It's important to know the direction of the long-term trend to avoid floating too long. Because floating will make equity be retained even if we are forced to limited equity can not do the OP again. To keep from being exposed to MC.We can use Candle pattern to determine the direction of the long-term trend. By looking at the pattern that occurs in large TF, TF D1 minimal. By using TF D1 we can know the direction of the trend for the next 1 week. TF W1 to determine the direction of the trend 1 month ahead. And so on. Adjust with a trading plan that will be taken.
Before using this technique it is advisable to know some Candle Pattern which will likely trend reversal. Have a look here or here
See the following example:
The image above is a chart TF W1. With the last Candle form Bearish Pattern. Trend will almost certainly go down in the next few days.
Candle number 1: The first reversal Candle that form a pattern. Candle number 2: Candle confirmation of the first candle that reinforces the bearish trend is happening.
In fact the price does not necessarily fall on but sometimes when the trend is going on there will be a temporary break out. Because what we see above is the TF W1 so to break out of a candle could reach more than 100 pips.
See the following:
From this figure can be explained that prices are touching the support line W1. So there is the possibility of the price trend turns against Resistant up on existing lines on it. To be sure we need to see a pattern in a smaller Tf for example H4. If the pattern H4 has confirmed the existence of a break out, we can use this as a new OP with TP that is not too large.
The chart above we can see in the TF D1 as follows:
In fact D1 TF price has dropped considerably, so it is possible breakout time. But still be careful ... be aware of the actual direction of the trend. If you want to take advantage of the breakout, still take the TP is not too large.
Chart Note that occur on H4 time frame above, the Red Line is Resistant lines as that of the previous W1 TF. And the Green Line is the line where we can put a SELL LIMIT is between 10-15 pips below Resistant lines.
Therefore, by knowing Long Term Trend we can do to trade sustained. Of course the example above is just one case that occurred in PAIRS EUR / USD which I took. Please adjust with market conditions you are facing at the time of applying this technique.
4 Sessions shows 4 sessions: Pacific, Asian, European, American. Very nice and useful indicator.
This indicator draws the major four forex sessions: Pacific, Asia, Europe and America. Even though it seems not to be very crucial at the beginning, the right time to trade is one of the most important elements to be a successful trader. During Sydney and Tokyo sessions, prices usually moves in the opposite direction than they do during the New York and London sessions I can tell you many reasons why you should watch the major foreign currency exchange market trading hours carefully:The first a few hours after London market opens is seen very important and often point out how rest of the session will develop. When New York and London markets overlap, liquidity increases because they are the biggest financial centers in the world.
Settings: Winter=2 (UTC+2=EET) Summer=3 (UTC+3=EET) This is the difference between the MT server’s time-zone and UTC. By default the MT server’s timezone is EET (UTC+2=EET (winter), UTC+3=EET (summer). You’ll have to change the settings depending on your broker’s time. E.g. if it’s CET you’ll have to set: Winter=1 (UTC+1=CET) Summer=2 (UTC+2=CET) The indicator automatically adjusts itself for DST. AsiaDesc = “Asia”; Session name AsiaColor = Aqua; Session color AsiaOpen = “00:00?; Session open time (UTC timezone) AsiaClose = “09:00?; Session close time (UTC timezone) You can adjust all session times manually if you need.