders can identify the move that has the most potential with the least amount of risk.
Day Trading Futures and Forex – GBPUSD Example
The majority of the futures and forex markets were setting up for a potential retracement. If after the retracement completes, either support or resistance is formed, then another bigger move should occur. Here’s an example.
In the charts above, the weekly chart shows hidden bearish divergence (indicating a downward move). The daily confirms this because it also shows a bearish divergence. However, the 240 minute chart shows that the Stochastics is oversold — indicating a retracement upwards is likely. However, typically, a micro double bottom would form and it does, which kicks off the retracement. Price is likely to go up to 1.2482 – 1.2500 area. If this area holds, the bigger move will be to the downside (more likely than not). The only issue that could get in the way would be the ruling by the UK Supreme Court.
Trades have a choice — depending on their strategy. They can trade the quick profits, aka scalping, the retracements or they can wait for the bigger move and simply use the lower time frames to identify the best potential entry point.
In the webinar for day trading futures and forex, Gail reviews the major currencies and the indices to highlight where
While traders can hope to learn everything they need in free youtube videos, using standard indicators, more likely than not, they will end up giving up because traders need training with predictive indicators that highlight upcoming moves. And they need to see it as it is developing — not in hindsight. The all-inclusive trading membership package includes everything you need for trading the futures and forex markets, including all the indicators, videos, and live coaching sessions.