Finding Trends with Andrews’ Pitchfork. Create accurate channels and trendlines
on all timeframes using Andrews’ Pitchfork: Andrews’ Pitchfork already exists in MetaTrader 4. Simply go to Insert and look further down until you see “Andrews’ Pitchfork”. It consist of three parallel lines that create potential support and resistance areas. If you are already good with drawing trendlines then this tool is great for creating parallel channels to trade off of. It also respects price action and thanks to being a trend following tool, it will definitely minimize the number of losing trades and gives you good entries.
The easiest way to learn how to analyze naked charts is to practice a whole lot and watch how pro traders do it. Price Action trading is when a trader
analysis the charts of an asset and takes into consideration, Trends, Patterns, Support/Resistance, Candlesticks, Experience and Tools.
Using price action is the best binary options strategy and will help you analyze all types of market conditions. The price moves up and down and creates history, the action is when price reacts to these historic positions. You could start with a few indicators until you learn how to trade with naked charts.
First of all, it's important that you understand that you can learn a lot from your own mistakes by which I mean your losses but also your successful
binary options trades!
In order to learn from your wins and losses, obviously you have to analyze them, carefully. That's why you need a trading diary, a trading journal. But that's not all, having a trading diary means you will also develop faster thanks to getting feedback from experienced traders! Thanks to your trading journal, you will be reminded about your trading rules and why your strategy and technical or fundamental analysis work so well.
This video explains where to find information about financial news releases and how to interpret them. If you don't understand news trading, simply avoid the times during which high or medium impact news are released. You should not trade 30 minutes prior to such events and wait around one hour before you get back into trading.
Before you start trading, whether live or on a demo account, you need to study and analyze the price of the asset you wish to trade. Because if you don’t analyze charts, you are just gambling and not trading. So if you want to become a trader, you need to study charts! Of course, your Binary Options Broker might already offer you charts but you should always have another platform that also comes with a more complete list of tools and so that you can know that the price you are getting from your Binary Options Broker is the same or very close to what the market is actually at. Of course there will always be a very small difference of anything from just a pipette up to one or two pips which is acceptable. To do that, you need a software or a web application that offers charts. Examples are: NetDania, Freestockcharts, Thinkorswim and MetaTrader. In this video, we will be looking at MetaTrader 4 because it is the most commonly used program for charting. Make sure you download it on their official website if you don’t want to get viruses included. This is the official site and as you can see it is available for different platforms.
Price Action trading is the most profitable and accurate way of trading! But why is Price Action the best method for making money on Binary Options or trading in general? Because the focus is on price history and traders rely on the probability of price repeating the same "action", (doing the same thing) and history shows that price does indeed repeat the same patterns very often! Therefore, price action trading is the only method that will work in the long run. Price Action is not really "just a strategy", it's rather based on experience and requires skills. In this video, you can see how setting up target support or target resistance lines helps us find which direction to trade and what to expect of the market. It is also illustrated how to draw trend lines on both higher and lower timeframes as well as recognizing patterns like prior to a breakout!