Hi Guys, What would be a suitable long term trading strategy for EUR/USD? I have tried performing a support and resistance strategy on the daily chart but hasn't proved to be very formidable due to results. Does anyone have other ideas that I could pursue instead?
I don’t trade long term, but if I did, I’d probably use a combination of one of the various zero-lag moving averages (all of which I have found to be inadequate, so I ended up coding my own “instantaneous-moving-average” to use instead), a “fast” adaptive price range envelope (to give me a “sense” or the “gist” of the direction in which overall price action appears to be flowing) and a “slow” baseline to confirm my impression of the asset’s directional tendency based on my analysis of the adaptive price range envelope. For example, right now the instantaneous moving average, adaptive price range envelope, and baseline all suggest that EURUSD is in a very bullish mood, so I would be long the pair and remain so until and unless the instantaneous moving average initiated a downward hinge or hook.
You're welcome! In the above entry I typed that I do not trade long term, but because my system is now fully developed, this week I'm broadening out to add a swing style of trading to what I do. Here is my first trade using such an approach, which was based on a methodology almost exactly the same as the approach I described in my post above...