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Most of the traders use several currency to find trading opportunity. But few of them can be successful on that. I think the best is to follow one and use opportunities in full scale. No matter you are scalper or day trader, you also need to follow several timeframes. In this article, I will share my master workspace and trading approach. For that we will need to have three different timeframe charts at the same time. I will use EURUSD and 1H, 4H and Daily charts. 1H chart will be our main trading chart. 4H and Daily charts will be used for reference to get general view about market.
1) Daily Chart
Daily chart is very important for having clue about general market direction. We will use EMA, ADX for technical indicators to analyze market.

Currency:
EURUSD
Timeframe: 1D
ADX: 13
MACD: 13
1st EMA: 34
2nd EMA: 120
Analyzing daily chart:
ADX is for checking trend strength. We will look for trade opportunity whenever ADX is climbing above level 25 and be aware of trend weakness when it will drop towards 25 and bellow. Check my article for December to know how to trade ADX.
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MbukhariIH avatar
MbukhariIH 29 Nov.

nice workspace

vadim0223 avatar
vadim0223 29 Nov.

good article

TforT avatar
TforT 18 Dec.

Well done .

tdbatinkov avatar
tdbatinkov 18 Dec.

good job

OlgaBLR avatar
OlgaBLR 19 Dec.

good job

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14/52
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One of the crucial points in trading is having rules and sticking to that rules. No matter how simple mistakes we do, we tent to repeat them very often. Therefore trader should build rules from his mistakes to degrease loses and increase profits. Here are my rules:
1. Don’t open trade without analyzing the market
We tend to shape opinion from first look. No matter how certain you are in your opinion you should do analyze. It’s better to combine technical with fundamentals and have at least two reasons for opening a position.
2. Don’t take tips

People tend make tips, to help or to prove their competence. But very often this tips of one trader leads to failure of another. That is because of different perspectives and trading style of traders.
3. Don’t risk more than 20% of your Equity.
We tend to wish for more, which makes us risk a lot. New traders use big portion of their equity in one trade hoping to have more gain. But this also decreases your chance for recovering in case trade goes wrong.
4. Take your losses don’t hope for reversal. Use stop loss.

People don’t want to take losses no matter how small it is. Traders hope for better and wait for reversals which sometime…
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mariailkiv avatar

GOOD LUCK

Apophis avatar
Apophis 6 Apr.

very good article

hrustiashka avatar

Very good job!

Natali_Niyazova avatar

согласна на счет "don't take tips", а советчиков тут полно) и каждый тянет одеяло в свою сторону)
хорошая статья, как напоминание и действие к применению.

Lerck008 avatar
Lerck008 14 Apr.

Очень полезная и содержательная статья.

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