Forex Day Trading Strategies
Forex Day Trading Strategy
I have a forex day trading strategy which I am about to reveal to you right away. You should expect a winning rate of about 95% and 5% loss rate from using the strategy. My back test for it lasted for up to 7 months, that s from November 2008 to may 2009. During this period, I only encountered about 5 losses from it and the remaining was gains. This strategy only functions for the GBP/USD currency pair as a result of its instability.
The entry guideline for using this forex day trading strategy
Make a 63 EMA through one hour time length chart. If you notice that the whole candlestick forming from the Asian session runs over the 63 EMA, then the prediction for breakout should be an uptrend. Whenever the London trading period begins, assess the biggest of the candlestick in terms of length and pick out 5 pips for a four decimal platform and make use of 50 pips for 5 decimal platforms. Put a buy stop order and head for 30 pips for four decimal platform with 300 for 5 decimal platform. You should expect this to give you at least 30 pips and utmost 200 pips. Utilize a stop loss of up to 40 to 45 pips. Perform the same task if you notice that every candlestick goes below the 63 EMA and put a sell stop order using the previous filter and pick profit.
The exit guideline for using this forex day trading strategy
When you notice that the candlestick coming out for the Asian period moves over or comes in contact with the 63 EMA, get out of the market for that day. The setback for this strategy is that it could be your lower entry for a whole month. You can expect at most 8 traders for a whole month and at least 6 trades for a full month. If it presents you with an entry point, just be sure that you are going to gain it.
I suggest you try to back test this strategy using the GBP/USD on a 1 hour time period as much as you can so you can be able to see for yourself how it works.
Forex Automoney is a forex trading signal provider which offers profitable buy and sell signals which you can use for your forex trading. You can find out more about it at http://modospot.com/review/forexautomoney.html
About the Author
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