Today is Friday so as a new feature I will try to do (time permitting) is go over all of the Forex trades I am in (Forex Friday). This way you will see that I use what I preach.
These are setups I created and use to trade. Over the past week or so I’ve had a flurry of new setups that came to me that I tested it. After it was all said and done 2 made the cut and one replaced my previous favorite trade setup…..the Lightning Trade.
New Trade Setups
The new trade setups are the Reverse Lightning Trade (RLT) and the 38-127 Trade. I go over both of them in detail in the video. From time to time I will also use my Bread-and-Butter trade setup but only when the price is extremely overextended.
The RLT uses the opposite pivot points that the Lightning Trade used to use. I still have a couple of setups in the video using the Lightning Trade but once those are complete then I probably won’t use it anymore. The reason why is I found one time it didn’t work this past week in a stock I was looking at and that was enough for me.
As soon as a setup doesn’t work one time then I ditch it and look for a better one. Every setup that fails gets me one step closer to one that works.
The RLT is a break-out trade setup which is what I have been looking for.
The 38-127 trade setup is a continuation setup. You enter and can get in with your first entry when the price hits the 38% Fibonacci retracement level. It has more moving pieces than the RLT as far as entries and exits go. I explain it in the video as to how it works. With these 2 trades, I am very happy where I am at in my trading evolution. I have a breakout setup and a continuation setup. Plus I can use the Bread-and-Butter trade whenever the price is EXTREMELY oversold/overbought. But I’ve put that one on the back burner because it can take a long time to complete. It is still valid though.
We’ll see what next week holds…..maybe I’ll have some more setups pop into my head to test out that will make the ones I currently use even better!
That is why it is vital you discover the setups that works for you. This way you’ll trust them 100% and know when to get in and get out. I have all of my entries and exits pre-defined before I enter a trade. Plus, I don’t rely on anyone else to tell me when to enter and exit so I have complete trust in myself, not someone else.
Video: Forex Friday Technical Analysis of 25+ Pairs! 3/15/2019 – Live Trade Look-In!
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