TurboXBT is a digital asset trading platform that provides users with immediate gains. The platform has a nearly 90% Return on Investment on deals, making it one of the most profitable (yet risky) trading platforms today.
We have devised several strategies for turning even the most complicated trading experiences into an effortless online money making activity. Using particular pullback methods is one approach to earning. This article shows you the pullback strategies that can benefit you while trading.
What is a Pullback?
Before we dive into the strategies involved, let’s take a brief look at the meaning of a pullback.
Price does not always travel in a straight line, and price waves frequently characterise price movements in any financial market. The markets usually alternate between rising to fall trend waves.
The dominating trend waves rise higher during an uptrend, while the correction waves move in the opposite direction. When trading pullbacks, you search for the correction stages and enter trades during those phases. The concept is for you to wait till the trending price pulls back, offering you a better entry price.
Pullback Strategies for TurboXBT
Moving average
This is a way to determine price swings so you can tell the difference between market “noise” and the actual trend direction. The moving average is taking the average closing price of a currency pair over the last ‘X’ number of periods. The average is calculated over a set time, like 20 minutes or other periods you choose.
Fibonacci
Fibonacci retracement levels are horizontal lines representing potential support and resistance levels where the price may reverse direction. The Fibonacci technique works best when the market is trending.
When the market is going UP, the strategy is to go long (or purchase) on a retracement to a Fibonacci support level. On the other hand, you go short (or sell) on a retracement when the market is going DOWN.
Trendlines
Trendlines are visible lines you draw on charts to connect a sequence of prices or illustrate the best data. The resulting line is then utilised to provide the trader with a solid prediction of the future direction of an investment’s value.
Conclusion
There are numerous ways of using pullbacks, and you can even combine techniques to get more powerful signals. Using our demo account, experiment with different combinations until you find the one that works best for you.
