I dont know if this against the rules... - page 3
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nice, Limestreamx, good staff, please, continue
and thank you
nice, Limestreamx, good staff, please, continue and thank you
thanks fxbs for ur support...
thanks fxbs for ur support...
wow great trading strategy...
i love it....
i think you no newbie anymore...
i guess u are advanved trader ready...
to many knowledge then me...
teach me masta:D:D
P/S : keep it up bro...share2 ape yg ade in ur mind:o
wow great trading strategy...
i love it....
i think you no newbie anymore...
i guess u are advanved trader ready...
to many knowledge then me...
teach me masta:D:D
P/S : keep it up bro...share2 ape yg ade in ur mind:oits for sharing... for me and for all of us here. so please drop by and read some stuff here if u have the time... anyway u didnt teach me how to use the extra indic in ur chart
Currency Trading Strategy Number 36:
And now for some psychology. For you newbies out there, your selfesteem will grow the more trades you make. You will not always be right.
You will make mistakes. That's only normal when you are first starting out, and even after you have been at it for a while. Don't
beat up on yourself when you fail. Just say to yourself, "Next!" You must move on. If you are using wise money management techniques,
like 20-30 pip stops, you will survive to see another trade. This is all about preserving staying power. Don't second-guess
your indicators (remember, "reading bars," MACD divergence, pivot points, trendlines, and price). You wouldn't dispute the dials and
gauges in a plane, or you'd crash and burn. So, why doubt what your indicators are telling you. You must believe in them, and take
"action" when they tell you to do so, BUT ONLY WHEN THEY TELL YOU TO DO SO! Have the courage to do so. And, now for the big one.
NEVER LISTEN TO ANYBODY ELSE. TAKE YOUR OWN COUNSEL. CLOSE YOUR EARS WHEN YOU ARE TRADING. IT'S YOU AND YOUR
CURRENCY. YOU HAVE NOBODY ELSE TO TURN TO. SO, DO IT. AND, STAY AWAY FROM NEGATIVE PEOPLE. DON'T TALK TO ANYBODY
ABOUT THIS BUSINESS, UNLESS THEY ARE AS DEAD SERIOUS ABOUT IT AS YOU ARE. OTHERWISE, THEY WILL DRAG YOU DOWN.
AND, BE HUMBLE. SAVE YOUR BRAGGING RIGHTS FOR LATER. THE FOREX WILL TAKE YOU DOWN, IF YOU TRY TO BECOME LARGER THAN LIFE.
And, finally, focus on success. Be careful what you think about. Your thoughts will mould your actions and outcomes. If you
are committed to the end result being successful, then you will get there. If you are always fearful, that affect your psyche. When you
stumble and fail, just pick yourself up, dust yourself off, and get on with it. Don't be intimidated by a mistake, or a wrong decision. You
will get better at this, especially if you keep a journal of all your trades, and study it to death. Be a professional. Be prepared.
80 Trading Strategies For Forex
It's more geared towards the beginner, so enjoy and maybe you might learn a thing or two! Enjoy.
Currency Trading Strategy Number 1:
When you are just starting out, strive to carve out 20 pips per session, and that’s it. Then, turn it off, and study some more. When you get really good at it, you can then “graduate” to higher returns. So, set your goal at 20 pips and stick to it, until you are a grand master at this wonderful “business” called forex trading. I stress the word business. This is not a game, especially where your “hardearned money” is involved.
Currency Trading Strategy Number 2:
Spend most of your time on the 15-min chart.
Currency Trading Strategy Number 3:
When you first start out in any particular session, look at the 1 hr chart to get an overall perspective on trend from one session to the
next, and what it’s likely shaping up to be at the beginning of the upcoming new session.
Currency Trading Strategy Number 4:
Only look at the 5 min chart if you absolutely have to see what’s behind the current 15 min bar – especially where the bar is
elongated, and may have just penetrated a pivot point; in otherwords, is price reversing course on the 5 min chart, which would
obviously not yet be reflected on the 15 min chart?
Currency Trading Strategy Number 5:
Don’t dwell on the 5 min chart, as it contains a lot of “noise” that will whipsaw you to death.
Currency Trading Strategy Number 6:
MACD rules on the 15 min chart. Even if MACD is, say, trending up on the 1 hr chart, if it is trending down on the 15 min chart, that’s
what you take your cue from. That’s not to say a shift in price direction is not in the works. It just means it’s coming, but not yet.
