Trading Strategies for Trading Success

Forex trading is a very lucrative profession and as a result many people tend to get into the forex trading business. Unfortunately, it has been discovered that only about 1%-5% of traders succeed in the profession. The obvious reason for this high fail rate is that Forex trading is a very complex business, since there are a lot of factors (seen and unseen) that influences the movement of the market. Hence, when people dive in with lack of proper education and guidance, they fail to succeed.

The truth, however, remains there are still people who succeed in the business of trading forex. The market does not have spiritual or mystical force influencing its movement. In reality, the market is controlled and moved by people too. As a result, understanding the psychology of traders is the key to success in forex trading. Understanding the psychology of traders in the market gives birth to Price Action.

Price Action is simply the way price behaves in the market. There is a handful of patterns visible in forex charts that tells clearly the direction of price in the market. These patterns demonstrate psychology of traders with which you can predict with high accuracy the direction of the market. Of course, no strategy is 100% accurate, however, Price Action is the most profitable way to trade forex, especially, alongside excellent trade and risk management principles.

In this guide, you will be exposed to these patterns in the forex charts that can help you identify and accurately predict the direction price in the market. After consuming this guide, you will be armed with several strategies you could you to hit the market and come out of the profitably, day after day, week after week.

Contents

Section – 1

 Chapter 1: Support & Resistance

·       Support

·       Resistance

·       Strength of the Support and Resistance Line

·       Definition of ‘PASR’

·       Trend Lines

·       Applying Support and Resistance

·       Drawing Support and Resistance Levels like a Pro

·       Channel Trading in Forex

·       Types of Channels

·       How to trade using Channels

·       Channel Trading Strategy

Chapter 2: Candlestick Patterns

·       Formation of Candlestick

·       Simple Patterns

·       Complex Patterns

·       Conclusion

Chapter 3: Chart Patterns

·       Triangle Patterns

·       Symmetrical Triangle

·       Ascending Triangle

·       Descending Triangle

·       Flag Pattern

·       Cup and Handle Trading Pattern

·       Wedge Pattern

·       Pullback Pattern

·       Double Bottom/Top Chart

·       Triple Bottom/Top Chart

·       Head and Shoulders Trading Pattern

·       Inverted Head and Shoulders

·       Trading Pattern

·       Pennant Pattern Channels

Section – 2

Chapter 1: Harmonic Patterns

·       Advanced Patterns

·       Harmonic Pattern Ratios

·       ABCD Pattern

·       Gartley Pattern

·       Bat Pattern

·       Cypher Pattern

·       Butterfly Pattern

·       Crab Pattern

·       The Shark Pattern

·       The Three Drivers Pattern

Chapter 2: Elliott Wave Theory

·       Elliott Basics

·       Foundation of Elliott Wave Theory

·       Basic Wave Patterns

·       The Complete Wave Cycle

·       Wave Characteristics

·       Introduction to Mathematical Applications

·       Fibonacci Numbers

·       The Golden Section

·       Labelling of Waves

·       Market Cycle

·       Impulsive Wave Structure

·       Diagonal Wave Characteristics

·       Wave Extensions

·       Mathematical Application

·       Projections and Targets

·       Determining the end of a trend

·       Corrective patterns

·       Characteristics of Zigzag, Flats and Triangles

·       Characteristics of combination

·       Internal structure of double threes

·       Internal structure of triple threes

·       Rules and guidelines of corrective waves

·       Corrective pattern