Forex trading daily highs and lows
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An example of this is; if looking to get long, then you will be looking to find an area where price will swing lower into where you can either jump aboard an uptrend, or make a trade from a range low. Below are examples discussing how you can use swing points to find trades in both trending and ranging markets.
What is Swing Low Trading When looking to trade using swing lows you are looking to buy cheap or from an area of value. This is often referred to as looking for when price retraces or rotates back lower in an uptrend or when price rotates lower into a support when ranging.
Below is an example of how price moved lower within an uptrend into a swing low. This level was also a support level and was where price formed a bullish engulfing bar before continuing on higher with the trend.
What is Swing High Trading When trading from a swing high you are looking to sell short and make money when price reverses back lower. An example of this is when price is moving in a downtrend, you look for a retracement back higher into a swing high and then you go short with the trend. Another example is when price moves higher in a ranging market into a swing high and range resistance. An example below shows how price moved higher into a range resistance before selling back lower.
Matching Swing Points With Key Support and Resistance Levels Whilst swing highs and swing lows can be incredibly helpful to finding trades from value areas, they should not be used on their own to identify trades. To increase the odds of making a winning trade other price action clues should be included.
The most common tool traders use to line up swing points at high probability market turning points is support and resistance. An example of this in an uptrend is marking the major support levels and then looking for price to swing lower to jump aboard the trend.
Another example is marking your range support and resistance levels and waiting for when price moves into these key levels. The example below shows price moving lower and into the range low support before rejecting and moving back higher on multiple occasions.
Trading With the Trend Using swing points to trade trends can be incredibly powerful when done correctly. We do need to keep in mind that not all support and resistance levels hold, the same as the trend does not continue on forever. Once we have identified the trend, we can begin to look for high probability levels we think price may swing higher into and where we may be able to get short with the trend. These are the same areas discussed above, such as major resistance levels. When we have found these areas within the trend we can look for a swing high to form.
You will notice on the daily chart price is making a solid trend lower with lower highs and lower lows. On the 4 hour chart price swings higher into a resistance level and forms a pin bar reversal. Daily Chart Trading the Range With Clear Highs and Lows Whilst most traders are using swing points in trends, they can also be incredibly effective in ranging markets.
Ranging markets can be a lot more choppy and you can see price whipsaw up and down a lot more than in a trending market. Often you can get away with a larger than reward:risk, but it may mean holding through some ups and downs in the price. Or consider the use of a trailing stop loss. Or, if you notice a lot of momentum, or the price is really coiled up and looks like it could explode, possibly look at using a larger target or utilize an aggressive trailing stop loss once the price has surpassed your reward:risk original target expand it or delete the target order and use the trailing stop instead.
This is favorable in situations like the following chart example. It shows a , for a 5. To place quick entries, with a stop loss and target attached, you could use the Market Depth feature in MT4. As the price is consolidating you will know how big your stop loss is.
Put it in the SL box. If your stop loss is going to be 4 pips, put 40 in the box because it is based on fractional pips. If your target is going to be 8 pips, put 80 in the TP box. Enter your position size in the middle box based on your account size, stop loss level, risk tolerance. To calculate position size quickly, you can use this online position size calculator.
Be sure to test this all out in a demo account before using as some brokers may be different. When the price breaks above the consolidation, click Buy near session high. When the price breaks below the consolidation, click Sell near session low. This should instantly get you into a trade with your stop loss and target also placed. If a confirmation screen pops up, that could slow you down. As mentioned, there are multiple ways to enter trades when the price approaches the high or low.
At about EST the price approached the daily low blue horizontal line set earlier in the London session. The price drifted higher. The price then fell close to the low and formed a consolidation. We know that lots of people likely have stop orders entry and exit below that daily low level, so it is likely to get touched and shoot past, even if only briefly.
A consolidation just above the daily low provided an entry opportunity. Just a consolidation that provided an entry near the key level. This same pattern played out a couple other times earlier in the session as well also marked. Sometimes we get a contraction, but sometimes there is only a consolidation.
