Forex Trading Strategies & System – 2nd Chance
Forex Trading Strategies & System – 2nd Chance
http://www.asiaforexmentor.com/webpages/2ndchance.gif
In Forex trading, price always gives us a 2nd chance to place our trades before it takes off.
It can be considered as a 2nd chance or you can consider it as a confirmation bar.
In the chart above, Aud Usd.
We can see the first highlighted blue box showing a pin bar.
As this was not the nicest pin bar of all. We did not take it.
Or if just to say – we missed this pin bar for some reasons. Either by choice or we were not at the chart when it happened.
As mentioned, price always gives us a 2nd chance or a confirmation bar – which is the 2nd highlighted blue box showing a pin bar.
Telling us a great hint that the train is sounding its horn and is taking off – getting the last few passengers to board the train.
Usually Most of them time, the train will take off after that, heading our direction.
In the chart above, besides the pin bar. There are several reasons (confluence factors) which we had entered on the trade.
1) Overall uptrend movement
2) Pin bar at the price pivot area 0.94900
3) Trend line confluence
4) Double confirming pin bar
Remember – the more the confluence. The higher the probability of the trade.
Here’s another example:
http://www.asiaforexmentor.com/webpages/2ndchance1.gif
Forex trading Pair: Gbp Aud
I need not explain much on this as its clearly shown in the chart.
1) Double pin bar
2) Price pivot area of 1.63500
3) Swing Low
4) Divergence
There are plenty of examples in regards to this if you look closely at the charts itself.
If you find this post interesting, do comment on it.
Ezekiel Chew
http://www.asiaforexmentor.com
A complete professional forex trading system that even newbies can apply instantly. Asia Forex Mentor's forex course is now FREE!
Well there is a possibility of 2nd chance but only if we can correctly predict future which is not possible. I dun think it is workable strategy.
Well there is a possibility of 2nd chance but only if we can correctly predict future which is not possible. I dun think it is workable strategy.
There r always lows, lower lows, lowest lows and similarly high, higher high and highest highs. It depends on movement of currency. We may consider low first chance and then lower low 2nd chance.
Stick to your rules
hmm Good article. I will try to use it in trading. I hope it will be useful.
The good or ill of a man lies within his own will. – Epictetus
Hello afm
Do u have any special degree in forex trading or is it ur experience only or both? How many years or experience do u have in trading?
Forex market is cruel :D. You have to dig chances. Chances r always there but the fact is it is hard to avail them. Market movements r so strange sometimes that these simple strategies do not work. You have to be a pro to see "2nd chances".
Originally posted by JogiForex market is cruel :D. You have to dig chances. Chances r always there but the fact is it is hard to avail them. Market movements r so strange sometimes that these simple strategies do not work. You have to be a pro to see "2nd chances".
As I said it is very hard to predict second chance. we dont know if it will be a second chance or an indicator of market reversal opposite of what we r thinking. Maybe I am looking at it with another angle.