I want to discuss high probability trading using daily time frame analysis and 4 hour timeframe entry. Trading from daily time frame can guarantee a huge success in forex trading I deploy three powerful indicators for this analysis namely donchan channel stochastic slow and ichimoku cloud. .Search for a currency on daily time frame in which the stochastic is in overbought condition at a resistance provided by donchan channel or which the stochastic is oversold condition at support provided by donchan channel. when either the resistance or support lines holds, look for entry in 4hr time frame.
As you can see from the above screenshot, price is below the ichimoku cloud and at a resistant line represented by the horizontal line. The stochastic slow is in overbought region. The market is ready for a sell trade. Then switch on to 4 hour time frame to see whether the condition for sell is met .See the screenshot below
As you can see the supertrend profit indicator and part of ma cloud have crossed above the upper part of tma band .Also the ma cloud has crossed the central tma line. ADX indicator is saying that the buyers are dominating the market. To sell, wait for supertrend profit indicator to print a sell label and the red line of adx indicator to cross above the green line suggesting that the sellers are in control of the market Then place a sell trade. put your stoploss at the most recent swing high. Take profit at your discretion.
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