One thing traders must understand the concept of is documentation. It is vital for your progression to create 2 folders on your laptop or desktop, one for winners and one for losers, and study each of the patterns. You will begin to recognize which patterns appear in the market, and you can use it to your advantage. Backtest it, document it, then study it 📈🍾
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Politics calls the shots on Forex. Part 3.
The referendums aren’t much different from the parliamentary or presidential elections. Often, the destinies of entire peoples and economies are at stake. As, for example, in the case of Brexit. The vote on Britain’s membership in the EU was held in the summer of 2016 and shocked the entire investment community. The exit from the European Union resulted for the Foggy Albion in a serious slowdown in GDP, an inflation rate of up to 3% and the pound drop to the lowest levels in more than four decades.
What happened in Italy in the spring of 2018 actually has a lot in common with the events of almost two years ago. Eurosceptics coming to power increased the risks of the republic’s exit from the eurozone, which would be comparable to Brexit, and, perhaps, would surpass it in terms of economic effects. As a result, the euro collapsed to 10-month lows against the US dollar, and it’s good that the situation was resolved.
In my opinion, political factors should be viewed through the prism of financial markets and the economy as a whole. Exchange rates change under the influence of capital flows, and if uncertainty inspires fear in investors, they take their money out of the country. Sales on the debt market lead to an increase in profitability, i.e. increase in the cost of borrowing, which puts a heavy burden on the economy, slows down GDP and worsens the financial position of the state.
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1 12an hour ago
How are you trying to improve your mind?
Do you read books or you base all on your experiences? 📚🏞️
Confluence: A point in the market where two or more levels intersect each other, thus forming a ‘hot point’ or confluent point in the market. In the dictionary, confluence means ‘a coming together of people or things; concourse’. So, basically, when we look for confluent areas in the market we are looking for areas where two or more levels or analysis tools are intersecting.
In the chart,we are looking at an example of how to trade price action with confluence. A “confluent” level or
point in the market is one that provides some weight to the trade setup. For example, in the chart below the pin bar is showing rejection of an obvious horizontal resistance level in the market as well as the dynamic resistance between the 8 and 21 day EMAs (red and blue lines). Yet another factor of confluence in the chart below is the downtrend itself.
If you have a price action setup that’s in-line with the trend, as the pin bar in the chart below, that’s also considered a point of confluence. Thus, in the chart below we have 3 factors of confluence validating and strengthening the case
for a short entry from the pin bar setup:
2) Rejection of horizontal resistance
3) Rejection of dynamic resistance
One of the misconception about traidng is that traders think that the more time you spend in front of your screens, the more
money you make. this is totally wrong,most successful traders spend less than 2 hours a day to analyze and make their tradingdecisions.
I agree, if you are a beginner, you should spend more time in front of your screens to learn and understand how the markets work, but when you get enough experience, you should understand that when you trade , you are trading money for money.and this has nothing to do with your day job. you are not obligated to spend 12 houres a day to make a good income.
Make sure that you are getting sufficient sleep and keeping a fairly consistent schedule.
Whi is still doing this ???share your experience and let us talk about this topic .
Learn what to look for at support and resistance levels✔️ easy things bring the biggest profits sometimes🔥