This forex strategy is not about magic indicators that will give you the best signals and you will make loads of money. It is about understanding the fundamentals in forex trading and learning who is driving the market.
Trading pullbacks could be a profitable strategy, you sell the pullback in a downtrend and you buy it in an uptrend. It looks easy on a screenshot, but defining your entry when you trade live is not always so clear. Make sure to trade not only with the trend but also with the market sentiment.
The Elliott Wave theory is one of the most popular subjects in trading and many traders claim that it actually works, so you better pay attention to this lesson. As a forex trader, you obviously want to know when to enter and when to exit the market. Mr. Elliott’s theory might give you some clues.
The flag patterns are continuation patterns, which means the price enters a brief consolidation period before it continues in the trend direction. Traders would expect to recognize bullish flags on up trends and bearish flags on down trends.