PVSRA is the trading method I use to trade FX successfully. PVSRA stands for Price Volume Support Resistance Analysis. Let’s go and see some of my trades for this week
EUR/USD (Profit 46 Pips)
Trade against the trend mid session when New York opened. The reason I took that trade is because price broke above the resistance of 1.1768 and price continue to rise but volume was decreasing. Also we can see high activity on 1.1850 level which tells that probably bulls are taking some profits so a small retracement is possible. I closed the trade when Price went back to EMA 50.
AUDUSD (Profit 26 Pips)
Pretty much the same logic with EURUSD trade above
USDCAD (Profit 20 Pips)
Trade against the trend around the close of London Session. Price broke below the support zone of 1.3098. Price continued going lower but volume was decreasing as well. This told me that bears were losing momentum so a small retracement is possible. Closed the trade when the Price went back to EMA 50.
GBPUSD (Profit 20 Pips)
Trade against the trend. Price broke above the resistance (Yellow dotted line) which was the high of the previous day. When it broke the previous high the volume decreased significantly. When it failed to go above 1.3175, I opened my trade and closed it around 1.3150 for a nice 20 Pips Profit.
Let me know your thoughts in the comments below.
If you are you to FX trading please start with a demo account first.
Books to Read
Think and Grow Rich | Buy on Amazon
The little book of common sense investing | Buy on Amazon
I Will Teach You To Be Rich | Buy on Amazon
The Intelligent Investor | Buy on Amazon
A Wealth of Common Sense | Buy on Amazon