Marubozu Candlestick Alerts - TIMETOTRADE

How to be profitable in Forex: High-probability trading.

Hello guys,
I see a lot of posts here either of new traders or non-profitable traders. Some people here even believe trading is gambling and it is impossible to be constantly profitable. I have been trading forex for a few years now and I have fallen into every trap you could imagine: Overtrading, too many indicators, no backtesting, anger trades, etc.. burned a few accounts and finally managed to be constantly profitable on a large period of time. That is why I decided to make a very quick guide on how I think everyone can achieve profitability.
High-probability trading is a very simple concept: Only take trades when stars align. I'd recommend focusing on a very few setups that have proven to be profitable, and to not trade if the setup isn't perfect. If you think there is a slight chance you could lose a trade, then do not take it. The most important rule is to have 100% confidence in your trades, so you are not disappointed when you lose one because you know you followed your guidances.
I am a full-time trader. I mostly look at the 5-minutes, 15-minutes, and 1-hour charts, and I watch all major currency pairs 10 hours a day. You'd assume I take a lot of trades because so many setups form each day, well I do not. I take 2 to 3 trades a week for a duration of 1 to 4 hours per trade. But because these trades are more likely to be profitable, I have a good monthly return.
Now we all have our own strategy and I'm not here to review yours. Just think of how you could make your strategy a high-probability one. If you take a trade at each trading session and you have less than 65% of winning rate, then you can certainly improve your guidances. Here are the two most important rules you must follow:
- Always trade with the trend on all your timeframes, and at least a higher one. If I take a trade on the 5-minutes, 15-minutes and 1-hour charts, I want to make sure I'm with the 5-minutes, 15-minutes, 1-hour and 4-hour trends. A 200-periods exponential moving average on each timeframe should do the trick to ensure that.
- Confluence. This is for me the most profitable rule of trading. Confluence is when you have two or more levels coming together and therefore making a confluence point. For example, if you are trading the retest of a bullish trendline on the 1-hour chart, a confluence point could be where the price: retests the 1-hour bull trendline, breaks the 15-minutes bear trendline, retests the 1-hour 50-period EMA, breaks the 15-minutes 50-period EMA with a bullish marubozu candlestick, with an RSI bullish divergence at an oversold level, and a retest of a support. Now this would be a crazy setup, but even when a few stars align in a confluence point the trade is high-probability.
Thank you for reading.
submitted by Oxygen0796 to Forex [link] [comments]

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Marubozu Indicator. The Marubozu indicator can be displayed on the TimeToTrade charts. It can be used to identify Marubozu chart patterns, where by the indicator will rise above 0 to 1 when the Marubozu chart pattern has been identified: To add the Marubozu indicator to the TimeToTrade charts, go to the chart settings and click on the 'Add Indicator' button. Click on the search box and type ... TradingView India. Marubozu — Check out the trading ideas, strategies, opinions, analytics at absolutely no cost! — Indicators and Signals Marubozu Candlestick Alerts. On the TimeToTrade charts, an indicator can be added to detect Marubozu Candlestick patterns.The indicator can then be used to execute trades, provide an Email or SMS text message notification when your Candlestick chart patterns have been met or backtest trading strategies. If not, please read the explanation about Marubozu here: Serial Candlestick: Marubozu. Building a trading strategy with Marubozu candle is not difficult. It can even provide potential benefits. Marubozu candlestick patterns are usually interpreted as an indication of continuing the trend in the same direction as the price forming the Marubozu ... A marubozu candlestick gives specific insight into the buying and selling activity during the period it covers. Candlestick patterns such as the marubozu were originally used by stock traders. When a stock price closes at or very near the day’s high, this means that the market was bullish and remained that way until the close. One way to implement Marubozu for a forex trading strategy is to use it with momentum oscillators like the RSI and Stochastics. Marubozu candlestick pattern buy strategy . Find the pattern in an uptrend or downtrend (in case of a reversal). Wait for the price bar to go bullish before entering. Enter the trade at the candle next to Marubozu. Set a stop-loss near the pattern’s recent low. Exit ... The best site to become sucecessful in Forex. Fibonacci Trading: How Fibonacci Levels Give Clues to the Traders

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