Many traders love the allure of the volatility of the forex markets and prefer to trade intraday by opening and terminating positions within the hours of each other. Trading the daily charts is not very common because many traders lack the necessary patience to follow a trade for weeks on end trading its logical conclusion. There are many things that a trader will gain by trading off the daily charts. In the first instance, we must be very familiar with the saying that the trend is our friend until it ends. The only chart to determine the true trend for a currency is to look at the daily chart. A typical daily chart snapshot will show the price action for weeks at a time. You can then tell just by looking at the chart to see whether the trend is up, down or ranging. The chart above is the daily chart for the USDJPY. It is very clear from inspection that the currency pair is in a very strong uptrend after a long period of consolidation that lasted close to a year. Using short term charts will not give the true picture. Trading off the daily chart will reduce the frequency of trades, but will also allow the trader more time to assess a trade setup and trade it with greater certainty. Trade daily are larger, and a trader can make money from a few trades that will far outstrip what he will strategies by chasing pips all over the daily. One trade Strategies love to take off the daily chart is the retracement trade. Pullbacks are a normal part of trading because there will always be early bird traders who got into positions very early in the trend and will be trading to take some profits off the table. When they offload their positions, the price action of the currency will retrace. Now I am usually interested in the continuation of trading moves in the direction of the trend. For me to do this, I daily to know where the retracement will come to an end. With 5 points to choose from daily Fibonacci retracement tool, I need to get a clear idea of where to make my entry. The tool I have found most useful is the Stochastics oscillator. When it crosses at overbought or oversold levels, it gives me a clear indication of exactly where to make my entries. From this daily chart above, the Stochastics crossed at oversold levels of An entry here would have produced pips as at the time of writing this on March 20th This Forex trading strategy article was provided to us by Adam at ForexAccounts. I like this idea! Do you only do this one trade of a 50 fib retrace and stochastic cross? Or are there others too? Your system is great, but i dont know how to place long or short entry, stop loss and exit. Thank you anyway for sharing your system here. Active traders Poll - share your live experience or read what others chart to say. Forum What is Forex? FXCM App Store Trailing stop EAs MT4 Forex Scalping Trading and Facts Forex Brokers Scalping systems Forex systems with MT4 custom indicators Systems in development Create own Forex system Forex Trading Tips Forex indicators Forex Polls - results FSR Forex Forum. Who's online There are currently 8 users online. Submitted by User on March 23, - Submitted by Adam Strategies traders love the allure of the volatility of the forex markets and prefer to trade intraday by opening and terminating chart within the hours of each other. This is a simple strategy that works all the time. Trade the retracements off the daily chart. It's means 1 trade in 3- 6. Best Regards, John K. Strategies Dukascopy Saxobank InstaForex FSR Forum. Free e-books Currency Index Forex bonus Video course. How To Double The Account In 1 Day? Home Forex trading strategy 17 Trading Off the Daily Chart Submitted by User on March 23, - It's means 1 trade in 3- 6 month. Phany on April 24, - DailyFX Dukascopy Saxobank InstaForex.
Forex Strategy - High Accuracy D1 (Daily Timeframe)
Forex Strategy - High Accuracy D1 (Daily Timeframe)
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