In the meantime, you don’t want to miss what’s happening “in the now,” which is what is reflected in the 15 min chart.
Currency Trading Strategy Number 7:
If MACD is trending down on the 15 min chart, and price is wanting to go north, price will sooner than later head south as it perhaps
bounces off a pivot point, or gets turned around at a juncture caught by one of the other three “tools” you should be using
(“reading bars,” MACD divergence, or trendline analysis). Same thing if MACD is trending up, and price is trying to head south.
Currency Trading Strategy Number 8:
Only use MACD for divergence, not for buy or sell signals. It is a lagging indicator, and as such is useless as a trigger. It is too slow
for that in the forex world.
Currency Trading Strategy Number 9:
Again, MACD divergence on the 15 min chart is more significant than what you see on the 1 hr chart in the near-term. For those of you
who don’t understand what divergence means, keep looking at my own personal forex trading examples on this page on a daily basis for
examples of divergence. Basically, what it means is where you see MACD waves “waving” in the opposite direction to price action. That’s
why I connect the top of the waves (in a downtrend) and the bottom of the waves (in an uptrend) to illustrate that the waves are “waving”
higher in an uptrend and lower in a downtrend – in the opposite direction to where price is going.
Currency Trading Strategy Number 10:
Always “protect” your money by using 20-30 pip stops. Mental stops are okay, but not if you are dead serious about using a “disciplined”
approach to managing your money. You will lose three out of ten trades. The three losses should be kept to 20-30 pips. Your wins will
by far surpass your small losses, and that’s what stop-losses are all about. Don’t be afraid to lose. Even professional batters strike out six
out of 10 times. Lions are only successful 20% of the time in their chase for the kill. Professional golfers lose 95% of the time.
Professional poker players lose 50% of the time. So, your chances are better at trading the forex, using my system of course, than in
any other venue. Even businesses have “bad inventory.” And, life in general is not always “100%” for sure.
Currency Trading Strategy Number 11:
That all said and done, if you entered a trade close to a pivot point, or a particular significant bar pattern (like a double top, for instance,
or a trendline breakout), place your stop on the other side (but not too close to) the event that caused you to take action. This is
because price has a tendency to snap back to that situation that caused it to bolt away from it in the first place. If you follow the 20-
30 pip stop rule, but a 33 pip stop on the other side of that event would safeguard you against such a reaction, then so much the
better. So, yes the stop rule is 20-30 pips, but within reason of course.
Currency Trading Strategy Number 12:
Stops (read “stop-loss”) are for insurance purposes only – not necessarily for taking profits. However, you can most certainly
employ “trailing stops,” whereby you keep moving your stop up (or down, whichever the case may be) to protect your profits, as price
advances, or declines.
Currency Trading Strategy Number 13:
Only use “reading bars,” MACD divergence, pivot points, and trendline analysis in your forex trading toolkit. That’s all you need for
this market. Be a technical bigot. Focus on pure technical analysis, and avoid funnymentals. Even news is factored into price action, so
you don’t need to be up on it each and every nanosecond.
Currency Trading Strategy Number 14:
And now for the tough part. I know my documentation says that the forecast low and high for the next trading session can be M1/M3 or
M2/M4. However, trading is shades of gray. It is not a black and white business. If it were, the world would be paved in gold, and
everybody would be rich. Now, we wouldn’t want that would we? The forex would be nothing more than a Church at the end of a road
connected to a river bank at the other end with nothing in between. The point I am trying to make is that the “actual” low and high for
the next session could very well be any combination of M1, M2, M3, and M4. It could be M1/M4, M2/M3, or combinations of the other five
pivot points. The M1/M3 and M2/M4 calculations are just guideposts, but are not poured in concrete. Price is the number one indicator. It
will determine what the low and high are going to be. And one other thing, you should use these forecasts in conjunction with the other
three “tools” in your forex trading toolkit – “reading bars,” MACD divergence, and trendline analysis. In other words, if price has been
trending down from the past session into the current one, price is trading at, say, M3, and price is still going down, then M3 may very
well be the high for the new session, regardless of the fact that my system may have called for M4 to be the high. So, use the pivot
points in conjunction with other three possible signals – “reading bars,” MACD divergence, and trendline analysis. I have seen it
happen, as in the example just given, where price was trending down from one session to the next right through M3 at the open of the
next session – simultaneous with the formation of a “double top” bar pattern. Well, there you have three indications that price was headed
south for sure. And, I believe MACD was also trending down in that particular case. So, that was another clue that the high for the
session had probably already been put in.
