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0:25 Forex Trading Tip #1
Enter your trades near market structure. So let me share with you how not to do it, right? So firstly, right, often, traders will look at a chart, right. So, let's say, for example, the red one here is your stop loss. The green one is your entry point. And the blue one is your, so-called take profit level. So, traders, they will see this chart, and they say, oh, man, the price is, you know, coming down, lower and lower. Let me, you know, hop on board before you know, I miss the move.
2:51 Forex Trading Tip #2
The second tip is this, right, is that you want to trade breakouts with buildup. So what is buildup, right? Let me explain. For those of you who have been following me a while now, you're already a pro at this. So a buildup means, right, a tight consolidation where the range of the candles gets smaller and smaller. So you can see that over here, this blue box, this is what we call a buildup over here.
4:10 Forex Trading Tip #3
This is a sign of strength that a market is likely to breakout higher. Another variation of this, right, is what we call higher lows into resistance. This is a sign of strength, as well. Notice, you see the higher lows, higher lows, higher lows, higher lows, into resistance. The concept is somewhat similar to the buildup, but this time 'round, it's telling you that buyers are willing to buy at this higher price instead. It's why you see higher lows into resistance. Right, so this is also another sign of strength, right.
4:28 Forex Trading Tip #4
The fourth tip that I want to share with you is what I call the first pullback. So often, right, the price, it can break out. And if it breaks out, right, you might have missed the move, right, if you didn't catch the breakout. But don't worry, because more often than not, right, the price will give you a chance to re-enter, to catch the trend.
5:23 Forex Trading Tip #5
The fifth thing that I want to share with you is to set your stop loss, right, away from market structure, because often, what traders do is that let's say, the market is in a range, okay? They go long, right, and price hits up higher, they go long over here. Where do they put their stop loss? They put their stop loss just below this level of support. And what happens? Well, the market could just as well come down lower, trigger your stop loss, and then continue higher. So this is why, right, you don't want to put your stop loss just below support, or just above resistance.
7:22 Forex Trading Tip #6
The sixth tip that I want to share with you is entry technique, right, to profit from traders who long breakout, and then they got trapped. Here's how it works. So this is what I call the false break set-up. So you can see that over here, area of resistance, resistance, market broke out of resistance on this candle. You can imagine, right, that actually at one point in time, this candle was looking bullish, something like this, okay?
9:16 Forex Trading Tip #7
And the last tip that I want to share with you is this, right. Use limit order for a better risk-to-reward on our trades. So let me share with you an example. So you can see over here, alright, this is a chart of Euro Yen for our timeframe. How do I know that, because it's over here. Okay, so, this is a very typical set-up that traders will trade prices at an area of support, right? Coming to an area of support, right. Now this step once, twice, you can mark up your support level. It's going to be quite obvious. And then, this bullish reversal candle is so bullish, right? You suddenly just hit a massive reversal, and close near this highs over here.
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