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Taiwanese Trading Sessions: Timing Your Forex Strategies
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A forex trading strategy defines the system a forex trader uses to determine when to buy or sell a currency pair. There are various forex strategies that traders can use, including technical analysis or fundamental analysis. A good forex trading strategy allows the trader to analyze the market and execute trades confidently with proper risk management techniques.
Forex strategies can be broken down into a clear organizational structure that helps traders find the most suitable strategy. The diagram below shows how each strategy fits into the overall framework and the relationship between forex strategies.
Forex trading requires combining several factors to form a trading strategy that works for you. There are countless strategies that can be used, however, understanding and being comfortable with a strategy is essential. Each trader has unique goals and resources that must be considered when choosing a suitable strategy.
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In order to easily compare the Forex strategies according to the three criteria, we have arranged them in a bubble chart. Strategies at the top of the Risk-Reward Ratio chart on the vertical axis have a higher reward for the risk taken on each trade. Position trading is usually the strategy with the highest risk-to-reward ratio. On the horizontal axis is time investment, which shows how long it takes to actively monitor your trades. The most time-consuming strategy is scalp trading due to the high frequency of trading on a regular basis.
Price action trading involves the study of historical prices to form technical trading strategies. Price action can be used as a standalone method or in conjunction with an indicator. Basics are rarely used; however, it is not uncommon to include economic events as a justification factor. There are several other strategies that fall within the price action bracket as shown above.
Price action trading can be used in different time periods (long, medium and short term). The ability to use multiple time frames to analyze price action trading is appreciated by many traders.
Price action includes range, trend, day, scalping, swing and position trading. These strategies correspond to different forms of trading requirements, which are detailed below. The examples show different ways to trade these strategies to show how different the trades can be, and the different options traders have to choose from.
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Range trading involves identifying support and resistance points where traders trade around these key levels. This strategy works best in a market without significant volatility and no discernible trend. Technical analysis is the main tool used in this strategy.
There is no set length for trading, as range-based strategies can work for any time frame. Risk management is an integral part of this approach, as disruptions can occur. Hence, a range trader will want to close positions based on any current range.
Oscillators are often used as timing devices. Relative Strength Index (RSI), Commodity Channel Index (CCI) and Stochastic are some of the most popular oscillators. Price action is sometimes used in conjunction with oscillators to further test range-bound signals or breakouts.
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USD/JPY has been showing a long-term price level for the past few years. The chart above shows the actual support and resistance band that traders use as entry/exit points. The RSI oscillator shows the timing of entry/exit points highlighted by shaded blue and red boxes – blue: overbought and red: oversold.
Volume trading can lead to a fruitful risk-reward ratio, but it comes with a long-term investment in trading. Use the pros and cons below to balance your goals as a trader and how many resources you have.
Trend trading is a simple forex strategy used by many traders of all experience levels. Trend trading seeks to generate positive returns by exploiting the directional momentum of the markets.
Trend trading usually takes place on a medium to long-term time horizon, as trends vary in length. As with price action, multiple time frames can be adopted in trend trading.
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Entry points are usually marked by an oscillator (RSI, CCI, etc.) Using the distance of the stop level, traders can match or exceed that distance to maintain a risk-reward ratio, for example: If the stop level is located 50 pips away, the take profit level is from the entry point Set at 50 pips or more.
In the simple example above, EUR/USD is showing an uptrend confirmed by higher highs and higher lows. The opposite is true for a downward trend.
When 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) as a time entry tool, notice how prices rise each time the CCI falls below -100 (marked in blue). Not all trades work out this way, but as the trend continues, each dip has brought more buyers into the market and pushed prices higher. In conclusion, identifying a strong trend is essential to a fruitful trend trading strategy.
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Trend trading can require a fair amount of due diligence that takes into account many variables. A list of pros and cons can help you decide if trend trading is right for you.
Positional trading is a long-term strategy that focuses primarily on fundamentals, but technical methods such as Elliott Wave Theory can also be used. Small fluctuations in the market are ignored in this strategy because they do not affect the broader picture of the market. This strategy can be used in all markets from stocks to forex.
As mentioned above, position trading is reserved for the persistent trader with a long-term forecast (weeks, months or even years!). Understanding how economic factors affect the markets or careful technical bias is essential for forecasting trading ideas.
Key levels on long-term charts (weekly/monthly) hold valuable information for position traders due to the comprehensive view of the market. Entry and exit points can be evaluated using technical analysis in accordance with other strategies.
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The Germany 40 chart above depicts a roughly two-year head and shoulders pattern that is likely to drop below the neckline (horizontal red line) after the right shoulder. In this chosen example, Germany’s decline of 30 technically and fundamentally went as planned. Towards the end of 2018, Germany experienced a technical recession that, along with the US/China trade war, hurt the auto industry. The Brexit negotiations did not help matters, as the possibility of the UK leaving the EU could also have a negative impact on the German economy. In this case, understanding technical patterns as well as having strong fundamentals allowed me to combine technical and fundamental analysis to create a strong trade idea.
A list of pros and cons based on your goals as a trader and how many resources you have.
Day trading is a strategy for trading financial instruments within a single trading day. That is, all positions are closed before the market closes. This can be one trade or multiple trades throughout the day.
Trading times range from very short-term (a matter of minutes) to short-term (hours) if a trade is opened and closed within a trading day.
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Traders in the example below try to enter positions when the price breaks the 8-period EMA in the direction of the trend (blue circle) and exit using a 1:1 risk-reward ratio.
The chart above shows a day trade setup using moving averages for determination
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