Forex swing trading strategy youtube
- 04.05.2020
- Shakarg
- 0.00001441 btc
- 3
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These chart candlesticks must form one after the other. Sell Pattern A sell chart pattern is made up of 2 green days and two red days candlesticks: Buy Pattern A buy chart pattern is made up of 2 red days followed by two green day candlesticks: It is straightforward.
Buying Rules Two red days and two green days mean a buy entry signal. When that happens, place a buy stop order pips above the high of the 2nd-day green candlestick or the highest point in the two green day candlesticks. You only exit a forex trade when your trailing stop loss gets hit.
Selling Rules Two green days and two red days mean a sell entry signal. When that happens, place a sell stop order pips above the low of the 2nd-day red color candlestick or whichever the lowest point is in the 2 read day candlesticks. Ranging and choppy forex markets can and will happen in daily mt4 charts. Here are a few suggestions to avoid forex trading in a ranging market. Confused still? Now, looking at this mt4 chart below again, by applying the three-day consecutive rule, you can see that many of the open trades in the ranging market would have been avoided, thus saving you a lot of grief: The number of the red candlestick that form does not matter as long as there are more than 3 in a candle a row, and then you have two green candlestick days.
Does it only have to be the three-day rule? No, you can pick more than three days. So what is a better number then? We think you need to work with only two numbers. You see, you like to get into a forex trade when you know and can see that the price is trending nicely. Below, we have provided an easy moving average crossover strategy: Implement three EMA indicators, set at 9, 13 and day timeframes. If the price crosses the 9-day and day EMAs, an upwards trend may be about to begin.
If the 9-day average then crosses the day average, enter the market, provided the day average sits below the day average. Do not forget to set your take-profit and stop-loss levels appropriately. Exit the market when the indicators have reversed. The Relative Strength Indicator The RSI relative strength indicator is a momentum indicator that measures the magnitude of recent price changes.
It is frequently used in swing trading strategies to indicate whether the market is overbought or oversold. The RSI moves between 0 and , with values above 70 generally implying overbought conditions and values under 30 implying oversold conditions. If the market is overbought or oversold, the price may correct itself with a reversal.
Set your stop-loss just below this value. If possible, use the RSI in conjunction with Bollinger Bands to ascertain the strength of the possible reversal. When the RSI moves back above 50, close out your position. RSI Indicator Range Trading Sometimes, instead of trending in an overall direction, the price oscillates between minimum and maximum values, known as support and resistance levels.
The more often the price touches the support and resistance lines, the more significant the line becomes. This type of swing trading strategy is also known as channel trading. Range swing trading strategies aim to capitalise on the smaller price movements between levels. The most important factor is correctly identifying the support and resistance levels, a task that can be surprisingly complex. Useful indicators include moving averages and the Fibonacci tool. Traders should also be wary of breakouts by keeping a close eye on the momentum levels.
To get started: Identify support and resistance levels. Typically wait until the price has touched each line twice before classifying them as such. When the price reaches the support level, assume a long position in the market. Set your stop-loss amount just below this support level and the take-profit at the level of resistance. Conversely, if the price touches the resistance level, take out a short position.
Pay attention to momentum indicators to stay ahead of possible breakouts. It is based on the principle that prices often retrace a certain percentage within a trend before reversing. These percentages often align with the Fibonacci ratios of Many consistent swing trading strategies use the Fibonacci retracement pattern, with an instructive example outlined below: Assume a short position when a downward trend retraces to and reverses from the Sell the position when the price bounces off the Choosing a Good Broker Those looking to put their swing trading strategies into practice need to choose from a long list of online brokers.
Below, we have compiled the most important considerations when picking a suitable firm. Most importantly, always make sure that any broker you sign up with is trustworthy to avoid falling prey to online scams. Product Range Different brokers provide their clients with access to different markets. Many online brokerages target forex traders and typically feature a few dozen currency pairs.
Other brokers may focus on providing a broad range of stocks, ETFs, cryptos and commodities. Some platforms may also limit their instruments to CFDs contracts for difference that track the values of certain securities. While these have fiscal benefits for shorter-term approaches, long-term swing trading strategies are often better off with investments in securities themselves. Pricing How much you pay to open, close, and hold positions varies significantly amongst brokerage firms.
STP Straight Through Processing brokers route their orders through third-party liquidity providers, primarily major banks, and take their fees through the spread. The tighter smaller the spreads, the less you pay to execute trades. ECN Electronic Communication Network brokers, on the other hand, tend to charge a fixed commission per trade but offer raw spreads. ECN brokers tend to have a minimum trade size for instance, 0.
As swing trading strategies typically involve holding positions over multiple days, traders should carefully consider overnight fees. Overnight fees are usually based on the size of the original order. It is worth noting that assuming short positions may result in the broker paying overnight fees back to you. Other fees to consider include deposit, withdrawal and inactivity charges. Some brokers may also charge a premium for advanced market research or technical analysis tools.
Leverage Leverage, or margin, allows you to borrow money against the future price of a stock, for example. Margin is common for swing trading strategies to reduce the amount of capital needed to open a position. But while leveraged trading can generate larger profits, it can also magnify losses, making it important to place robust stop-loss orders. Many regulatory organisations cap the maximum amount of leverage for retail clients in the EU and UK.
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