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You can compare the effect of the emotional shift with the temperature of the air. The following sketch shows what I mean with Level1. To bring the V-Power vontobel bitcoin short tracker System into the club of the best forex day trading strategies which I know we need to add two additional rules. What did you think of this lesson? Also, entering on these 1-hour pin bars allowed a much tighter stop loss and thus better risk / reward profile as will be discussed in the next section. Therefore, the V-Power EA uses an approach that takes advantage of any type of price movement in direction of the initial target. And if you use this day trading strategy as the entry method into longer term trades then you will even dramatically boost the outstanding performance!
With this system you will be directly exploiting the behavior of the smart money. The Level1 is the most important candle chart forex trading level for entering with the forex day trading strategy explained on this page. Especially the delayed entries are ideal for traders with a normal day job who can't check the charts during some hours of the day! From the explanations about the final accumulation by the smart money we can now define the third rule for our forex day trading strategy. Most of us retail traders are trading besides a normal day job. . The following screenshot shows what I mean with at least 20 hours after the tight range began: If you now think you must constantly count candles to trade the V-Power system, then you can relax The V-Power system. The default configuration of the V-Power EA uses 4 partly positions to handle the trades. A common question beginning traders ask me is whether or not I use intraday or lower time frame charts and if so, how do I use them?
There can also develop other types of reversal candle stick patterns. All you have to do now is to check if all 5 previously discussed rules apply which define the highest probability V-Power setups. Also the final accumulation move and the subsequent reversal takes time. The 1-hour chart would have helped us in this situation. These setups are not AAA setups but still AA quality because they are in direction of strong trends: Now you will see an example of a AAA trade which had the potential of a 13R winner (1R the initial risk of the trade). The following screenshot shows the bigger picture, the trend on the time frame. MotiveWave is an incredibly feature-rich platform. As you can see in the screenshot this 20 candle concept in itself is already a great tool to detect the direction of the trend.
This will give us more structure on the chart. The most important part is that you learn to select the highest probability setups properly. And what a surprise! You can place the trades which are indicated by the V-Power EA manually or you can use the automation possibilities of the EA (semi-automatic entries and trade handling). In order to fully understand the concepts of the underlying forex day trading strategy you should read the following 5 articles first : Article 1: How To Exploit The Smart Money. During the downward move the smart money adds further to its long position. The defined rules are NOT the absolute and only way to detect high probability Level1 entries. With useful strategies I mean, that the rule set for exploiting the high probability zone does NOT drastically reduce or even completely destroy the edge of the highest probability zones. The trend analysis is labeled in the following screenshot. Therefore, we focus only on the time variable here. V-Power Trading System 12 Month Yearly Recurring Payment 1 Expert Advisor for Metatrader 4 1 Installation Manual Access To A Telegram Group Expert Advisor: PTS_V_Power_EA - Automated Trend Analysis - Partly Automated Entries - Partly Automated Exits - Telegram. After reading todays lesson, I hope you have a better understanding of how to use the intraday charts properly, unlike most traders.
The following screenshot shows where the candle chart forex trading herd is in the "bullish euphoria"-state: Here you can see where the herd is in the "bearish euphoria"-state: This additional move is the final accumulation trick initiated by the smart money. Article 2: Edges Which Will Work Forever. In this way, the intraday charts work as an extra point of confluence to give weight to a trade and further confirm whether or not I want to enter. The target for the trade is again automatically set nearer to the actual price and is now even below the price level of the first partly position: If you have time to watch the charts and you. Because the mega banks aka the smart money will never show us their order books we can never know when they accumulated enough to reverse the direction and start a new 3-day-cycle.
The stop hunt (2) and the sharp reversal (3) are forming the V- and the inverted V-patterns which we are selecting for our entries. 6 days later at the right red arrow we got a V-Power entry signal on the time frame. The smart money must carefully absorb the orders of the herd without producing big price swings against the previous direction. On the left side you can see a bullish Level1. . If you missed this one, you were definitely kicking yourself. Notice, in the chart below, we see a fakey pin bar combo pattern formed shortly after the daily pin bar. The answer is, yes, I sometimes do trade the 1-hour or 4-hour charts on their own without taking into account the daily or weekly time frame. Typically, people who email me about the intraday time frames want to know if I ever trade solely off of these lower time frames. The stop hunt phase (final accumulation) is a fast move out of the sideward channel in direction of the previous day(s). In the following screenshot I labeled with the horizontal lines where I estimate the average price of the position of the smart money.
The reddish brown rectangles (labeled with the downward arrows) are showing the downward trend. On the day before the bearish reversal occurs the herd is in the "bullish thrill"-state as you can see in the following screenshot: And on the day before the bullish reversal occurs the herd is in the "bearish thrill"-state. The herd is strong bullish before the bearish reversal and strong bearish before the bullish reversal. I hope you too can now use the intraday charts to your advantage by implementing the theory and concepts in this tutorial to ultimately improve the odds of any given trade working out in your favor and maximize its profit. OEC, mB Trading, tradier Brokerage, iQFeed, barChart. We need to add more structure to the chart and define some rules to make it possible to detect these setups reliable. But if the temperature of the next days is 25 degrees lower then you will feel this temperate shift totally different. Now the long entry will be triggered! As you read in the article "The Smart Money 3-Day-Cycle" I call the first day of the 3-Day-Cycle. In the following screenshot you can see the picture perfect V-Power entry signal. Using Intraday Charts to Tweak Your Risk Reward and Position Size. Conclusion The intraday tweaks and tricks that I showed you in todays lesson are just some of the ways I utilize the 1-hour and 4-hour charts with my three core price action trading strategies in my trading plan.
Remember, it is NOT essential to trade the daily chart with confirmation from the intraday. This is wrong and candle chart forex trading will cause you to lose money. Now imagine how big your winning trades can get if you enter directly after a V (or inverted V) on the daily time frame has formed and when you enter with a tiny stop on the time frame. The EA automatically adds the necessary structure to the chart and makes the analysis for you: The EA automatically adds the vertical dotted lines to the chart (end of trading day) and it automatically adds the tops and bottoms. As soon as the first rectangle with a new color is drawn then you directly know that the direction of the trend has changed and that enough time (20 hours) has passed. At this point nobody knows (including me) that the smart money has actively accumulated a long position and will soon reverse the price and start a new 3-day-upward-cycle. If the price shoots directly up, as labeled in the following screenshot, then only 1 partly position is opened.