daily chart breakout strategy forex, and a 3rd lower-risk strategy, scroll down to bottom of the page! The forex trading technique below is simplyawesome. If you are able to look at a chart and identify when the market is trending, then you can make a bundle using the below technique.
If we had to pick one single trading technique in the world, this would be the one! Make sure to use proper position sizing and money management with this one and you will encounter nothing but success! 1 – To keep things simple, let’s assume there is no spread. Open a position in any direction you like. A few seconds after placing your Buy order, place a Sell Stop order for 0. 2 – If the TP at 1. 9860 is not reached, and the price goes down and reaches the SL or TP at 1.
3 – But if the TP and SL at 1. Buy Stop order in place at 1. 9830 in anticipation of a rise. 4 – If the price goes up and hits the SL or TP at 1.
9860, then you also have a profit of 30 pips! 5 – If the price goes down again without reaching any TP, then continue anticipating with a Sell Stop order for 1. 2 lots, then a Buy Stop order for 2. 4 lots, etc Continue this sequence until you make a profit. Usually the spread is only around 2 pips.
The tighter the spread, the more likely you will win. I think this may be a “Never Lose Again Strategy”! This strategy works with any trading method. Asian Breakout using Line-1 and Line-4.
You can actually use any pip-range you want. You just need to know during which time period the market has enough moves to generate the pips you need. Another important thing is to not end up with too many open buy and sell positions as you may eventually run out of margin. COMMENTS: At this point, I hope that you can see the incredible possibilities that this strategy provides. To sum things up, you enter a trade in the direction of the prevailing intraday trend. I would suggest using the H4 and H1 charts to determine in which direction the market is going.
Furthermore, I would suggest using the M15 or M30 as your trading and timing window. These pairs will give up 30 to 40 pips in a heartbeat. So, the lower the spread you pay for these pairs, the better. High breakout then buy, if you have a Low breakout then sell. 1, 3, 6, 12, etc If you choose your time and price range well, you will not need to activate this many trades.
In fact, you will very rarely need to open more than one or two positions if you properly time the market. Learning to take advantage of both volatility and momentum is key in learning to use this strategy. As I mentioned earlier, timing and the time period can be crucial for your success. March 29, 2007 was a typical example of a dangerous day because the markets did not move much. The best way to overcome such a situation is to be able to recognize current market conditions and know when to stay out of them.
In this case, the hedging strategy replaces the need for a normal stop loss and acts more as a guarantee of profits. The consistency with which you will be making 30 pips any time you want will lead to the confidence necessary to trade multiple standard lots. Once you get to this level of proficiency, you profit potential is unlimited. This strategy is a bit different but is quite interesting as you still profit when you hit a stop loss! When a martingale stops, the other one takes over.