Find trend forex trading

Join the NASDAQ Community today and get free, instant access to portfolios, stock ratings, real-time alerts, and more! Continuing our series on Forex trading for beginners , we now look at how to determine a trend. I'm sure many of you have heard the saying at some point "the trend is your friend, until it bends".

This says it all and is so true in the currency market - and any market for that matter.

Being able to determine the long, mid, and short term trends on a currency pair direction will greatly benefit you as a trader more than you can realize at this point. Remember as currency traders, we don't care which direction the trend is: The first thing I like to do in the beginning of my trading day is sit down and run through the daily charts of the currencies pairs I follow. Look for the strongest trend in either direction.

Do not cheat yourself and skip this step the next trading day. Using the daily chart should make it easy for traders to determine if the currency pair is in a strong trend. If there is a question on whether the currency pair is in a strong trend - move on to the next currency pair chart.

We can verify our visual observation by confirming the candlesticks are moving from the bottom left hand corner of the chart to the top right corner of the chart. We also can confirm the uptrend by the higher highs and higher lows as it moves up toward the top right corner of the chart. What we look for in a strong uptrend is waiting for the price action to pull back to support.

Here is the sweet thing about this strategy. You the trader, could still be working a full time job.

Find the currency pair with the strongest trend for this example let's use the chart above. Some brokers will send an email or text message when orders are executed to notify you at work that an order has been placed. We can verify our visual observation by confirming the candlesticks are moving from the top left corner of the chart to the bottom right hand corner of the chart.

We also can confirm the uptrend by the lower highs and lower lows as it moves down toward the bottom right corner of the chart. The same strategy trading strong uptrends can be used to sell strong downtrends.

Keep It Simple - Trade With The Trend

The difference is we look for a strong downtrend and wait for price action to pull back to resistance. By trading in the direction of the daily trend, traders will have a greater probability of success with the momentum of the entire market behind your trade.

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3 Powerful Techniques to Determine Trend Strength (No Indicators)

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Forex: Should You Be Trading Trend Or Range?

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