How to Make a Trading Strategy With Candlestick Marubozu ...

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 Candlestick Pattern best for intraday trading ...

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