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News Events And Forex Profit: Strategic Approaches For Taiwan
EURO Forecast: EUR/USD, EUR/GBP Eyes Expiration After Testing Week 2023-08-28 09:30:18 US Dollar Flirts With Resistance After Powell; EUR/USD, GBP/USD, AUD/USD Price change 28.08.2023 03:30:00
Ftuk Revolutionizes Forex Trading With Important Funding Program Updates
More pain ahead for crude oil? Is the natural gas backlash over? 2023-08-29 06:30:00 Risk reduction ahead of Fed Chair’s Jackson Hole speech: Brent crude, AUD/JPY, EUR/USD 2023-08-25 02:00:00
European Stock Indices Continue Bidding Now 2023-08-23 10:00:04 Jackson Hole Preview: Where Next for the Fed? 22.08.2023 17:55:29
Gold Price Outlook: XAU/USD May Rise as Retail Traders Turn Bearish 2023-08-28 23:00:00 Gold Road Tied to US Jobs Report Amid Fed Data Emphasis, XAU/USD Levels 2023-08-28 16:15:00
Sterling bulls hold back on US, EZ ahead of key data: GBP/USD, EUR/GBP 2023-08-29 07:55:50 Risk sentiment improves as US bond yields, USD Breathe: Russell 2000, USD/JPY, GBP /USD 2023 -08-29 02:00:00
Trading The News
Risk sentiment improves as US bond yields, US dollar take a breather: Russell 2000, USD/JPY, GBP/USD 2023-08-29 02:00:00 Japan maintains economic outlook, USD/JPY takes a breather at 2023 week high 08 -28 14:00:39
A forex trading strategy defines the system a forex trader uses to determine when to buy or sell a currency pair. Traders can use different forex strategies, including technical analysis or fundamental analysis. A good Forex trading strategy allows the trader to analyze the market and execute trades with confidence using sound risk management techniques.
Forex strategies can be divided into separate organizational structures that help traders find the most suitable strategy. The diagram below illustrates how each strategy falls into the overall structure and relationships between Forex strategies.
Forex trading requires putting together several factors to create a trading strategy that works for you. There are countless strategies that can be followed, but understanding and being comfortable with the strategy is important. Each trader has unique goals and resources that must be considered when choosing the appropriate strategy.
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To easily compare Forex strategies based on three criteria, we have compiled them in a bubble chart. The vertical axis is the ‘Risk-Reward Ratio’, with strategies at the top of the graph showing higher rewards for the risk taken on each trade. Position trading is usually the strategy with the highest risk-reward ratio. The horizontal axis is time investment, which shows how much time is required to actively monitor transactions. The strategy that requires the most of your time resources is scalp trading, as trades are made on a regular basis.
Price action trading involves studying historical prices to create technical trading strategies. Price action can be used as a standalone technique or in conjunction with an indicator. Fundamentals are rarely used; However, it is not unheard of to include economic events as a justifying factor. There are several other strategies within the price range described above.
Price action trading can be used in different time periods (long, medium and short). The ability to use multiple timeframes for analysis makes price action trading valuable for many traders.
Price actions include range, trend, day, scalping, swing and position trading. These strategies follow different trading requirements which are detailed below. Examples show different techniques for trading these strategies to show how diverse trading can be and different custom options for traders.
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Start: Live now: 28 November ( 03:11 GMT ) Stay up to date with current trade analysis using price action Weekly Commodity Trade Preparation Register for Webinar Join Now Webinar Ended 2. Range Trading Strategy
Range trading involves identifying support and resistance points that traders use to trade around these key levels. This strategy works well in the market without significant volatility and no noticeable trend. The main tool of this strategy is technical analysis.
There is no set length per trade, as range strategies can work for any time period. Risk management is an integral part of this method as there may be breakdowns. Consequently, a range trader will want to close out all current positions related to the range.
Oscillators are most often used as timing devices. The Relative Strength Index (RSI), Commodity Channel Index (CCI), and Stochastics are some of the more popular oscillators. Price action is sometimes used in conjunction with oscillators to further validate range related signals or breakouts.
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USD/JPY has shown a long-term price range in recent years. The chart above illustrates a clear support and resistance band that traders use as entry and exit points. The RSI oscillator shows the timing of the entry and exit points as highlighted by the shaded blue and red boxes – blue: overbought and red: oversold.
Range trading can lead to a fruitful risk-reward relationship, but comes with a long-term investment per trade. Use the pros and cons below to match your goals as a trader and how much resources you have.
Trend trading is a simple Forex strategy used by many traders of varying experience. Trend trading seeks to generate positive returns by exploiting the directional momentum of the markets.
Trend trading is generally done in the medium to long term as the trends themselves fluctuate in length. As with price movements, trend trading can use multiple time frame analysis.
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Entry points are usually determined by an oscillator (RSI, CCI, etc.) and exit points are calculated based on a positive risk-reward ratio. By using stop-level distances, traders can match or exceed this distance to maintain a positive risk-reward ratio, e.g. If the stop level was placed 50 points away, the take profit level will be set 50 points or more away from the entry point.
In the simple example above, EUR/USD is showing an uptrend, confirmed by higher highs and lower lows. The opposite would be true for a downtrend.
If you see a strong trend in the market, trade it in the direction of the trend. For example, the strong uptrend in EUR/USD above.
Using the (CCI) to time the entries, notice how every time the CCI dropped below -100 (highlighted in blue), prices responded with a rally. Not all trades work this way, but because the trend is followed, each dip brought more buyers into the market and pushed prices higher. In conclusion, identifying a strong trend is essential for a fruitful trend trading strategy.
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Trend trading can be relatively labor intensive and take into account many variables. A list of pros and cons can help you determine if trend trading is for you.
Position trading is a long-term strategy that focuses mainly on fundamentals, but technical methods such as the Elliot Wave Theory can be used. Smaller and smaller market fluctuations are not considered in this strategy, as they do not affect the broader market picture. This strategy can be used in all markets from stocks to forex.
As mentioned above, position trading has a long-term outlook (weeks, months or even years!) that is reserved for the more persistent trader. When forecasting trade ideas, it is important to understand how economic factors affect markets or deep technical predispositions.
Key levels on longer-term charts (weekly/monthly) contain valuable information for position traders thanks to a comprehensive overview of the market. Entry and exit points can be assessed using technical analysis as in other strategies.
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The Germany 40 chart above shows a roughly two-year head and shoulders pattern that lines up with a probable drop below the neckline (red horizontal line) following the right shoulder. In this selected example, Germany’s 30 downward slide worked both technically and fundamentally as planned. Towards the end of 2018, Germany went through a technical recession with the US-China trade war hurting the auto industry. The Brexit negotiations did not help matters, as the possibility of the UK leaving the EU would most likely have a negative impact on the German economy as well. In this case, understanding technical patterns and having strong fundamentals allowed me to combine technical and fundamental analysis to structure a strong trade idea.
A list of pros and cons based on your goals as a trader and the amount of resources you have.
Day trading is a strategy that aims to trade financial instruments on the same trading day. This means that all positions are closed before the market closes. It can be one or more transactions during the day.
Trading times range from very short-term (a matter of minutes) to short-term (hours) where trades are opened and closed during the trading day.
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Traders in the example below want to enter positions when the price crosses the 8-period EMA in the direction of the trend (blue circle) and exits with a 1:1 risk-reward ratio.
The chart above shows a typical day trading setup using moving averages to identify a trend
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