I moved from Forex day trading to swing trading almost depend on technical analysis. I recognized that the swing trading have better result than day trading and less stress but you must have a good strategy, good risk/ trade management and good entry and exit. For swing trading you must scan and trade a lot of products otherwise you feel very boring. If I go to do trading full time I will do 2 strategy : long term and mid term but I will never do day trading since it is quite stress and dont have a good result.
I hope you don’t mind if I post here JPB, but the title of this thread fits what I plan to start doing today, hence this entry. Though I have profitable strategies for trading Nadex 5- and 20-minute binary options, guerrilla scalping foreign currency pairs, and pseudo swing trading the same; I suspect the resulting chart configurations have recently enabled me to “see” how I might possibly be able to develop a pure swing trade recipe where I just submit my orders and walk away, hopefully to see repeated deposits made to my account as each target is hit. The system I will be using is no different from what I’ve been using since August 2018 (which I call Numerical Price Prediction). Nonetheless, the details will need to be worked out, which is how I plan to use this thread, taking what I’ve done successfully as an intraday trader and tweaking it so I can enjoy the same level of success as a swing trader...the reason being that if I can enjoy making $5.00 to $15.00 per transaction trading 0.01 lots with a fraction of the effort (as opposed to making 33¢ to $5.00 per transaction working ten times as hard) then why not do so? But as they say, the devil is in the details. So as a starting point, I am going to initially operate according to the following guidelines, and then make adjustments as I gain insight... To diagnose longer-term market bias, observe on which side of the yellow MA the red MA is located. For the more immediate market sentiment, look to the slope of the red MA. In considering the following, bear in mind that you intentionally chose a chart that is somewhat difficult to “read,” so with this in mind...probably the ideal time to enter a short position is when the red moving average is below the yellow moving average with candlesticks forming above the yellow moving average, as took place at Point A. Conversely, the ideal time to enter a long position is more than likely the opposite situation, as observed at Point B. If I am going to enter a position following a reversal in the intraday trajectory, to get the timing right, I should wait until the slope of the red trend line reverses to match the slope of the yellow line. So, in the example above, let’s say I want to enter a long position at Point B because the relationship between the two main trend lines lead me to conclude that the asset is bullish. However, I hesitate because the red moving average is sloping slightly downward, suggesting that the immediate intraday trend is technically bearish. One might argue that a good time to buy instead would be at Point C, where the red moving average begins to slope in the same direction as the yellow moving average (and to have done so earlier would have been premature anyway). As for where to set take-profit targets, draw a moving average envelope based on the green trend line and set targets at what looks to be the appropriate deviation level.
It depends on individual. For me, it was From swing trading to day trading. You have to discover it yourself, and develop your own holy grail.
Because currency pairs will often discharge a sudden shoot out in one direction, only to quickly reel price back in again before taking an eternity to push it back out where it was before, I went ahead and pocketed gains from EURAUD and USDJPY before reentering the two positions. I was short USDJPY because the red tend line was below the yellow trend line. I was unwilling to wait for candlesticks to begin forming above the lines because price had already climbed from a low of about 109.15 and did not look likely to head much higher, if at all. I was long EURAUD because…on second thought, let me just write myself a commentary: Fortunately, this worked out for me…this time. But was it the right decision? I will need to rack up more observations before I have the answer to this question. NOTE: Presently, it is looking to me like it would be better to base entry points on levels of support and resistance rather than a hook in the red moving average/trend line.
I look at price zigzagging up and down thinking, “I could take profit here, I could come back for more there…” and so I go to my one-minute chart and plot what I’m seeing take place at the higher timeframe, and as a result, I think I have what is probably the most accurate chart I can devise for tracking exactly when exchange rates are going up, and when they are coming down more precise than what I was using before...
I exited my USDJPY position given that price is clearing all the moving averages and the red trend line is curving north (see the image below). If it follows through, it will soon be above the yellow moving average. I've already lost enough money to wait for that to happen. I will be curious to see whether, if and when this happens, the candlesticks just keep on trucking north. In place of USDJPY, I'm now long EURGBP.
I was curious to see if USDCHF would reverse north, but it doesn't look like it will (see the image on the left). Also, USDJPY (on the right) looks like it is headed south after all... so at this point, I'm inclined to set a hard and fast rule that, unless the red moving average actually crosses the yellow trend line, assume the indicated bias/sentiment has not changed.
Oh no! we are going to see @expiated adding more forex charts every few minutes in this 'day to swing trading' thread.
This protocol seems to at least be getting off on the right foot. (Had I stuck to "the letter of the law" and not abandoned the USDJPY position, I would not have experienced any losing trades yet.) UPDATE: EURAUD has now hit my take profit target. So, in looking over the charts I've used so far along with USDCHF, it appears to me that the best time to enter a position given the right relationship between the red and yellow moving averages is when there is a pullback in the black trend line (or rather, when price is coming out of a pullback in the black trend line).
At this point I do not see any of the above-listed guidelines that need to be adjusted. In fact, had I stuck to them religiously instead of exiting USDJPY when it appeared the situation was turning sour, my daily success rate for the last 24 hours would have been 100% instead of 90%. Nonetheless, either rate still meets the criterion of matching my typical daily success rate when scalping, which is usually north of 90% and almost always better than 85%. Still, this is only the first day, so more testing will obviously need to be done.