Forex from scratch --a helping hand from pipshower...

[pipshower]

How do you decide upon the price action? How exactly do you place your entry and exit orders? They say right side of the chart is always unpredictable. How do u use price action to make profitable trades?

I trade based on price action . My entry and stop loss and target orders are placed based on various price pivot zones which act as stong regions of resistance and support and the trade to be taken is decided on price pattern occuring at that level.

Regards
Pipshower

 

[pipshower]

Also answering your question about getting on right side of chart -- i would say that you are right about this but with price action your chances increase to the level to stay profitable over long term and it can be used in trading any market. Do you really think big traders who move market use those silly indicators on there charts?

Regards
Pipshower

 

[TFL]

I trade based on price action . My entry and stop loss and target orders are placed based on various price pivot zones which act as stong regions of resistance and support and the trade to be taken is decided on price pattern occuring at that level.

Regards
Pipshower

Pipshower,

It will be good if you can recommend some brokers as you already said the Retail Forex is filled with a lot of non-legits.

haribird.

 

[TFL]

Deleted. Accidental duplicate posting.

Haribird.

 

[pipshower]

Pipshower,

It will be good if you can recommend some brokers as you already said the Retail Forex is filled with a lot of non-legits.

haribird.

I would recommend using ECN brokers like MB trading ,interactive brokers etc if you are trading with account over $5k to 10k .
If lower than that use oanda , ibfx , alpari .

Regards
Pipshower

 

[TFL]

Thank you pipshower,

Can you post the advantage of trading 'forex (non INRs)' than INR-USD here in india?

haribird.

 

[ag_fx]

I trade based on price action . My entry and stop loss and target orders are placed based on various price pivot zones which act as stong regions of resistance and support and the trade to be taken is decided on price pattern occuring at that level.

Regards
Pipshower

dats a very broad answer....frankly, cudnt gain much from it.....can u give any example?

and wat kinda pivots dou use? classical or some other form?

Thnks

 

[ag_fx]

Also answering your question about getting on right side of chart -- i would say that you are right about this but with price action your chances increase to the level to stay profitable over long term and it can be used in trading any market. Do you really think big traders who move market use those silly indicators on there charts?

Regards
Pipshower

of course not....im totally aware of what big players do.....esp in forex, it matters a lot.....dats y im keen on learning the alternatives to TA

 

[ag_fx]

Thank you pipshower,

Can you post the advantage of trading 'forex (non INRs)' than INR-USD here in india?

haribird.

I may be able to answer that...At least some of the advantages...

1) INR is only tradeable against USD..As a result, not all market participants would trade in it and thus, the liquidity is much less than oder pairs.

2)Many other major currencies are interlinked...For example, many a times EUR,GBP & CHF behave in same expected fashion, while JPY behave in opposite direction.

That is, sometimes, it becomes a little easier to trade one currency based on some other currency's behaviour.

3) highest order of leverage offered.This is actually a double edged sword. It can make u big profits in small time and at the same time can wipe u out within a few trades. If a proper strategy is traded, the profit percentages are high in forex.


I am sure there must be oder advs too.

Happy Trading,
Ankit

 

[TFL]

I may be able to answer that...At least some of the advantages...

1) INR is only tradeable against USD..As a result, not all market participants would trade in it and thus, the liquidity is much less than oder pairs.

2)Many other major currencies are interlinked...For example, many a times EUR,GBP & CHF behave in same expected fashion, while JPY behave in opposite direction.

That is, sometimes, it becomes a little easier to trade one currency based on some other currency's behaviour.

3) highest order of leverage offered.This is actually a double edged sword. It can make u big profits in small time and at the same time can wipe u out within a few trades. If a proper strategy is traded, the profit percentages are high in forex.


I am sure there must be oder advs too.

Happy Trading,
Ankit

The point 2 is absolutely valauable.

Is the liquidity that much a problem with INR-USD pair?

Haribird.