Category Archives for Friday Q&A

What is Friday Q&A?

Since starting Daily Price Action in 2014, I’ve received thousands of questions from Forex traders from around the world. In fact, this site has now reached traders from all 195 countries. Some questions have been easier to answer than others, but one thing has always been true… The answer has made someone’s Forex journey a […]

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What Is a “Confluence” of Support or Resistance?

Forex confluence

Happy Friday! This week’s question comes from Mario, who asks: What is a “confluence” of support or resistance? This is an excellent question, and the answer can improve your trading performance in a big way. But like all things, it takes practice, patience, and discipline to get it right. According to Merriam-Webster, the word confluence […]

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When Should You Move a Stop Loss to Breakeven?

forex breakeven stop loss

Happy Friday! This week’s question comes from John, who asks: When should a trader should move a stop loss order to breakeven? This is one of the more common questions among Forex traders. It’s also one of the most challenging to answer because it depends on several variables. And it makes sense that it’s a […]

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Which Forex Order Type Should You Use, Market or Pending?

Forex order types

Happy Friday! This week’s question comes from Marco, who asks: Should we use a market order or a pending order when entering a new position? The answer to whether you should use a market order or a pending order depends on the situation. For instance, if you know you won’t be around to execute a […]

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What Forex Buy and Sell Signals Do I Use?

forex buy sell signals

Happy Friday! This week’s question comes from Kendrick, who asks: Would you be so kind to discuss the various sell and buy signals that you frequently or commonly look out for when trading, especially after identifying support and resistance? Just about everything I do in the Forex market revolves around six buy and sell signals. […]

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What Should You Do if a Broken Level Isn’t Retested?

Breakout-retest

Happy Friday! This week’s question comes from Pierre, who asks: Are there cases in which you can enter a breakout trade that didn’t fully retest without chasing? That’s a loaded question but no doubt a good one. To clarify, what Pierre is asking here is what to do when a market breaks out but doesn’t […]

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Should You Trade Within a Channel or Wait for a Breakout?

indecision

Happy Friday! This week’s question comes from Trevor, who asks: On your blog, you often state you are waiting for a breakout from a channel before considering an entry. Do you recommend not to trade within the trend lines even if there is a potential 2R or 3R trade? The answer to this question is […]

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How to Avoid Panicking During a Profitable Trade

panicking forex trader

Happy Friday! This week’s question comes from Carol, who asks: If a trader achieves $1,000 of open profit but then panic sets in what can be done to secure the trade and account with as little pain as possible, rather than close the entire position? A few things come to mind, but the first thing […]

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What Is the Best Way to Draw Accurate Trend Lines?

forex trend line

Happy Friday! This week’s question comes from Thony, who asks: What is the best way to place the most accurate trend line? Trend lines are one of my favorite ways to determine the strength of a trend. The way a market tests these levels and even how often can indicate whether momentum is strengthening or waning. […]

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Should You Wait for a Retest Following a Breakout?

Waiting for retest

Happy Friday! This week’s question comes from Tejas, who asks: After a breakout has occurred, should we wait for a retest of that area before buying or selling? From my experience, this is the most highly contested topic when trading breakouts in the Forex market. After all, everything else when trading a break of support […]

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How to Reduce Fear When Trading Forex

fear-of-trading

Happy Friday! This week’s question comes from Elvis, who asks: How do I eliminate fear? I often have the right setups, but I end up entering too soon or exiting too early once I see a little profit. Or I take revenge trades to make up losses and end up losing even more. The idea of eliminating fear […]

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How to Confirm a Break of Support or Resistance

break of support or resistance

Happy Friday! This week’s question comes from Thambirajah, who asks: In your article about settlement period, you said: “you need accurate support and resistance levels.” I understand that the support and resistance are areas rather than specific levels. But if this is true and the session close is within the area, how do you identify […]

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How to Seamlessly Transition From Demo Trading to Real Money

demo-trade-to-live

Happy Friday! This week’s question comes from Cooper, who asks: I like to maintain a demo account as well as my live account. When I can’t pull the trigger on a trade, I go to my demo and enter it there. Gets it out of my system and I can watch it (and hopefully learn […]

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How I Trade Forex Without Watching the News

trading-without-news

Happy Friday! This week’s question comes from Rick, who asks: Most of the experienced traders say that news is built into the charts, so don’t focus on it. But if you don’t pay attention to the news how do you know what’s happening with a particular economy? That’s a loaded question. Not because it’s overly complicated, but […]

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How to Interpret the Settlement Period on a Daily Chart

Interpret-candlesticks

Happy Friday! This week’s question comes from Tim, who asks: You’ve said in the past that the activity between 4 pm and 5 pm New York time is telling. I would like to know how to interpret this activity. I love this question for two reasons: The answer is incredibly straightforward and easy to understand […]

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