Forex trading systems – ping pong trade
Forex Trading Systems – Ping Pong Trade
http://www.asiaforexmentor.com/webpages/usdchfh4c.gif
I like to call this a ping pong trade.
A nice forex price action pin bar formed on the forex pair: Usd Chf
Its a price action forex pin bar that is in line with the uptrend. (Remember to always trade with the trend)
Moreover, it has the 150 moving average (marked by the orange line) as support.
By just judging the above points alone and not adding other confluences, its a already a good trade to enter.
So where is our First take profit area? The blue line of course. Our 200 moving average.
Price will definitely stop at the area for some resistance. So that will be our take profit target.
So its pretty simple. Price touches the 150, and bounces back up to the 200. Just like a ping pong.
Forex Trading Systems – Ping Pong trade Follow up
http://www.asiaforexmentor.com/webpages/usdchfh4d.gif
Price indeed reached the 200 moving average to find resistance. And we have gotten our profit.
A quick profit we got here.
What we can learn from this scenario:
Forex trading need not be hard. By looking at it in this way, it is plain and simple.
No difficult forex indicators whatsoever. Just price action with moving average = Profits
Check out our Winning Asia Forex Mentor Price Action Forex Course where i teach you the exact FULL Forex Trading Systems that i personally use.
See you on the other side my friend,
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!
Pretty simple.. But there will be lot of technicalities behind this system. It includes "when to use", "timeframe", "which pairs" etc.
Thankyou for sharing though :).
Originally posted by JogiPretty simple.. But there will be lot of technicalities behind this system. It includes "when to use", "timeframe", "which pairs" etc.
Thankyou for sharing though :).
I havnt seen a signal comlex system in forex trading which uses MAs alone. MAs r always easy and straightforward to understand. That is why if u do not use them in conjunction with other indicators, chances of success will be low.
Originally posted by illiterate
Originally posted by Jogi
Pretty simple.. But there will be lot of technicalities behind this system. It includes "when to use", "timeframe", "which pairs" etc.
Thankyou for sharing though :).
I havnt seen a signal comlex system in forex trading which uses MAs alone. MAs r always easy and straightforward to understand. That is why if u do not use them in conjunction with other indicators, chances of success will be low.
You talk about complex... I think there is no successful system which uses only MAs. MAs can only be used for trend analysis.
Originally posted by Champ
Originally posted by illiterate
Originally posted by Jogi
Pretty simple.. But there will be lot of technicalities behind this system. It includes "when to use", "timeframe", "which pairs" etc.
Thankyou for sharing though :).
I havnt seen a signal comlex system in forex trading which uses MAs alone. MAs r always easy and straightforward to understand. That is why if u do not use them in conjunction with other indicators, chances of success will be low.
You talk about complex... I think there is no successful system which uses only MAs. MAs can only be used for trend analysis.
MAs r good when u r training ur PA skills. they r simple, dun need high skills to interpret. All types of MAs r easy to understand.
Interesting name for the strategy. This pin bar strategy is one of very old strategies. But I find this pin bar strategy to help in guessing direction of trend. I prefer to use other indicators alongwith MAs.
I have read on another website that ping pong traqding strategy is by rockwell. Some other websites have also given this strategy. Looks like it is very common strategy with a little customization.
Stick to your rules