Currency Trading Strategy Number 15:
When you are first starting out, pick one currency of the four major pairs (EUR/USD, USD/JPY, GBP/USD, and USD/CHF) to trade, and
become a specialist in it. Get to know its rhythm. When you are doing well with it, then move on, and trade the other
three major pairs, as you see fit. When you are in learning mode, you will have your hands full trying to figure out what to look for,
and how to manage your trades – enough so that you don't want to be skipping back and forth between currencies.
Currency Trading Strategy Number 16:
Keep a log of all your trades – both good and bad. Analyze where you went right and wrong, and vow not to repeat those situationsthat
could have been done better. This is all part of being organized as a "professional" trader - with good habits.
This is not about gunslinging and winging it with "Hail Mary" passes.
Currency Trading Strategy Number 17:
Important point here: If price action opens in the upper end of the projected range for the session (all the way up to R2, and beyond) –
in other words, in the sell area (that area above the central pivot point) – and there are other suggestions that price is too high (such
as a particular bar reading, MACD divergence, or trendline breakout), then price has probably achieved the upper end of its price range for
the session. The same holds true where price action opens in the lower end of the projected range for the session (all the way down to
S2, and beyond) – in other words, in the buy area (that area below the central pivot point) – and there are other suggestions that price
is too low (such as a particular bar reading, MACD divergence, or trendline breakout), then price has probably achieved the lower end
of its price range for the session.
Currency Trading Strategy Number 18:
If there is nothing to do, then don't do it. Don't just do something because your "gut" tells you to. That can get you in a lot of trouble in
this business. Only react to bona fide signals provided by the four indicators talked about above – "reading bars," MACD divergence,
pivot points, and trendline analysis.
Currency Trading Strategy Number 19:
Only use an "industrial strength" market maker with the lowest pip spread in the industry.
Currency Trading Strategy Number 20:
Occasionally, you will see a huge spike up in price, as we did 11 May 03. This just happened to be on a Sunday, shortly after recommencement
of trading, after the weekend respite. Ordinarily, I would take the OHLC numbers from Friday, but given the nature of
the wild swing up that evening on one of the 15 min bars, I would then use the OHLC numbers from Sunday night's session close to get
a better reading on support and resistance levels for the next session. This is, of course, if you are using a market maker that
delineates its break between trading sessions in the late evening - anywhere between 20:59:50 and 24:00 (midnight).
Currency Trading Strategy Number 21:
I often get asked by fellow traders why my pivot points aren't the same as theirs. Good question. The answer is, of course, that you
may be using a different market maker, where a daily 24-hour session is "cut off" at a different time. Some end at 20:59:50. Others
at five pm. Where you take your OHLC from will have a direct bearing on the pivot points that you calculate using my program.
Theresults will obviously not be the same. But, that is okay – because you want to use the pivot point calculations that are reflective of the
last 24 hours at the market maker you are trading with. That way, the resulting numbers will be truly indicative of the support and
resistance levels you should be working with during the next session. If you are trading with a firm that cuts off at 5 pm, and using OHLC
figures from another source that cuts off at a different time, your figures will be "out-of-sync." I hope this all makes sense.
Currency Trading Strategy Number 22:
Former stock traders take note: I say former because I don't honestly know why you would ever want to go back to stocks after
having tasted the forex. Don't over-trade the forex. This is not a scalping market! If you have to scalp, do it in slow motion.
Currencies trend well. Don't buy too soon in a downtrend, and don't sell too soon in an uptrend. Watch for trendline breakouts to know
when to make your move.
Currency Trading Strategy Number 23:
You cannot succeed at trading the forex unless you are TOTALLY committed to trading, and trading it. This is not something to be
played with. If you are not going to take it seriously, then try something else.
Currency Trading Strategy Number 24:
Put your emotions in your hip pocket. This is a business, and should be treated as such. If you have any bad habits, the forex will fix
them real quick.
