Forex Orders Types

In Forex Every Small Trade Controls Your Mind For Certain Minutes , Hours Or May Be For Days .... Thats Because There Is A Little Difference Between Profit And Loss , Just A Little Difference Between Making Millions And Losing Every Thing.....

Just Two Button Decide What You Will Gain ( Buy Button / Sell Button ).

So Take Care , Every Small Minute COUNTS

Order Types
Basic Order Types
There are some basic order types that all brokers provide and some others that sound weird. The basic ones are:
(Market order)
A market order is an order to buy or sell at the current market price. For example, EUR/USD is currently trading at 1.2140. If you wanted to buy at this exact price, you would click buy and your trading platform would instantly execute a buy order at that exact price. If you ever shop on Amazon.com, it's (kinda) like using their 1-Click ordering. You like the current price, you click once and it's yours! The only difference is you are buying or selling one currency against another currency instead of buying Michael Jackson CDs.
(Limit order )
A limit order is an order placed to buy or sell at a certain price. The order essentially contains two variables, price and duration. For example, EUR/USD is currently trading at 1.2050. You want to go long if the price reaches 1.2070. You can either sit in front of your monitor and wait for it to hit 1.2070 (at which point you would click a buy market order), or you can set a buy limit order at 1.2070 (then you could walk away from your computer to attend your ballroom dancing class). If the price goes up to 1.2070, your trading platform will automatically execute a buy order at that exact price. You specify the price at which you wish to buy/sell a certain currency pair and also specify how long you want the order to remain active (GTC or GFD).
(Stop-loss order)
A stop-loss order is a limit order linked to an open trade for the purpose of preventing additional losses if price goes against you. A stop-loss order remains in effect until the position is liquidated or you cancel the stop-loss order. For example, you went long (buy) EUR/USD at 1.2230. To limit your maximum loss, you set a stop-loss order at 1.2200. This means if you were dead wrong and EUR/USD drops to 1.2200 instead of moving up, your trading platform would automatically execute a sell order at 1.2200 and close out your position for a 30 pip loss (eww!). Stop-losses are extremely useful if you don't want to sit in front of your monitor all day worried that you will lose all your money. You can simply set a stop-loss order on any open positions so you won't miss your basket weaving class.

Find Out More

SHI Channel Indicator | ForexGen

The SHI Channel indicator and as the all of the channel indicator uses the highest high and lowest low of the price to determine the upper and lower bands of the channel.In the SHI Channel The channel is calculated according to the given period of calculation and the time frame of the used chart, and the channel is self-adjusted (Like the Bollinger Bands).

As you see in figure 1 there are two thick lines that indicates the upper and lower channel and a dashed center line.The channel gives the overall direction of the price movement - up or down - and may change from time to time, specially if it used with a low timeframe (1, 5 and 5 minutes).

How to trade using the SHI Channel indicator?
Actually you can’t trade with the SHI Channel indicator alone, it will not tell you when to enter the trade neither when to exit, The SHI Channel indicator telling you the overall direction of the price trend and the channels with the middle line warn you how much the trend is strong or weak, however , you have to use another indicators to generate the entry/exit signals
So.. for entry and exit.. i will use chart pattern.. you don't have to be an expert in chart pattern.. to make hundred bucks a month in fx.. i only focus on double top or bottom pattern, head n shoulder pattern, inverse Head n Shoulder, Ascending and descending triangle (the breakout of these triangle at 4h can give you about 400 pips)

Find Out More