Forex trading strategies
I would like to do an slightly advanced forex strategies postAs we all know, the market spends most of its time in consolidated movements as shown in the boxes highlighted.
Therefore we would have entered on the top of the first arrow and taken profit on the first tick (drawn in the box)
If we look further on what took it down – it is a price action bar: Bearish outside bar. These are trend reversals.
We have a second chance to enter on the 2nd arrow as shown in the chart. And we would have taken either full or partial profit at the 2nd tick in the chart.
If we had taken full profit. We would also have play a breakout trade as shown in the red line.Awaiting price to breakout of the consolidation and make a downward move.
When price broke down, our breakout trade sell order triggered and we would have taken our first profit point at the 150 moving average.
We would have either taken full profit or partial profit. If it is a partial profit, we would trail it down further to the 365 moving average.
These are the different ways which we could have trade the market. And this is only base on one pair.Don’t forget we look at 20 forex pairs!