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Thread: extended areas strategy on forex

  1. #1
    Registered user Killer_Queen's Avatar
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    extended areas strategy on forex

    first we must know what is extended areas on forex and later I will tell you how to trade it. extended areas on forex market means any possible area below or above market support and resistance levels but failed to break each side of them. so we can see price is hanging in the middle and has more probability to move reverse, not for continuation.

    basically these extended areas is using only support and resistance lines and very useful for traders who like snr so much for trading. here in my thread I do not only asking for actual support and resistance strategy but more focus to the extended areas. there are steps how to draw the areas with our chart.

    step 1 : choose any pair you like to trade.
    there are no restrictions in choosing pair to trade with this strategy. all pairs are allowed. I choose gbpusd pair here.
    Attachment 21795

    step 2 : change time frame into weekly or daily.
    this one is not negotiable, must choose above time frames because less time frames are not advisable. high time frames are good to avoid less accuracy in analysis.
    Attachment 21796

    step 3 : draw all necessary lines.
    click on horizontal lines and draw all levels we believe as support and resistance. observe market carefully and notes all possible levels of support and resistance levels, both minor and major ones.
    Attachment 21797

    step 4 : use rectangle shapes.
    click on insert tab, choose shapes, and pick rectangle to easily mark the extended areas of market.
    Attachment 21798

    step 5 : mark the extended areas.
    drag the rectangle shapes from support or resistance levels into candlestick’s tail or doji. be sure to follow as my example.
    Attachment 21799

    rules how to buy and sell are pretty simple to do. just focus on any attempts of market to move near the zones and get ready to enter. only good for traders who can trade in long term. this strategy is not suit and not suggested for traders who usually trade in swing or intraday trading. so exercise caution and proceed with your own risk and responsibility. good trading for you guys.

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  2. #21
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    the strategy is good and depends mainly on support and resistance levels and so this can help in determination of the strong levels that the market moves between and so the trader can find good trading positions and make good profits if he sets a good target, these levels will act as a strong levels and can be used for determination of the target and stop loss.

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  3. #22
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    we only need to be cautious when price approached the extreme of this zones as high volatility could be experienced here and the effect could either send price back into the zone and form a reversal formation or break through the zone.I want to add that those who are interested in trying this on demo should make risk management a priority because there is no strategy that is 100% guaranteed .

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    Registered user Toyen's Avatar
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    Quote Originally Posted by immy View Post
    we only need to be cautious when price approached the extreme of this zones as high volatility could be experienced here and the effect could either send price back into the zone and form a reversal formation or break through the zone.I want to add that those who are interested in trying this on demo should make risk management a priority because there is no strategy that is 100% guaranteed .
    When it is getting to the extreme, there is no point for still staying there, it is the traders that wants to lose that can still stay at that extreme. The market may turn any time soon when that happens, we should not be risking too much because of the greed of many income we are aiming at getting in a single trade. Risk management is a good suggesting also.

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  5. #24
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    the extended areas may act as more additional support and resistance levels and so this may help in finding more strong levels that the market respect and so this help in finding of good trading positions and so this will improve trading and makes it better and more profitable, trading with these levels can help also for determination of the target.

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  6. #25
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    Quote Originally Posted by sameeh View Post
    the extended areas may act as more additional support and resistance levels and so this may help in finding more strong levels that the market respect and so this help in finding of good trading positions and so this will improve trading and makes it better and more profitable, trading with these levels can help also for determination of the target.
    This market is very dangerous for all traders so we are need very care on our trades. We are need trade with care and wisely because our small mistakes are cause a big loss in our trading account. So we need work hard and focus on our learning and make a good trading strategy which help us to get the high earning easily from this market.

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  7. #26
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    Your strategy is very good you took the time to explain every step with pictures which is very good, am a longer term trading and trade mostly on long time frame I will try this strategy out with pairs like the gbpusd and nzdusd pair, because I believe this strategy work work better on this pair, this is a strategy everyone can use easily since it's very easy to understand cause of the way you put everything in details.

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  8. #27
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    Wow, honestly I really love how you take your time to explain all the steps in details for the lowest understand of any newbie traders that really lacks understanding, good to see this thread, in what I can see it is a trading strategy that have to do with support and resistance levels , so it may have a good strength and very effective for us to make use, but as a newbie trader it is better for me to also take my time to learn and practice it well.

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  9. #28
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    Quote Originally Posted by stable View Post
    This market is very dangerous for all traders so we are need very care on our trades. We are need trade with care and wisely because our small mistakes are cause a big loss in our trading account. So we need work hard and focus on our learning and make a good trading strategy which help us to get the high earning easily from this market.
    We must have to take some better decision in our trading if we want to get success and it is possible only when we are using our trading plan if we use a good strategy for work it is more secure and we are working properly it is more secure for profit and will help trader to make a good strategy for working and for maintain a good trading way .

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  10. #29
    Registered user famousfx's Avatar
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    Actually ,the owner of this thread has done a great work and has made good research on it to go to this far, so it worth tested to be able to gain from the effort of our mate here, thought we have to do this in the demo account first , so that when the strategy is tested and understood and work , then we apply it to our real account for profit making.

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  11. #30
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    I know that so many times the market always overshoot the support and the resistance point in its bid to create a false impression that the market is either going up or coming down far below the support or far above the resistance, but sudden turn around that would have caught so many impatient traders in a trap will occur. I have never taken advantage of the market in this kind of scenario in the market . But with this kind of explanation from you sir, i will like to test this out because it looks very good a trading system even without the use of much technical indicators.This kind of shootout is called FAKEY in the price action trading system.

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