Good afternoon all. Very tricky trying to trade forex at the moment. Lots of pairs are range bound on the longer time frames. In todays video I show you how, despite these conditions that there still are ways to make profitable forex trades. The best part of it is that these fx trades are low risk, with a high potential reward and therefore you can still make a decent profit from just a few trades.
We had similar markets in July where I showed you in advance a move that yielded 300+ pips for a very small stop. Risk reward as in current markets was around 1:10!!
Therefore you only need 2 winning trades to be profitable.
Most systems will not work when markets are moving sideways and or “whipsawing.” This is why I have a number of different strategies to trade forex. If one doesn’t work then move to plan B, plan C etc.
This year I have used a mixture of M1 (this DOES work when markets are moving sideways), M2 works most of the time but often only has smaller moves when its choppy, LMT for trending markets & finally bounces off support & resistance as we used in last weeks Euro, Chf & Aud rejections at double tops/bottoms. These “bounce trades again yielded better than 10pips for very every one risked.
The LMT for example works by following a trend. If there is a lot of indecision and no trend then it is best either used with a lot of caution or left alone until the trends resume. But when the trends do resume you can often catch a move almost from the start of a new trend for 100’s of pips. If you are going to use the LMT at the moment then combine it with these bounces off support & resistance as outlined in todays video.
If you would like to receive in depth analysis, tips & advice on a daily basis as well as a complete video tuturials on how to trade forex (beginners to intermediate) then check out our forex mentoring service here: forex mentor pro
These videos & analysis here on the blog are offered free, all I ask in return is if you would please post a rating or comment on “You Tube”. As always to view the video full screen click on the you tube icon, bottom right of the screen, good luck to you all, marc
Hello Marc, great Vid mate.
Quick question, you mention that when it's in the middle of the resistance and support you leave it alone and wait. Do you switch to techniques more suitable for range trading or you stick to it until it hits?
For me and the system I use, range trading is a gold mine, but wanted to hear your tak on it
Great post mate, keep up the good work
Hi David, I am trying to get to a point where eventually I will only trade off daily charts, so I wait. But as you say if you have a range trading method then current markets are great for that. I just don’t want to sit there all day anymore! regards, marc
Good strategy to use in a sideways market. Handy information
Hello Marc, great Vid mate.
Quick question, you mention that when it's in the middle of the resistance and support you leave it alone and wait. Do you switch to techniques more suitable for range trading or you stick to it until it hits?
For me and the system I use, range trading is a gold mine, but wanted to hear your tak on it
Great post mate, keep up the good work
Good strategy to use in a sideways market. Handy information