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Trend Show
Forex Trend Following - Catching the Big Trends
If you want catch the big profits then you need to follow the big trends and this means following the trends that last for weeks or months. These are the trends that reflect the underlying health of the currencies economy. Want to catch them? Read on.
If you want to catch the big trends you need to do the following
Establish the Main Trend
You don't do this from the daily chart you do it from the weekly chart - this will help you separate the wood from the trees and see the big picture. The its onto the daily chart to look for entry points.
Support and resistance
Simple trend lines that can help you establish trend lines are all you need to look for entry points for your forex trading signal. Look for areas which have been tested several times and are considered valid by the market i.e if they give way a new trend is likely to develop.
Buy New Highs Sell New Lows
If you want to make money at forex trend following then you need to do this.
Most new trends develop from market highs and lows - so if you were thinking buy low and selling high was the way to make money, think again.
You need - to buy high and sell higher.
Confirm Confirm Confirm
You are not going to just buy a break you will use momentum oscillators to time your entry - if you don't know what they are then you need to make them an essential part of your forex education.
We don't have time to discuss them in detail here simply check our other articles but two good ones to start with are the stochastic and the RSI. These are simple visual indicators that will tell you if price momentum supports the move or not.
By using momentum oscillators, you are effectively getting the odds in your favour that the break is more likely to be valid and continue.
Place Your Stop and Hold it
Placing stops with breakouts is easy behind the breakout point - you then need to be patient and hold it here.
Run the profit
Many traders never catch big long term trends because they try so hard to avoid risk that they actually create it. If you move your stop to quickly normal reactions in the trend will simply stop you out. Volatility moves prices takes your stop out and then the trend continues piling up huge profits and your not in!
If you believe the break is valid then hold your stop back and trail it very slowly.
When the trend changes you will miss a good chunk of the move but consider the fact that if you only got 50 - 60% of the major trends you would be very rich and you can see how this strategy will pay off.
So there you have it a simple way to trend follow in forex.
In essence its very simple will take you less than 30 minutes a day and can learned in about a week. All you need to do is use support and resistance and few confirming indicators and your all set.
It takes discipline and patience to follow long term trends but it can be very financially rewarding. Try it and you will soon be enjoying currency trading success
About the Author
BECOME A PROFESSIONAL FOREX TRADER FROM HOME
GRAB: 2 X CRITICAL PDFS AND MORE
For free 2 x trading Pdf's with 90 of pages of essential info and an exclusive Forex Trading Course visit our website at:
http://www.learncurrencytradingonline.com/index.html
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