The 50 Pips A Day Forex Trading Strategy is designed to capture the early market move of GBPUSD or EURUSD but you can certainly experiment with other major currency pairs. It is a pretty simple day trading strategy but remembers that many times, the best day trading strategies that work are actually simple in design which can make them quite robust. I think this is a great day trading strategy for beginners because you do not need to learn complicated indicators or price patterns. The trade setup is quite clear but like any trading strategy, risk management is vital for your overall success. It is very similar to the London breakout system that is also on this website. We are going to use the major Forex currency pairs and the first thing you will want to do is open up the daily chart to look for the pair that has a decent daily range. Our main goal for our trading day is to capture 1/3 – 1/2 of the daily trading range of the currency pair of choice. Daily Trading Strategy Setup To keep this standard, this method will be using 7 a.m. GMT candlestick on the 1-hour Forex chart. […]
The Railway Tracks Chart Pattern Forex Trading Strategy is another trading strategy entirely based on price action trading. If you love price action trading, I believe this is a good forex trading strategy you can try out and see how it works for you. Timeframes: 1hr and larger Currency Pairs: Any Forex Indicators: Nil BACKGROUND BEHIND THE RAILWAY TRACKS CHART PATTERN What is a railway tracks pattern? Well: the railroad tracks pattern is made up of only two candlesticks they must be of of almost the same lengths and they look like parallel railway tracks.(See forex chart below with the 2 candlesticks highlighted in blue). if the first candlestick is bullish, the 2nd candlestick will be bearish and vice versa. This is a sudden change in market sentiment…Why do you think caused this to happen? Here’s why… What happen here was that those traders who enter SHORT forming the long bearish candle realized that they are in the wrong side of the market and they immediately exit their trades and then get into the opposite side of the market causing the formation of the long bullish candle. If you are in an uptrend, the situation will be opposite to what […]
Price Action Trading Strategies3rd Short Candlestick Forex Trading Strategy The 3rd shortest candlestick forex trading strategy is purely based on price action trading using candlesticks. If you love forex trading strategies based on price action, this is one of them. Timeframes: best for 4hr and Daily timeframes Currency Pair: Any Forex Indicators: none BACKGROUND If you’ve been trading for a while, you will notice that there are days when the candlesticks will start to get very short in length compared to the previous candlesticks. Why this happens can be explained with these points below: the market may be in a strong uptrend, you will have lots of bullish candlesticks showing on your charts.The market starts to slow down and this is reflected by the length of candlestick becoming very short (Difference between the High and Low becomes small). in a downtrend market, you will see lots of bearish candlesticks showing on your charts which a quite long but soon they start to get shorter as the market losses the downward momentum The key word here is momentum. What you are looking for is a loss of momentum. A loss of price momentum can be seen when there’s a period of […]
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