Forex trading strategy #3 (EUR/USD simple system)

hi Edward

I found this site last night and loved it, i live in New Zealand and wanted to know if there is any info regarding daily currency behaviours.. i mean daily interpretations of the currencies, which currency should suit my location the best

Thanks
Varun

hi edward, how many pips can one set as a minimum when trading this currency pair.from kay

Thank you, Varun

Trading in New Zealand:
- during the day - AUD/x, NZD/x and x/JPY pairs.
- in the evening (starting somewhere around 9-10pm and till 1-2am) - GBP/x, USD/x and EUR/x based pairs.

Regards,
Edward

Hi Kay,

Originally we use Parabolic SAR indicator to set and later trail the SL.
To use a fixed minimum distance in pips as an alternative, I would try stops of 25 pips and above.

Regards,
Edward

Hi Edward,

I have attached a screenshot, I though is a signal I gave a short but end up whipsaw. How do I prevent this?

Thanks.

Mathieu

Hi Mathieu,

you were caught in a sideways channel, which will happen from time to time.
It is difficult to predict such sideways moves in advance. At the moment of entry, there were no signs of it at all.

Losing trades like this one will happen, but that's the part of trading routine here.

Should you placed a stop at the previous swing high or behind the SAR dot, you'd be exiting at approx. breakeven on the next MACD cross.

Best regards,
Edward

PLEASE I WANT TO KNOW WHATS THE OTHER LINE AT ABOVE CHART THAT WITH MACD INDICATOR

Sorry, but could you please clarify a bit.
Were you talking about MACD having 2 lines plus histogram - this is a standard look of MACD on OANDA's charts, or was it anything else?
Thank you.

Regards,
Edward