It’s crazy how fast time went by and we only have 2 more months until the year comes to an end.
Make sure to end this year on a good note and if you are behind on your trading goals, do not push your luck and stay calm. The last thing you want to happen is that you get into a deeper drawdown and ruin the year for good. You might not be able to end the year in profits but that’s ok – instead try to put yourself into a position where succeeding in 2018 becomes much more likely. Signing up for our pro trading room and learning to trade with us in a professional way will certainly help you make the most out of your time.
Just take a look at what Joe has to say about joining our trading room although he was almost ready to quit on his trading dream. He has become profitable with our courses and has found joy and excitement again. How cool is that!?
But enough with that and let’s get into a few trading principles and ideas that I want to share with you. I also made a new video with a few tips on how to analyze price action charts.
What is a triangle telling you?
I am not a big fan of classic chart patterns and hunting for textbook patterns because they rarely exist and if you can spot one, they often do not work out.
Instead, I help our traders understand how to really understand price charts, the way buyers and sellers are balancing and getting a feel for momentum.
The USDMXN is a great example for that and we can see that there is what we could call a triangle but what is this really telling us?
A triangle actually just shows us that the buyers weren’t able to push price through the resistance at the top which then formed the one side of the triangle.
Then, all we need to do is wait until the buyers completely withdraw and price breaks into new lows, signaling that the sellers are taking over.
You can do this with any chart and any timeframe. Try it out – it’s a great practice to work on your chart reading skills.
NZDUSD is also a good example and you can see how price slowly turned around, led by a momentum divergence on the RSI indicator. This showed that the sellers are slowly losing interest and the buyers became more interested. Then we just wait for some trigger moves, which you’ll also learn in our pro room.
Reading charts and understanding price action does not have to be complicated. Keep it simple and focus on what’s really important and you can understand any move.
If you have questions, let me know in the comments below 🙂
Disclaimer: Testimonials appearing on this site are individual experiences, reflecting real life experiences of those that have used our products and/or services in some way or another. However, they are individual results and results may vary. We do not claim that they are typical results that consumers will generally achieve. The testimonials are not necessarily representative of all of those who will use our products and/or services.
The testimonials presented on Tradeciety are applicable to the individuals writing them, and may not be indicative of future performance or success of any other individuals. Tradeciety cannot and does not guarantee results.