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Forex Tips

The technique I will describe below is a great opportunity to jump in a trade. The set of rules that I describe can be used as a Forex system. I have heard many names for this technique with the most successful one called the "Pinball Trade". It is the first system I learned and applied successfully during my long trip in Forex research. Experiment with it and see the results on your own. For now let's see how this system is applied.

When you recognize an uptrend or a downtrend in Forex charts try to create the channel that includes this trend. When the price hits the one channel line and returns to the other channel line try to see if this line coincides with a Fibonacci retracement level. The price does not necessarily have to hit both the channel lines but the price swing has to be restricted from the channel lines. This trade setup will give you a high opportunity that the price will reverse (76% of the time according to long term research). Take a good care to design correctly the channel lines and the Fibonacci retracement levels.

If you do not know how to design channel lines see my site's video tutorials in trendline analysis chapter.

Trade in the direction of the likely reversal. Stop loss orders should be set a little below or above the channel line and Fibonacci retracement level. Look at the images below as real market trading examples of this system.

It is very common for price in Forex to reverse when it has more than one reason to do so. In pinball trade the price reverses because of the channel line with added Fibonacci retracement level. Take good care to design correctly the parallel channel lines. The rest are easy.

Experiment with this technique in Forex charts. At first try to find pinball trades in previous Forex movements. Practice a lot. After getting accustommed to this trade setup you will eventually recognize a new trend evolving. Draw the channel lines and take the opportunity to use this trade system. You wont be disappointed!

Thank you for sharing your interest with me. Feel free to contact me through my site.

Sincerely yours, Louizos Alexander Louizos

For more information please visit my site at http://www.easytradeforex.com EasyTradeForex.com

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