The stop loss goes on the opposite side of the consolidation, and a profit target is placed at a reward:risk. The chart below may look a little squished. That is because when I trade I typically use the same y-axis amount each day. This way, I can assess price wave size day to day on the same scale. If you zoom in, even a 5 pip move looks huge. I typically set my y-axis to a little more than the daily average movement. Around this time it was 80 pips per day, so my y-axis is manually set to about 80 pips.
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Often you can get away with a larger than reward:risk, but it may mean holding through some ups and downs in the price. Or consider the use of a trailing stop loss. Or, if you notice a lot of momentum, or the price is really coiled up and looks like it could explode, possibly look at using a larger target or utilize an aggressive trailing stop loss once the price has surpassed your reward:risk original target expand it or delete the target order and use the trailing stop instead.
This is favorable in situations like the following chart example. It shows a , for a 5. To place quick entries, with a stop loss and target attached, you could use the Market Depth feature in MT4. As the price is consolidating you will know how big your stop loss is. Put it in the SL box.
If your stop loss is going to be 4 pips, put 40 in the box because it is based on fractional pips. If your target is going to be 8 pips, put 80 in the TP box. Enter your position size in the middle box based on your account size, stop loss level, risk tolerance. To calculate position size quickly, you can use this online position size calculator. Be sure to test this all out in a demo account before using as some brokers may be different. When the price breaks above the consolidation, click Buy near session high.
When the price breaks below the consolidation, click Sell near session low. This should instantly get you into a trade with your stop loss and target also placed. If a confirmation screen pops up, that could slow you down. As mentioned, there are multiple ways to enter trades when the price approaches the high or low. At about EST the price approached the daily low blue horizontal line set earlier in the London session.
The price drifted higher. The price then fell close to the low and formed a consolidation. We know that lots of people likely have stop orders entry and exit below that daily low level, so it is likely to get touched and shoot past, even if only briefly. A consolidation just above the daily low provided an entry opportunity.
Just a consolidation that provided an entry near the key level. This same pattern played out a couple other times earlier in the session as well also marked. Sometimes we get a contraction, but sometimes there is only a consolidation. The stop loss goes on the opposite side of the consolidation, and a profit target is placed at a reward:risk. The chart below may look a little squished. That is because when I trade I typically use the same y-axis amount each day.
This way, I can assess price wave size day to day on the same scale. If you zoom in, even a 5 pip move looks huge. I typically set my y-axis to a little more than the daily average movement. Around this time it was 80 pips per day, so my y-axis is manually set to about 80 pips. However, sticking to the major and minor currency pairs would provide a better trading result. Moreover, you should avoid exotic pairs as there is a risk of the false move by hitting the high or low and reverse back.
Breakout Rules Identify the currency pair that is moving within a trending environment. You can predict the direction of the price based on the market context or support and resistance. For example, suppose the price is aggressively creating a higher high or lower low.
In that case, the price will likely continue the current momentum until it reaches the next resistance or support level. Moreover, any breakout from a significant key level often creates a fresh move either upside and downside. When the daily candle of the previous day closes, place a buy stop above the daily high, and a sell stop below the daily low to catch the breakout.
Example of Daily High Low Based Trading Strategy The image below represents the graphical view of the daily high low based trading strategy: In the image above, we can see the price moved up from a significant support level with a daily close above it. A buy Stop is taken once the price had a bullish daily close from the key support level. A similar concept will apply to the bearish market once the price has a daily close from a significant resistance level.
The next day, the buy stop is taken, and the price moved to the take profit level. The take profit level is taken by calculating the average price of the last three candles. If the stop loss hit, it will indicate that the price will reverse or consolidate more. In that case, we should wait for a further breakout or move to another currency pair. Set buy stop above the candle if the price is moving up from a support level and put a sell stop if the price is moving down from a resistance level.
In this trading strategy, the challenge is to avoid correction and choppy market. In that case, you should read the price action to determine the possible movement by measuring the price momentum.
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