All the explanations are on the chart, very simple structure trading as always. =) Cheers
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PipFish1
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Good looking out Dan B! I will look into those...thx Bud! :-$
Daniel.B
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Sure thing man, glad to help! =)
PipFish1
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Great analysis Dan! Clean & concise...thx 4 sharing!
Daniel.B
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Thanks for the kind comment bro! =) Now the patience game begins as we stalk and await for the trade entry lol
moneymaking
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The hardest part for many young traders, waiting. Now that you have specified a certain level from where to short from, they will try to come up with a bullish trade setup, in order to catch the move up to the 38.2% level. They are highly likely to getting stopped out in short period of time. Some traders just wanted to trade at every moment and that is a recipe for disaster :)
moneymaking
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Hey daniel, indeed the trade idea is very simple but has some strength to it. Thanks for sharing and Good Luck :)
Daniel.B
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Thanks for the comment =) And no problem glad to share my ideas =D
PipFish1
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Any good books you could recommend on forex trading Dan, anyone?
Daniel.B
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Mmm not any FX trading books in particular, but just go to Amazon.com and look for Price Action Trading / or Structure Trading books and you should find good ones, its the style of trading I use. "Fibonacci Trading: How to Master the Time and Price Advantage" , "Trade What You See: How to Profit from Pattern Recognition" also check out Damir Laurentiu's mini FX trading series books.. Not very well edited but very simple and concise.. Also I tend to recommend books that are within the Wiley Trading Series, and the Bloomberg series trading books. And since in Forex you don't have access to volume, Level 2 Quotes, Time & Sales, etc (Unless your trading the actual currency futures contract) it would help to focus your reading among Price Action trading books.. A good book that will help you understand the intermarket fundamentals in Forex is "A Three Dimensional Approach to Forex Trading by Anna Coulling" also check out babypips.com/school .. Hope this helps =)
Daniel.B
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Oh yea also you can send a PM to @JasperForex , he tends to have good book recommendations. All in all, regardless of your experience level... there is always at least one thing you can take away from each book you read that'll make you a more deadlier trader / investor.