Currency Trading Strategy Number 25:
Important point here: If you deem the major trend for the current session, based on everything you have learned to this point, to be
down, then think DOWN. Sell rallies. Don't look to buy, or you might get whipsawed to death. Likewise, if you deem the major trend for
the current session to be up, based on everything you have learned to this point, then think UP. Buy the dips. Don't look to sell. Former
stock traders fall prey to wanting to have it both ways. Maybe, when you get real good at this, you can try. But for now, think one way,
and save yourself the grief.
Currency Trading Strategy Number 26:
Another important point here: The major rally for the Euro begins after two am New York time. These are the London hours – the
busiest in the forex, bar none. The Euro always – session after session – puts in, on average, 76 pips during the first 12 hours from
that time forward. Whether you want to believe it or not, the Euro, once it makes up its mind what the major trend is going to be during
those 12 hours, will "drive" to the other end of its range (76 pips) within those 12 hours. So catch the trend, and ride it. Now, it won't
be a straight line, of course. Even an airplane taking off or landing encounters some bumps along the way. Same too with the Euro.
Once it picks its direction, it will meander all the way to the other end of its range. This will "fake" the dumb money out. They never
know what happens to them. To conclude: If the Euro wants to have a down trend during those 12 hours, it will achieve its 76 pips south
of where it started. So, think DOWN. If the Euro wants to have an up trend from during those 12 hours, it will achieve its 76 pips north of
where it started. So, think UP. The Euro either goes up or down during those 12 hours – not both. Here, I am talking about the major
trend, of course. Ah yes, there will be rallies or dips along the way, depending on the direction of the trend (down or up), but like I said
earlier, SELL THE RALLIES IN A DOWNTREND, AND BUY THE DIPS INAN UPTREND. That's all there is to it.
Currency Trading Strategy Number 27:
Something to think about: If you get the above strategy - number 26, then you're going to love this one. It will test your nerve. If you
buy into the idea of the major trend unfolding during those 12 hours (check it out here every day, and you'll see living proof), then why
not try to get in when it starts to unfold, and "ride it." That will take nerves of steel, because the Euro will go against you from time to
time – but not enough so to take out your initial stop. From a risk/reward ratio point of view, you are risking 20 pips to gain 76.
Not a bad ratio. What I am trying to say here is why not just put your trade on, set the stop, and go clean the swimming pool while
the Euro meanders its way to the end of its range. What spooks a lot of people out is when they stare at price action after they have
engaged their trade, and they over-react every time the Euro hiccups. Just leave it alone. So, what's the worst that can happen?
You can get stopped out right? Chances are you won't. If you catch the major trend, chances are very much in your favor that you will
be richer by at least US$760 per lot. If you trade the action all the way through the trend, you may get beat up real bad, and lose
anyway. Let the Euro lead you, not the other way around.
Currency Trading Strategy Number 28:
Every once in a while, I would encourage you to step back from the daily intraday action, and have a look at it from 30,000 feet.
Sometimes, we can get too close to it, and not see the trees in the forest. On the daily chart, if you plot trendlines and look for
divergences, you will learn a lot about where price is going to go "next." Of course, that's what we all want to know, right? Not only do
trendline breakouts and MACD divergences tell a "big" story, but where a daily bar closes will offer up a clue as to where price will
likely go in the next session. Study the chart, and you'll see what I mean. For those of you who don't know what this is all about, the little line
pointing off to the right of a price bar is the "close" for the daily session. The little line pointing off to the left is the "open" for that
session. In the forex world, the close of one session automatically becomes the open for the next session, as this is a very liquid
market, and there are no gaps in trading. I just thought it wise to pause and reflect at a higher level from time
to time. Looking at things top-down is sometimes healthy, and a wise thing to do. We can sometimes get caught up in the minutiae of
the daily flurry of price movements, and lose perspective of the bigger picture unfolding above us.
Currency Trading Strategy Number 29:
To reiterate, there are just a "few" things you have to watch out for, and be "patient" for set-ups to occur. Don't just pull the trigger
because you "think" it's time to do so. Wait for bona fide "signals." There are only "four" clues you have to look for: "reading bars,"
MACD divergence, pivot point breakthroughs/tests/violations, and trendline breakouts. That's it folks. That's all it takes to succeed in
this wonderful business called forex trading. No other bells and whistles or toys are required, contrary to what you may have learned
before. The hardest part for you will be to "unlearn" everything you knew about trading before. Just give your head a shake, and it will
go away.
