If you like to use an automated trade management you can add the Powerplay Trade Manager as well
HOW TO COMBINE THESE TOOLS IN A PROFITABLE WAY?
The three most important analyzes before entering a trade are
Let me explain it with this AUDUSD example chart
3. You'll see that the price struggles at the red resistance level cluster but once it's gone through it's a clear BUY
3. there are no support and resistance levels directly in front of your planned trade you can go for it
If the next support and resistance levels are far away you can use them as profit targets.
And that's how it looks after this breakout
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ADDITIONAL TRADING TIPS
1. Trading on small time frames like M15 is suitable for advanced and professional full-time traders.
I highly recommend all part-time traders to trade on H1 which is much more comfortable to deal with.
To trade this system on H1 I recommend using FX Power with an analysis period of 1 Day.
2. Study the Dow Theory of higher highs and lower lows to optimize your timing and increase your profits.
3. All trend trading systems benefit from volatility caused by a high trading volume.
The highest trading volume is available during the London and early New York trading session.
If you are unable to trade the London/New York session I highly recommend trading on H1
4. Especially in the beginning, I recommend staying with the major USD pairs like EURUSD, USDCAD, AUDUSD, etc.
If you trade cross pairs like GBPAUD you have to check and consider GBPUSD and AUDUSD as well.
5. Check if there are any upcoming high impact news events for your currency pair.
6. Discipline and patience is the key to success!
Don't hesitate to contact us if you like to get further assistance.
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