🎯 How to analyze a currency in five simple steps before making an entry decision? + Random reward for those who read the entire post and interact with it
Pre-analysis of any currency is the key to smart entry and avoiding random losses. Here are 5 steps to help you make informed decisions:
General trend:
Open the daily frame, is the trend upward, downward, or sideways? Do not enter against the trend.
Strong areas:
Identify support and resistance areas on larger frames. Ask yourself: Is the price close to a critical area?
Technical signals:
Review indicators like RSI, MACD, and VWAP. Is there saturation or a crossover supporting your decision?
Candlestick patterns:
Watch the shape of the candles at decision areas. A strong rejection candle may confirm the trend.
Trading volume:
An increase in volume at a reversal may enhance confidence in entering.
🔹 Practical example:
A currency has been identified that oscillates between two clear areas. After a reversal candle appears at support with MACD crossover and high trading volume, an entry decision was made supported by all conditions.
📌 Next lesson:
How to deal with losing trades without collapsing psychologically?
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