Do not prejudge the market by saying the market is quiet and won't do much. Wat for the trades to come to you. Look at other candle patterns as well and enter trades. If you can trade with patience and discipline (sticking to the rules), you are well on the way to success.
To gain confidence with live trading and your system, it is mandatory that you paper trade or trade on a demo first before you risk your money. When you see the method working successfully over and over, you will gain the necessary confidence. If you do miss a trade, don't worry another trade will be along soon. By usmg multi-timeframe analysss, a trader can find frequent entry setups. See it, believe it and trade it. Don't say "it can't go lower" or "it can't go higher".
Keep monitoring the 15 minute, 1 hour and 4 hour charts to see what is going on. This gives a good road map of what is happening in the market. If you can't see something with those, then there's really nothing going on and is best to st on the sdene waiting.
When a currency pair is moving strongly, there will not be any engulfing candles against the trend but there will be a minor retracement. If there is an engulfing candle there is a high probability that price will retrace to at least 61.8%. After a retracement, wait for an engulfing candle to re-enter the trade. Keep looking for a new point 3 entry point as explained in the Retracement System above.
If you wish, you can use the free charts from wwwimerbankfx.com Download the free chart program and then sgn up for a free demo. When the 1 month demo expires, the charts will sop updating. When this happens all you need do is re-apply for a new demo account. These charts are good for switching from one timeframe to another with one mouse click.
Charts from other sources on the internet are suitable if they have 5minute, 15minute, 1hour and day charts available.
Was this article helpful?