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IDEA GUIDES: DEVELOPING A TRADING SYSTEM FOR SCALPING, INTRADAY or SWING
FOREX trading is not a game or a gamble, it must be thought about seriously.
All strategies, techniques and indicator are basically the same, there will be profit or loss. Strategy and technique are inseparable in analyzing price movements that will occur.
Do it as often “backtest” to improve your strategy skill before OpenPosition (OP) in live account. Plan a financial margin, mastery in psychology, risk management aspect also needs to be focused on the point that the account is not facing margin-call (MC).
Forex is not for the lazy person which it requires trader to learn, read more, analyz etc. If forex traders wanna be successful in this business than it is sure that it needs to be more hard working on it, otherwise he/she will not be able to do better in forex…
Here, included a profitable trading signal strategies and techniques to use to trade or @backtest training. Hope this partnership can provide benefits together. Try making your own trading experience as real as possible in the Demo account: disciplined, planned target gains / losses and other daily (calculated based on the capital that you put into your real account) .. because it is the best way you can prepare in FOREX trading with real money and real accounts:
In this strategy, you will learn how can you find “trading signals” using 21 EMA via Bollinger Band Indicator and MACD.
Orite, lets continues to test these manual trading signal strategies scalp (or intraday in next article) on the demo account. As said below these are almost similar trading strategies. The only difference is the take profit target levels. You should test the 3 different take profit levels and see which one gives the highest win-rate. Obviously each currency pair will have a different best take profit level and the most important things must have “LOW SPREAD”
This strategy ideal take profit for Time Frame :
✪ M1 : 10-20pips
✪ M5 : 25-35pips
✪ M15 or M30 : 35-50pips
*Can gain up to 100 pips if you can catch the entry at right time for Intraday.
*Stop Loss : follow your money management @ recommended 15-35pips
Time Frames: M1, M5, M15.
Techniq: Scalping (Intraday covered in Next Article @ Advance Signal)
Currency Pairs: Any trendy pairs specially on GBPUSD, EURUSD, USDJPY.
✪ apply this strategy on London and US session. Avoid On slow market condition (e.g Sideway) and avoid during NEWS RELEASE (Refer forexfactory.com).
✪ Forget about this strategy if your current broker spread above 1.6pips or a Market-Maker.
✪ 21 EMA (via Bollinger Band 20,2 : Level 1 & -1)
✪ MACD (default, Level 0)
————- BROKER INFO ———-
WHY this Strategy Trading suite at on ECN Account?
✪ Average Spread: 0.2 – 0.6 pips
✪ Commission fee:between $3-$7 per lot traded
PART 1 : Strategy Scalping.
Buy Setup Rules
✪ When 21 EMA upside breakout complete, then look at MACD indicator.
✪ At the same time, if MACD stay above 0.0 level, then open buy entry.
✪ Set SL below moving average or set manually 15-35 pips.
✪ Set TP 20-50 pips for every buy entry.
Sell Setup Rules
✪ When 21 EMA downside breakout complete, then look at MACD indicator.
✪ At the same time, if MACD stay below 0.0 level, then open sell entry.
✪ Set SL above moving average or set manually 15-35 pips.
✪ Set TP 20-50 pips for every sell entry.
Hope, you enjoyed learning one of my favorite “scalp” strategies. Appreciated with your Comments if you have already hands on trying the strategy!! or please comment if you found the strategy are not profitable!!!
Either way, I’d love to get your feedback!!! Happy Forex-ing!!!
*Additional : Convergent and Divergent.
Stochastic indicator can undergo convergent and divergent, therefore in the event of convergence or divergence we can use it as a time to OP.
OP buy when the chart is growing modestly, while stochastic rising, plus the signal line that cuts the main line from above.
OP sell, when the graph is increasingly rising modestly while stochastic, plus signal line that cuts the main line from the bottom.
*Additional : Fibonacci To identify Market Reversal @ Breakout : (intraday, SWING)
Recommendations Pair: Major Pair
TF: M15 M30 H1
Indicator: Fibonacci retracement
TP 80-150 : SL 50-80
This technique is highly recommended and widely used by forex traders profession. The function of this level as the Support & Resistance, where a trader will do open buy / sell after prices touched the level drops. First, determine the swing high and swing low. Swing high is the highest area of the wave movement (wave). Swing low is the lowest price area. Install the Fibonacci retracement indicator on the chart.
When the current rising trend, plug by pulling fibonacci retracement of the swing low to high swing point.
61.8 and 38.2 on a Fibonacci level is the most important determinant of the level of OP.
1. reversal @ bounce price reversal occurred in 61.8 then it is likely the target price was 161.8
2. reversal @ bounce price reversal occurs at the level of 38.2, the possibility of price target is 127.2
3. 127.2 can act as support or resistance test.
– Fibonacci extension used to know something-bound elongation trend (up or down). Level extension is as follows 127.2, 138.2, 161.8, 200.0 and 261.8. Trader typically uses this level position to determine the point where they have to take a take profit (TP).
Attached below, another idea and tips gathered from http://forex-strategies-revealed.com
Attention all users: trading strategies are posted for their educational purpose only. Trading rules may be subject to interpretation. Risk levels may be increased dramatically under extreme market conditions. Use and/or modify the ideas to create your trading style/system, but only at your own risk. We strongly recommend testing strategies on demo accounts before investing money into real account.