The forex trading strategy which I shall analyze below apart from other strategies because it has the particularity to not use indicators. Basically it is a forex trading strategy that is just following the price action. Indeed it is a swing trading system that does not need no indicator. The only need is that of consistency.
The forex trading strategy can be applied to all currency pairs
We use a weekly candlesticks chart.
At the start of the week and within one hour of the market opening, create two (2) pending orders, one
buy stop and one sell stop. Add 30 pips from the opening reading for the buy entry (forex signal)
and subtract 30 pips from the opening reading for the sell entry (forex signal).
Put your Stop Loss at 50 pips from your entry point and Profit Target at 150 pips.
If the 150 pips profit target is not hit, close the trade on Friday at 19:00 GMT.
If your Stop Loss is hit, put a new Stop Order at the same price like the first one.
Once you place a pending order for both a Long and a Short Trade, wait for one of
them to trigger. Once the trade has been triggered, there is no need to delete the
second open pending trade. We would leave it until the end of that week.
Sometimes it does happen that it will go in one direction for 150 pips and react and
start going in the opposite direction. Should the pending order be open, then you will
benefit from both the trades.
Once you trade it consistently, you will see that the number of winning trades will
outperform the number of losing trades.
But be consistent. That’s the secret.
Considered to be essential to test any forex trading strategy on a demo account for quite some time so that it becomes fully understood before implementation in a real account.
The forex trading strategy can be applied to all currency pairs
We use a weekly candlesticks chart.
System Rules
At the start of the week and within one hour of the market opening, create two (2) pending orders, one
buy stop and one sell stop. Add 30 pips from the opening reading for the buy entry (forex signal)
and subtract 30 pips from the opening reading for the sell entry (forex signal).
Stop Loss
Put your Stop Loss at 50 pips from your entry point and Profit Target at 150 pips.
If the 150 pips profit target is not hit, close the trade on Friday at 19:00 GMT.
If your Stop Loss is hit, put a new Stop Order at the same price like the first one.
Once you place a pending order for both a Long and a Short Trade, wait for one of
them to trigger. Once the trade has been triggered, there is no need to delete the
second open pending trade. We would leave it until the end of that week.
Sometimes it does happen that it will go in one direction for 150 pips and react and
start going in the opposite direction. Should the pending order be open, then you will
benefit from both the trades.
Once you trade it consistently, you will see that the number of winning trades will
outperform the number of losing trades.
But be consistent. That’s the secret.
Considered to be essential to test any forex trading strategy on a demo account for quite some time so that it becomes fully understood before implementation in a real account.
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