- Forex Alerts, techniques, systems for live currency trading
- Free Forex Trading Strategies and Trading Systems
- Best Free Forex Swing Trading Strategies
Here 8767 s a situation where the RSI basically is just staying between our 95 and 65 line. And so it 8767 s hovering around 55. And what happens during that, consider that our neutral zone. It 8767 s not showing strength to the upside, or the downside. We want to show strength to the upside or the downside first. And as long as we are in that neutral zone, the market doesn’t really go anywhere.
Forex Alerts, techniques, systems for live currency trading
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Free Forex Trading Strategies and Trading Systems
Best Free Forex Swing Trading Strategies
It seems very simple when you look at the above list, but let 8767 s take a look at an image we can see the forex trading strategy in action.
My condition to entry is a gap day following the breakout from the 95 day price high. This means if the price broke out of the 95 day range by way of gaping up I will want to see a second gap day prior to my entry.
As you go along the path of swing trading, learn from your past successes. Learn from those trades that went right and made you profits. What did you do right that got you those profitable trades? How did you manage your risk?
Notice how, in this situation here, the RSI is still going up. But the MFI is trending down. That means that there’s a lack of volume pushing this up, so velocity is up, but actually momentum, when you incorporate the volume aspect of that, which is down, and therefore in my opinion, the MFI gives us so much better signal here, saying this is moving up on weakness, and therefore we can expect a high and come back in the direction of the trend.
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Make sure you place your stop order immediately after you receive your fill and don 8767 t try to exit the strategy prior to the closing bell. This is pure momentum so you want to make sure you give the strategy time to work. For more on this topic, please go to: How To Learn Day Trading and Achieve Day Trading Success
My average win was $, and my average loss was $ which is a risk to reward ratio of to 6. So again I did not accomplish my goal of 7 to 6 however is close so I just need to review my trades and see what I did wrong and see what happened with the strategy.