Do you know which way to go?
You don't know?I don't know either although I trade FX for a long time.
Because it is a future price movement, we humans cannot predict 100%.
Even if you cannot predict future price movements, there is an easy way to earn 1 million yen per month with Forex.
Full-time amateur trader who can not earn $ 10,000 a month may dies
Most of the Forex traders would say,"I don't know which way to go at all" by looking at the charts.
Then, leave the question as it is and trade with no plan.Trade without knowing.
What happens if you trade without knowing?Most of the time you lose.
"Ah, I shouldn't enter"! you regret it later.That's why I often say, "Let's trade only where we know."
Then, a beginner trader who can't win gets angry, saying,"I don't know what I know!"
This time, I will show you how to calmly analyze the chart in the correct way.You would be able to understand the chart more than before.The monthly income of $ 10,000 in Forex is not a dream at all.
How to make scenarios for Forex Royal Road Entry Pattern
4 hour chart
"This is the royal road entry pattern!"
I would like to say, but the entry pattern is to talk in 5 min chart.
Before doing that, it is necessary to recognize the environment and set up a scenario in the upper time frame such as 4h and 1h charts.
There is also the "Royal Road Pattern" for chart analysis and scenario setting.
June 7, 2021. GBPJPY.
Uptrend for months.
Everyone wonders how long this rise will last.
I also thought.
Of course do this work. Look at the past charts to see if there is any resistance around the current price.
Highest daily price in the past.
Enlarge the place of the candle entity.
Where the positive and negative lines stop at the entity.
Draw a horizontal line here.
This is a common chart analysis pattern, so it's a good idea to remember.
Then go back to 4 hour chart again.
Currently, it seems that it is stagnant at the highest price entity of the past day.
And it ’s going down a little.
Perhaps the horizon (red line) just drawn is strong, isn't it? I think.
It's just speculation, right?
There is no clear evidence yet.
If the rate goes down from here, guess "till where".
This is also the usual chart analysis pattern that I always do.
Fibonacci up to 23.6%, which has risen most recently, or up to 38.2% if it breaks out.
Or if it breaks out of 38.2%, there will be 200MA for 4 hours.
Then guess, "If it come here, is next destination here?"
If you just delusion, it's free, so you can delusion more and more.
Also, "fixing your eyes" is very important.
At that time, I was thinking of selling this day for the time being.
1 hour chart
Next, let's see 1 hour chart.
We can draw one trend line like above.
It has dropped sharply from the trend line.
But how is it?
Looking at the latest price movements, it has risen sharply.
And it fell from there, but all the lowered part was returned.
That's why it can't be helped to just look at the last move.
The price movement just before is strong, but the chart as a whole seems to be strong.
(In other words, it's a place to judge "I don't understand".)
My favorite pattern “at the bottom”
Currently, the rate is located at the tip of the slightly lowered tip.
Obviously, but you should also remember that it is dangerous to sell at a lower price.
Beginner traders who cannot win in Forex make a sell entry in a hurry at the point where they are lowered. And lose.
I don't know when to return (rise).
So, if selling it, wait returning it to at least 200MA.
Or from higher(safer) place.
Other royal road chart pattern
There are still two things you can do in 1 hour chart.
If the price goes down, how far will it go down?
There are still other way, right?
If there is a mountain (triangle) near the highest price, be sure to use Fibonacci expansion.
If the rate drops to 161.8% for Fibonacci expansion, be careful.
Another is to draw an orange line.
Draw an orange line on the descent.
With MT4, you can copy and paste lines. (For windows, Ctrl+ dragging.)
Try using it from the place where the trend line goes down as shown below.
Then, it overlaps with the previous FE161.8%.
So if the rate drops to the orange line (= FE161.8) in the future
・Let's see the situation without forcibly trading
・Let’ｓ settle if holding sell(short) position.
・May be able to buy(have long posion)?
These are good ideas, right?
Forex Royal Road entry pattern
Now, let's see 5 minutes chart.
The basic strategy from 4h and 1h chart was selling(short).
But I won't sell it where it fell.
Sell when returned.
Let's think about where to sell.
The first thing that comes to mind is this pattern.
Or if it stop at 61.8% of Fibonacci retracement, and sell.
Anyone can predict this much?
But, the price movement after that was like this.↓
The market price fell without rising to the expected position at all.
You may give up that the price did not follow the scenario.
However, full-time traders do not give up.
There is a "royal road pattern" that can be used in such cases.
In this market, if it goes down further in the future, it will surely cross the line of the previous low price, right?
Be sure to pass the green dotted line.
When passing through the dotted line, the pattern is very often as follows.
There is no power to rise anymore and it falls diagonally.
It's a very good sell entry timing.
The "destination" of the market has a fixed pattern.
The orange line and FE 161.8% that I drew in 1 hour earlier.
Sell with "Slip pattern"
And it ends with holding up to this destination.
Or, in 1 hour chart, I had a buying(long) scenario.
The market has reached the destination, hasn't it?
Orange line and Fibonacci expansion 161.8%.
↓ The green line (1h FE161.8) at the 5 minute chart as below.
There, it bounced several times and the chart tells us "I can't go down".
Then you can buy it(long entry).
Isn't it easy?