Many currency pairs will move about 50 to pips per day sometimes more or less depending on overall market conditions. The profit you made on the above theoretical trade depends on how much of the currency you purchased.

How much each pip is worth is called the "pip value. If the USD is listed first, the pip value may be different.

For trading purposes, the first currency listed in the pair is always the directional currency on a forex price chart. S dollar. We have a highly-specialized team, with backgrounds in Finance, Forex and Technology.

Created to help clients pursue their financial goals, we proudly offer transparent access to the Forex market, powerful trading platforms, exceptional execution speed, and friendly customer service.

Why luxeforex? Maximum value and reliability. This means that when the trading day in the U. As such, the forex market can be extremely active any time of the day, with price quotes changing constantly.

Unlike stock markets, which can trace their roots back centuries, the forex market as we understand it today is a truly new market. Of course, in its most basic sense—that of people converting one currency to another for financial advantage—forex has been around since nations began minting currencies.

But the modern forex markets are a modern invention. The values of individual currencies vary, which has given rise to the need for foreign exchange services and trading.

There are actually three ways that institutions, corporations and individuals trade forex: the spot market , the forwards market, and the futures market.

Forex trading in the spot market has always been the largest market because it is the "underlying" real asset that the forwards and futures markets are based on.

In the past, the futures market was the most popular venue for traders because it was available to individual investors for a longer period of time.

When people refer to the forex market, they usually are referring to the spot market. The forwards and futures markets tend to be more popular with companies that need to hedge their foreign exchange risks out to a specific date in the future.

More specifically, the spot market is where currencies are bought and sold according to the current price. That price, determined by supply and demand, is a reflection of many things, including current interest rates, economic performance, sentiment towards ongoing political situations both locally and internationally , as well as the perception of the future performance of one currency against another.

When a deal is finalized, this is known as a "spot deal. After a position is closed, the settlement is in cash. Although the spot market is commonly known as one that deals with transactions in the present rather than the future , these trades actually take two days for settlement.

Unlike the spot market, the forwards and futures markets do not trade actual currencies. The more recent the bounce the more important. Prioritise recent bounces over older bounces.

You need at least two connecting bounces to place a support and resistance area. Chapter 3: Advanced Candlestick Analysis Most new traders learn a little bit about candlestick analysis.

But most of what they learn is completely useless! But what they learn is usually useless. This is not candlestick analysis, it is pattern recognition.

And for a price action trader, it is useless. But that is not how candlesticks work. It can mean a lot of different things.

Thinking of candles as simple patterns is the wrong way to do things. You need to look beyond the pattern and read the story of price. The Story of Price Every single candle on your chart is telling you a story.

The foundation of my Forex trading strategy is reading and understanding the story of price. It is vital because it allows you to answer one of the most important questions in trading… Who is in control of price?

This question has three possible answers: buyers, sellers, or neither. But what does the highlighted candle in the next chart tell us?

When price hits resistance we get an indecision candle forming green highlight. But there is one more thing we need to look at… … The indecision candle is forming on top of a resistance area.

And then… BAM! Price stalls and we get indecision forming on top of that area. That is the story of price for this chart.

And this story gives us a nice little price action trade setup. Chapter 4: Setups With My Forex Trading Strategy Price action allows you to take many different types of trades, reversals, continuations, range, swing, breakout and scalp trades to name a few.

How to Spot a Reversal Trade Reversals occur quite often, but if you do not know what to look for, you cannot trade them. Reversal trades come in three parts: The preceding trend.

The Indecision candle s. The reversal trend. The example below shows a single candle preceding tend. The Indecision Candle s A reversal setup will have one to three indecision candles.

Why does it need to be on a support and resistance area? An indecision candle indicates only one thing… Indecision!

Well, then we get the makings of a high probability reversal setup. The Reversal Trend The reversal trend is the third and most important part of a reversal setup.

Where do you enter the trade though? You know that you need to enter after indecision and before the reversal trend. Getting in at the Right Time In the previous chapter I explained that a reversal comes in three parts.

The preceding trend. You also need to make sure you do not enter too early as you could be entering a false setup. Failed trades happen, there is nothing you can do about them.

But getting in at the right time lowers your percentage of failed trades. This means you miss out on a lot of potential profit, which is obviously not good.

So, how do you do that? Like this: Like Loading Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in:.

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