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Article Summary: Trend traders enjoy the luxury of first identifying market direction prior to executing a trading strategy. To begin our discussion on trend trading basics, we first need to be able to identify two types of trends. Identifying an uptrend is the first skill we need to tackle before trading directional markets.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.Learn forex trading with a free practice account and trading charts from FXCM. Novice and veteran traders trying to trade the Forex market with daily charts run into a variety of hurdles. The easiest way to remain patient is to keep a trading journal and join a trading community. Traders that are trading on a daily chart should be aware of the larger intraday swings of the market. Claim your FREE universal membership to DailyFX Internet Courses& save yourself hours in figuring out what FOREX trading is all about.
Pivot points are drawn as the black line that a majority of the time shows you the bias for the day’s action. When a trend has been identified, you can target the complementary levels for profit targets and the opposing levels as a stop. In a downtrend, price can come up to or near the pivot and then bounce off and head towards the Support levels as a daily profit target. Once the Pivot levels are added you can look for price action to move to one of these levels respective of the trend. This is especially true in the Forex market where trends can last for days, weeks, months, or even longer.
As seen in the daily graph above each time the NZDUSD has moved temporarily lower, it has found support prior to moving on to higher highs.
This chart has offered many selling opportunities while showing exactly how long daily trends may run.


Often these longer term graphs can be deceptive and have traders falling for predictable mistakes. One of the benefits of trading the daily chart lies in the long drawn out moves of the Forex market. Going back and referencing this price data on a daily chart allows us to identify market direction, while creating a trading bias.
In my experience this allows you to hold yourself accountable for following your trading strategy. In the course, you will learn about the basics of a FOREX transaction, what leverage is, and how to determine an appropriate amount of leverage for your trading. In the downtrend example above with 10 trading days of GBPUSD, price hit the support levels (targets in a downtrend) 7 days while only hitting resistance (stops in a downtrend) 2 days. Support can be used as your stop for the day and if you decide to ride the trend out, you can move or trail your stop to the next day’s support level.
If you’d like an easy way to generate trade ideas around pivots, DailyFX Plus offers a tool called the Technical Analyzer that builds trades based on the pivot or tipping point. If a trader can find the direction of the trend, it can exponentially increase the likelihood of having a successful trade.
Regardless of the strategy used, trend traders will continue to buy this uptrend until it concludes with the creation of a lower low. As long as prices continue to head lower, traders will continue to apply their trend trading strategies on the EURAUD. To help combat some of these issues, today we will review three helpful tips for daily chart traders. One way to identify the trend is to look at half a year’s worth of price data, or roughly 180 periods, and then identify the swing highs and lows created by price action. If the trend is up, daily chart traders will wait patiently and look for opportunities to buy the market. For instance if you are trading with CCI on a daily chart, such as the example below, your trading journal should only show two entries!


Using this rule traders can still trade conservatively even on a daily chart by limiting their leverage. Lagging indicators like moving averages or oscillators help you confirm the trend and enter after it’s begun whereas leading indicators can help you see where price action could travel should the move continue or the range hold. They are sometimes referred to as Floor Pivots because historically many traders on the floor of an exchange would keep these numbers in front of them at all times to forecast significant price points on the day’s action. If you want to stick with pivots as the sole indicator on your chart then rising pivot lines can show you an uptrend and the opposite for a downtrend. This helps you see that price action near the pivot that begins to move back in the direction of the trend has a high propensity of hitting the target. While this number of periods can be moved up or down to your liking, having a reference will keep you from looking at too much price data which substantially increases the difficulty of finding the trend.
Remember that trading with Daily Candles may only yield one or two appropriate positions on a single currency pair for a whole year. Even if you are trading with a large or small account balance, if you are having problems with this consider using smaller lot sizes. Today, we’ll show you how to use pivots to not only identify the trend but also to use pivots to spot entries and targets. This means staying out of the market and keeping your trading capital free until an opportunity emerges.
This is indicative of a strong trending move and our trend is expected to continue as long as our lows and highs continue to increase in value.



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14.11.2015 | Author: admin



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