Currency Trading Strategy Number 30:
Although I have said that there are only four clues that you have to look at for price direction – "bar reading," MACD divergence, pivot
points, and trendlines – there is actually a fifth. It's called "price." Price is the number one indicator in the sky. It will tell you where it wants to go. Let it point the way. It's like playing cards. Wait for it to reveal its "hand." You just have to be patient and wait.
It's called "following the leader."
Currency Trading Strategy Number 31:
I was asked recently about multiple lots – in other words, buying or selling more than one lot at a time. You can either "load up the boat"
at your entry point, or you can go at it one at a time – adding additional lot(s), as price moves through each successive pivot point,
as it "reaches" for the end of its range. If you are confident that you are "with the trend," and are using good money management
techniques, then there is nothing wrong with taking more position(s) along the way. Or, you can do both – load up to begin with, and
buy/sell more, as price progresses through pivot points in its tear to the finish line. Don't bail too soon. Remember, currencies trend well
(especially the major trend), and price knows where it wants to go. Let it take you there. Use the "five" indicators – "reading bars,"
MACD divergence, pivot points, "price," and trendlines – to make your trading decisions.
Currency Trading Strategy Number 32:
Be careful about taking trades in between pivot points. This is NO MAN'S LAND, and dangerous territory. Better trades are made in and
around pivot points.
Currency Trading Strategy Number 33:
Make sure to take the time to draw pivot points on your 15 min chart, which should be your main focus. This is like the radar screen
in the cockpit of an airplane. It is difficult to trade (fly) without points of reference to look at. You don't need to draw them all. They
probably won't all fit anyway. At least have those that are close to price action plotted on the chart. You can also plot lines on the 1 hr
and 5 min, but you shouldn't be spending much time there, so it may be a waste of time. But, can't hurt. You should also draw trendlines.
Where price breaks a trend at a juncture with a pivot point, this is very powerful evidence that price is going the other way. Plot your
MACD divergences. The more you see on the screen, the better your trades will be. Draw a line down the screen (on the chart of course)
delineating start of session, and where you got your OHLC from to calculate the pivot points for the current session. I think you get the
"point," pardon the _expression.
Currency Trading Strategy Number 34:
Just to re-hash and beat an old drum, the 5 min chart is like the trim tab on a sailboat, for you sailors out there. It is small and
insignificant, seemingly, but very powerful as it assists in "steadying" the course. Same too with trading, looking at the 5 min every once
in a while will give you some insight into what is happening "underneath" the current 15 min bar that is forming. This is
important, especially at the end of a run, where price might be trying to do an "end run" or "sneak attack" in the opposite direction to what
you're thinking, while you're not watching, of course. But, like I say, don't dwell in "5 min land" as ex-stock traders are wont to do. They
are scalpers by nature, but will very quickly get scalped by the forex, as one of my new customers has recently found out the hard way.
He now puts a trade on (with stop in place for sure), and goes to the airport to pick up company, or goes outside to clean the swimming
pool – only to come back, and see how much money he has made by not obsessing over every little movement. I'm not saying don't pay
attention, but what I am saying is too close is too close. Once you catch the trend, and enter a trade because you saw something in
"reading bars," MACD divergence, pivot points, trendlines, or price action, let price steer the course, and "wait patiently" for the next
event that will cause you to take action. Of course, that action will be taken again because you saw something in "reading bars," MACD
divergence, pivot points, trendlines, or price action. If you don't see anything significant, then DON'T DO ANYTHING. Sit on your hands.
Don't press enter whatever you do! Oh, and before I leave this point, with a market maker I recommend, you don't have to leave the 15
minute chart to "peek" at the 5 min chart to see what's going on at that lower level, because they show the tick-by-tick action right on
the 15 min chart, as the next 15 min bar is waiting to form.
Currency Trading Strategy Number 35:
I was recently asked how many signals he should wait for before pulling the trigger. As you recall, I earlier said that you should only
take direction from "reading bars," MACD divergence, pivot points, trendlines – and price itself. Now, how many of these should fire
before you engage your trade? Well, certainly, one is enough to set the tone – but all the more convincing where you have a couple or
more all lining up and saying the same thing. For example, recently the Euro was in a downtrend from the session just ending, entering
the new session still in a downtrend, when price did a double top at the nearest pivot point as the new session started. Well, there you
have three things telling you what to do – go short, of course. We had the downtrend, the double top, and the double top banging its
head up against the pivot point. Lots of evidence that price was southward bound. I think you get the point.