to use a channel breakout, or a mini-channel breakout, where the price consolidates moving down against the current trend, and then beaks higher. Another strategy we could have looked at is, if you notice, we are moving within a big triangle pattern. If we are trading very quickly, so that would be more of a swing trade that could potentially last forex trading training course dubai a few days, we could also look for pockets in the smaller areas. This occurs very regularly, and were expecting another move in the direction of that major thrust. To further filter trades, we also want to consider velocity and magnitude and have a good grasp of impulse and corrective waves (to help see the trend direction and differentiate between pullbacks and reversals). So thats how we tie everything together, looking at different time frames, different patterns, different entry points. Once the price breaks out, we have a nice clean break to the upside, looking for that continuation. We always trade in the direction of the trend. If an ABC patterns occurs in the opposite direction of your trade, take your profit immediately and dont wait for the price to reach your target, since it likely wont.
The following ABC trading strategy isolates turning points, as well as gets you into trending trades. The trade setup is quite simple, yet highly effective, and with a little practice youll see the pattern often. Download Forex ABC Pattern Trading Strategy. Copy mq4 and ex4 files to your Metatrader Directory. How to uninstall Forex ABC Pattern Trading Strategy?
You will notice that in all big bullish trends, they start by breaking to new chart highs and the trend continues, by breaking new highs; so if you buy breakouts of important resistance levels, you can make a lot of money. At the very latest we can enter near point. So this, all A down to about here. We can also always just use the.6,.6,.6 times our risk. You can kind of see some of the things that Im getting at here, how we incorporate all of these strategies into something that we can use almost all the time. Once we knew that we were moving within this big triangle pattern, which had been in place for awhile, we can see the price moves up to this level, pulls back, tries to make another high, cant, and then drops. So as soon as we start to get any sort of pause, we start to anticipate our breakouts. So ABC, were incorporating this into everything weve already learned. We could have traded that breakout expecting some more downside, which we would have gotten. Figure 2 shows relatively large ABC buy and sell patterns.
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