Taylor Yale helps forex traders to enter the mentality of the big picture in terms of market principles formations, according to charts and market sentiment, so as always to have a starting point when markets start to move.
Building a great view comes down to finding one or two currencies, leading others, and one or two of the lagging. The purpose of the construction of the big picture is that it can always be a starting point when markets start to move and you can try to put a deal that is gaining momentum. Now, the risk in buying the strongest or sale of the weakest is that you can buy at the top or to sell at the bottom, but as a major trend reversal is rare, relatively speaking, and tail allow you to focus on inertion to find of the lowest hanging fruits.
Trade should not be made more difficult than it should be. To become a trader who profit consistently, often comes after you have broken through the inner demons and have found a form of analysis that works well for you, then you have rejected the demand of the Holy Grail. To make the trading rooms less difficult discipline is best to find a weak currency and sell against a stronger currency, which you can buy. This combination is often the result of a clear fundamental and technical trend for both strong and weak currencies.
To find a weaker currency to sell against a strong currency, you can look at many crosses, to see if the currency is losing across the board. For example, over the past few weeks, the Japanese yen has been losing everywhere, along with the euro. Similarly, to find the strongest currency, you can look at the other side of the quotes and find the currency that overcomes its competitors. Currently, this example is the US dollar as the greenback gaining ground against other major currencies such as AUD, JPY, EUR, GBP and CHF.
US dollar became the leader of the pack.
So far we have discussed the occupation of a broad view, so you can set the default currency to watch to buy or sell when the market begins to move. This default selection is based on what is obviously weak and what is clearly strong, and does not try to reject the tendency, and it plans to continue. Since we are targovvtsi and the future is uncertain, it is very important to have a plan to exit or a predetermined point when the strong currency becomes weak or weak currency becomes stronger, and it is time to opt out of his current position and reset based current market sentiment.
My approach is to focus on several key levels of support to withstand several pairs of strong currency, or resistance to weak couples. If these levels break, you can easily see that the framework of which are traded is changing. An easily adjustable means of identifying change is through the weekly pivot levels (Pivot Points)
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