Forex trading strategy #17 (Trading Off the Daily Chart)

Submitted by Adam

Many traders love the allure of the volatility of the forex markets and prefer to trade intraday by opening and terminating positions within the hours of each other. Trading the daily charts is not very common because many traders lack the necessary patience to follow a trade for weeks on end to its logical conclusion. There are many things that a trader will gain by trading off the daily charts.

In the first instance, we must be very familiar with the saying that the trend is our friend until it ends. The only way to determine the true trend for a currency is to look at the daily chart. A typical daily chart snapshot will show the price action for weeks at a time. You can then tell just by looking at the chart to see whether the trend is up, down or ranging.

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I like this idea! very great simple method here that works!! Do you only do this one trade of a 50 fib retrace and stochastic cross? Or are there others too?

one of the currency pairs must be making this patterns. we can trade them.
by, Prawinkurdeg

yes frequency of trades will be very few, barely 1-2 trades in 1-2 months on 5-6 currencies, well i don't have that much patience, have you tried trading fib drawn on daily, and trade on 4 hr or 1hr stoch

Good strategy. Thanks for sharing.

It's means 1 trade in 3- 6 month.


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