3 Simple strategies that are VERY EFFECTIVE when use properly. 1.Breakout Strategy- You should be able to identify when the pair is in a Range and also you should know how to draw trend lines or can identify when a pair is in a Channel before using this strategy. Range is when the pair is Bouncing off an HIGH AND LOW so you would wait the break of the HIGH or the LOW the wait for a retest of the HIGH or The LOW. Once it retest and CLOSE ABOVE the HIGH or CLOSE below the LOW that will be YOUR ENTRY point. Same as a trend line or a Channel "WAIT". YOU MUST be PATIENT and WAIT for that to happen. That is in my opinion where in experience FX Traders FAIL. 2.Trend Strategy- You should be able to identify trends before using this Simple Strategy. Buy Pullbacks/retracement. As the pair makes an HIGHER HIGH " UP TREND" or a LOWER LOW " DOWN TREND" In "UP TREND" YOU want to Buy when the pair is "pulling back or retracing back down" In "DOWN TREND" You want to SELL when the pair is " Retracing back up" 3.Reversal Strategy- Reversal is prob the most challenging of all. The reason being is that if the pair is trending Bullish "UP" or Bearish " DOWN". YOU need to identify a Strong Resistance Level and a STRONG Support Level in order to be EFFECTIVE with this Strategy. YOU would BUY @ SUPPORT and SELL @ Resistance. Works well when Market is also Ranging is the Range is wide enough to be profitable. Hope this helps Keep it SIMPLE. -CurrencyGuru
Your still going to need a good risk management. Because even on breakouts/breakdowns can have a lot of head fakes. Must have a good win/loss ratio.
I agree. I hope that you understand that in trading nothing is just perfect. So having the understand that its a possiblity that there are fake breakouts/breakdowns that may happen. What i am explaining is the very basic simple strategy that many people over look. Thats why i called this thread Keep it Simple because i believe most FX traders complicate there trading and trading is not complicated its the individual that cloud there mind with a variaty of different indicators, information etc and not really go back to the basics such as what i mentioned. Its so much information out there and the internet etc that people cloud the mind with too much info and tools and forget the fundamentals the basics of trading. Its really Simple once you understand the basics knowing how to identify a trend, up or down and thats basically looking at a chart and looking from LEFT to RIGHT, understanding and know how to identify when i pair is in a Channel, UP or Down, knowing how to identify a channel and draw a channel, identifying a trend line and know how to draw it, Identifying when a pair is Ranging and the key is knowing how to trade each pattern. Thats what i meant by Keeping it Simple and going back to the basic fundamentals of trading. Of course you need money management thats the BIGGEST asset for me as a Proffessional Trader. I will be giving away my trading strategies, technical analysis, Simple tips that will be beneficial to whoever see it best fit for there trading style. I am simply giving away information to anyone who wants to use it. I am not her reccommending anything to anyone, information discussion purposes only i am not trying to sell anything to anyone as most people do on forums. FREE INFORMATION was a pleasure communicating with you. Keep it Simple -CurrencyGuru
You may have misunderstood my post you buy pullback in a uptrend and sell pull back on down trend. Keep it Simple -CG
You must wait for a continuation of the trend after the pullback or else you may well be buying a reversal
Am not trying to get your "fur" up or insult, but the problem with all newbies is exactly the Strategies you offer, 100% of getting in and zero/nada/zip on after you are in. Hell, with my experience I could post dozens of good ways to enter the market, but entering is 1% of a method and the other 99% is where to profit or not. Even if you flip a coin, "heads to buy/Tails to sell" can have better outcome than Strategies to enter, every trade is 50/50, where one tilts the percentages is before you enter and most importantly after you enter. My automated systems have one way to enter and over 30 rules of before/after. So when you mention in bold lettering "You" can profit, a monkey throwing darts can profit as well with his method.
Explain what do you mean because if your in an up trend and you have the knowledge and understanding where the possible Pullback will end and wait for confoation based on your observation and experience you should know where to enter on a pullback. So please explain to me what do you mean by saying wait for continuation.
I can't believe this, stop giving away the secrets. Gurus like you are the reason no one is making money now.