Forex trading is all about opportunities but it does not stands for every oppprtunity should come our way or we need to keep looking for the opportunities day in and day out.
This is a self destructing antanomy that more we stick to the charts, more versed and more profits we make. If you ask me about how I go about forex trading as a novice, then there is no better place to get the answer but yourself. Forex trading is so addictive that we get involved in it & that is the big reason for failures.
Also Read –How to look for top down analysis from weekly to day trading timeframes.
I just look to see sessions that are strong & carry momentum for strong breakouts but fall short of their targets. Usually institutions & banks use to manipulate traders who joined later to open trades but they most likely set pending orders when Price revist such area. Take a look at the chart below showing you a prime example & justifying my words.
Also watch :- Where to look for price action trades.
Daily time frame is good area to watch as I told in my previous post. I agree to some that trend is strongly down on daily & weekly but h4 is mixed to bullish & several attempts to keep the downtrend intact has diminished & area of 1.2450-60 is strong s/r flip both sides but as Friday move was powerful and price is holding higher levels. I would recommend pending buy orders.
Buy @ 1.2460
Stop @ 1.2425
Target Ist 1.2560