This is a guest blog post by one of our prop-trading students. His name is Michael Ifoglou and you can follow him on twitter for more trading analysis! Join the best traders! My trading approach by Michael Ifoglou Hello Traders. Today, I am gonna show you my trading style, my way to analyze every market product.
Above, you can see the monthly chart of the AUD/JPY pair. The basic tool for me to define a trend, either long-term or short-term, is the trend lines. I draw them from highs or lows and I try to connect as many as possible highs or lows, especially if every high/low consists a wick of a candlestick.
Please note that every broken trend line has to be followed by a valid price action that indicates the change of the trend.
In the weekly chart, you can see a closer look at the main idea similar to the monthly chart.
In the daily chart, I have a different perspective. I use every chart pattern I am familiar with, such as harmonics, candlesticks and classic chart patterns (wedge, flags, triangles, e.t.c.) in order to define entries in both long & short positions.
I don’t forget that the higher the time frame, the most valid the direction of the trend but also keep in mind that every change of the trend starts from smaller time frames, so I am trying to benefit from both directions.
As you can see, any of the above charts don’t include any indicator, but this is not true. I intentionally left them “naked” as you can see clearly the chart. Personally, I use the Bill Williams Alligator which provides me the entries & exits, trailing stop and re-entries signals in 2 hours frame and also, the most known, the MACD.
I am a twitter guy, @Michael_Ifoglou and I will mention some words about myself.
“My name is Michael Ifoglou and I am civil infrastructure engineer specialized in trenchless projects. I was in the project in 2011, working on my laptop when I noticed an advertisement about the forex market. That was the start of my journey. I was trading in demo accounts, gaining knowledge from books, videos and blogs about indicators, candlesticks, patterns, waves and everything else in order to be profitable. In early 2014, I started trading, in real account, the Greek Stock Market and since last September, I am focused on the Forex Market.
PS: I am a self-taught and amateur trader who shares his insights about trading.”
