Forex Line Chart Strategy

Forex Line Chart Strategy – Today, I want to share with you a forex trading strategy, called WhaM. This business method is easy to use, even your parents can sell it. I think even your dog can trade on this. Actually, it’s very simple.

This trading strategy was not created by me. I read about it a long time ago from Will on, who came up with the system and found a way to sell it. This is my explanation of the system and how I currently trade it.

Forex Line Chart Strategy

This is one of my fastest selling options and is the one with the most regular updates. There are no signs. There are no complicated rules. I no longer use candlestick charts for this strategy! And most importantly: it just works really well.

Technical Analysis Chart Types

If this sounds like a sales pitch, it’s because I’m always happy to tell people about it 🙂 Don’t worry, I’m not selling anything. Everything you need to know to take this path is right here, in this article. By sharing this method for free, I hope others can benefit from it. I also want to show that trading does not have to be difficult and that it is possible to trade regularly and profitably, with the right rules.

If, after reading, you feel that this article was useful for you, I would appreciate it if you could share it so that more people can learn about this business strategy:

The WhaM forex trading strategy is a strategy that uses real-time charts as the basis for low-risk trades with a high probability of success. In particular, we look for the highest pair and the lowest pair that resemble the letter M or W. Once such a pattern is identified, we introduce at the nose a ‘ patterns (in the middle of the letter). I sell on the 4H card, but it also works on the higher and lower frames.

It might be worth noting that I have about a 65% success rate on this system, with a reward ratio of 1:1.2.

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When trading this device, you’ll want to start with a clean slate. The reason we use line charts and not candlestick charts is simple: it allows us to focus on the important things. We want to see their behavior as clearly as possible. Although candlestick charts provide useful information, we won’t need to go into detail about this. Of course, the “verboseness” of candles limits our analysis method, so we won’t use them, at first.

At some point, it is useful to switch to the candle chart, because the line charts do not always show us how far the candles will reach. To find out if we can enter, stop loss and take profit, it can be useful to trade with candlestick charts.

So let’s get there! As mentioned, we are looking at two types of records: double top and bottom. Not only that, but it must be shaped like the letter W or the letter M (see where the catchy name WhaM comes from?). When we find such a pattern, we send a buy (for W) or sell (for M) letter nose (middle).

There’s more (which I’ll cover soon), but that’s it! Let’s look at an example of the EURUSD chart:

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See the white W shape? That is exactly what we are looking for. If you look at your records, you will see that this happens often.

If we were to place a prospective purchase on the nose of a W pattern, what would happen? Let’s see how it would work (by the way, I’m using ForexTester 3 in the screenshots. If you’re looking for the best backend and forex testing software, here are you need):

Now, ignore any W and M patterns you see on your charts here! There are a couple of things that are important when looking at the best W and M options and I’ll get to them in a moment. For now, let’s look at an example of a good model M:

As you can see, I have placed a waiting order (limit trade order) on the nose of the M pattern, and I placed a stop above the M pattern and take profit below the M, with a risk-reward ratio of 1:1 (we will stop the loss and take profit in a minute). Let’s see how it turned out:

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And we have a winner! The sell-off we were waiting for started when the price pulled back for a while, then it went down and we took our profit.

At this point, I would like to invite you to change the line records and view your records. Try to find the same shape of W and M and see how the value is after that. Does the tree return to the nose of the model? Is there often a risk when the price reaches this level? Are there any other W’s and M’s that won’t work? What do you think is important when looking for a good arrangement of W and M?

Why can something as simple as a pattern of some letters work as a profitable forex trading strategy? Good point, that’s why I want to explain in detail why this works.

Regardless of the W or M model, the double top and double bottom are the strongest designs available. Many traders have had great success using double tops and bottoms to trade reversals. One of the things I sell next to this is a reversal pattern, and one of my favorite charts is the double top and bottom (next to the head and shoulders and the triple top or bottom ).

Market Structure Only Keep Your Charts Clean

Once a double top or double bottom occurs, a change in price movement is usually followed. The WhaM trading system only places trades in the direction indicated by a double top or bottom.

In short: double tops and double bottoms just work. It’s not for me to make something up, they are one of the most important albums around.

When the W and M patterns are formed, the support (for M pattern) or resistance (for W pattern) price is found in the trough. There is often a fierce war around the area where buyers and sellers fight to determine the price.

When the W and M forms are filled out, however, the standard is broken. Support has turned into opposition and resistance has turned into support. Price often remeasures other sectors, which is why the WhaM trading strategy works.

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Retesting that level is often called “rest and retest” because the previous level is broken and retested. Many traders are just selling products and repeating patterns, so even this can be a good and profitable way to sell on your own.

I am selling this system for 4H imaging. I have tried this method on a daily schedule, this also works very well. This, however, is too slow for my liking.

Trading on lower time frames also works, but like most strategies, the lower the time frame the lower the winning price. Alternatively, a shorter period may allow you to enter. This allows you to play your edge more often, which is beneficial.

Once a W or M pattern is formed, you can place a buy or sell position on the nose. Before I do that, I will check the following things. Although these studies are often optional, I have found that they lead to success.

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You will want to look for WhaM systems that are sized according to market trends. Since that may not be very descriptive, let me give you an example. There is a W (or M, depending on how you look at it) on the chart below, but this is the smallest of price movements in the past.

A good rule of thumb is: if the pattern looks like small cat ears, ignore it 😉

When you find a WhaM pattern, ask yourself: Is this a pure W or M pattern? It’s easy to see the letters W or M on a daily chart, but that doesn’t mean it’s a good WhaM pattern!

Sure, you might recognize a W or M in them, but they’re not clean enough to buy. Ideally, you want to see the long leg on one side, then the pattern and then the last long leg on the other side.

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Okay, this might sound weird, but hear me out. The stronger the nose, the more effective the installation. You’ll want to see how you feel, it’s worth just touching the level and going back.

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