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My Daily Forex Trading Process

It’s time to take you through my daily Forex trading routine. That doesn’t mean combining my hair or brushing my teeth. I’ll save that for another video. 

I’m talking about the exact same trading process. I follow personally on a daily basis to take winning trades. 

I’m pat, welcome to my channel If you’re new. Today, I’m going to show you exactly what I look for in a trade setup. I’ll pull up a live chart. I’ll mark it up. I’ll show you exactly how I analyze the market on multiple timeframes. I’ll show you how I set up my stop loss and take profit on every single trade. Even showing you the exact confirmations and timeframe I use to enter my positions, then to finish it all off, I’ll show you the result of the trade, provide you with more secrets.

So if you like this content at all, like the video, smash the subscribe button. Now let me pull up the chart. Let’s go.


My Daily Forex Trading Process (FULL)

All right. So my plan is to trade the Australian dollar Us dollar today. The first thing I do is come to my trading view chart, and then I come to the one hour timeframe. You can see right here, I click on the one hour timeframe. I like this timeframe because it’s high enough to see what the price is doing, but it’s not too low. So there’s not too much noise influencing my analysis. 

After selecting the right timeframe, I start setting up my support and resistance lines. So these are key levels. You can see one key level right here. We have another key level about here. Another key level, this one’s a bit harder to see it’s around here. And then we have another key level around here. These levels are really important because they tell us where the price is going to or rejecting from.

You can see it rejects at this line. It goes to this line, it rejects from this line. Again, it goes to this line here. Again, it goes to this line rejects to this line. So we are really consolidating within this area right here. So the likelihood is that the price is going to return to this area. So this is an area I’m really focused on with my trade today. After setting up my support and resistance, I want to take a look at the current trend. You can see the current trend right here. I’ll just take a trend line and from the top, and I’ll drag it all the way down, just like this. 

Importance of Trend Lines

You can see the importance of a trend line because it’s telling us there’s a break in market structure. When we have a break in a trend line, which is what we have right here, the market is likely to reverse in this direction.

When we have a strong key level, which is what we have right here. So what I’m thinking with this trade is that we are going to get a break right here, and then we’re going to come back to this level and then come to this level here or eventually this level right here. 

I can also show you the importance of trend lines If I just go back to the last similar trend. You can see, we have a very similar trend rate here. Let me just draw this trend line, just like this. And once we have a break in the market structure, a break in this trend line, we do end up getting a huge reversal and we get to this level of resistance right here. So this is very similar to the trade that I’m looking at today. Hoping that the trade does exactly what I think it’s going to do. So now once I have my support and resistance, once I’ve done some of this primary analysis on the one hour timeframe, I’m dropping down to the 15 minute timeframe to put my indicators on the chart and look for more confirmations to tell me that this is a good trade opportunity.

Trading on the 15 Minute Timeframe

All right, so now you can see I’m on the smaller timeframe. This is the 15 minute timeframe and I’m looking for confirmations. The first thing I did was I went to the indicator section right here. I installed the relative strength index indicator. And then I got rid of some of the lines. I modified it. So you just see the 50 line. Now, this is important because if we look at this current trend right here, that we are at this trend was staying below the 50 line almost the entire time during this trend, right? So now we’re finally seeing the RSI above that 50 line telling us we may have buy opportunities, which is a good sign that we’re going to see that reversal. In addition to the RSI, I’m looking for more confirmations, manual confirmations. 

Like you can see here. If we look at the price, we have an impulse, a correction, we have another impulse here, another correction., And then we have the last impulse. What happens here is when we have these impulses right here and the impulse gets shorter and shorter. By the time we hit the third leg of the impulse, the sellers are clearly losing control and the buyers are about to take over the market, but that’s not all we have. We also have a double bottom pattern right here. This is the most common reversal pattern. When you see a double bottom, it’s telling us that this level is very, very strong and the buyers are starting to take control. 

Confluence is a MUST!

We also have the break in the trend line right here. We have the break in the resistance right here. So this is a very strong signal opportunity. And I forgot to mention that we also have these bullish engulfing candles right here on the one hour timeframe, which is another indication that this is a good buy opportunity. You’re not always going to get this much confirmation with a trade with the RSI on your side, with a break here with a double bottom rate here, but we have a lot of confirmations here. So I’m going to place this trade. What I think is going to happen with this trade. I mentioned before, I’m going to place my trade here. I’m going to place a buy limit order so that the price is going to come down to this line. And at that point, it’s going to start the trade. I will set my first take profit at this line right here. And I will set a second take profit at this line right here, because these are important levels. And that’s why we mark the chart up so that we can use these levels. So I’m placing a long position. I told you, I’m placing it from around this level right here. I’m setting my target profit all the way up here. And I’m setting my stop loss around this level right here, below this recent low, because that is the area that might get tested again. So I want to be just a bit lower than that. So we don’t hit my stop loss and we do hit my take profit. So the first thing I’m going to do is place this trade, and then I’m going to provide this trade to my via IP group so everyone can get in on this action.

We are now live. You can see my by limit order triggered when I hit this support line right here. So now I’m hoping that this trade comes up, hits my first take profit, and then comes up, hits my second take profit as well. I also sent this signal out to my group. You can see this is my website right here. My VIP group on telegram links you to this page. I provide you with the analysis. I show you the higher timeframe. I show you the lower timeframe and either myself or one of my team members will post this up on here to let you know what, and then you can place that trade as well. 

So now I’ll come back and check this chart when we get up to one of our take profits or the stop loss, but hopefully not the stop loss. So I’ll be back in a few hours or whenever we get this result. 

The Final Trade Result

So it took a couple of days for the trade to finish, but the trade is finished, and I’m just going to play it for you right now on replay. So you can go through this trade, go through the emotions that I went through. You can see it dipped into my stop loss a little bit right here, but jumped right out and then started going in my direction. At this point, I’m really happy with the trade. It comes down a little more, but it never retest this support line. And when it does break through this resistance here, it breaks through so quickly that I feel very confident that we are going to hit the take profit, which eventually it hits the take profit two here hits the take profit one here. The reason why I continued with this trade is because it broke through this take profit once so quickly. I figured this momentum was obviously going to be carried forward. We didn’t even come down to test this support level. So I really felt like this was a solid trade. 

This was a trade I sent my group that hit 112 Pips. They don’t always happen that way, but this was a fantastic trade. You saw all of the confirmations. You knew exactly why I took this trade and I hope this shows you why I do the things that I do. Why I look for certain confirmations, where I set my take profits, where I set my stop losses, understanding all of these aspects, and putting them all together is a very important part of your Forex journey. If you need any help with this, if you have questions about this, leave a comment below the video. And if you don’t please leave a like subscribe to the channel. Maybe watch another video. I’ve selected a couple videos I think you’ll really like. So check out that video there, check out that video there. Thank you so much for watching. I love you guys. Check out my VIP group. It’s up over 10% in December after hitting over 8% November. It’s going really well and I’d love to have you there. So that’s it for today, guys. I’m out of here.

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

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