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My Trading Strategies

First, I should point out that there is nothing radical in what I do to trade currencies. There is no magic to be successful; just patience, training and hard work. The stories of quick wins and easy money really are fantasy!

When do I trade?

I Trade from 07:00  to around 15:00 UK Time. I rarely place trades before 08:00, when London officially opens. I won’t place trades overnight; I will close trades before New York closes. I am an intraday trader.

What Do I Trade?

I trade really just 3 USD crosses : EURUSD, GBPUSD and AUDUSD and the JPY crosses of the same. Not at the same time but look for the best setups on each pair each day. I trade just 6 as it keeps me focused  Moving over many pairs quickly is no way to get a good handle on what is happening deeply.

How Do I Trade?

I look at Weekly > Daily > 4H > 1H  > 30M, Charts

I use the higher timeframes to make my trend lines and horizontal price support lines.

I use the 4H and 30m  to trigger my trades from

What Indicators Do I use?

I use candlestick charting and I like to keep my charts clean with just useful unique information.

1)       Trend lines from 1W/1D/4H

2)       Horizontal Lines of price support

3)       Daily, Weekly and Monthly Pivot Lines

4)       Half an eye on MACD – just as a double check for Divergence (you can see it from Price action anyway)

What is my trade strategy?

I use a combination of a few and all based around bounces or breakouts of price action…..and candlestick and pattern formations.

1) 1-2-3 Snapper Trade over Important Areas of price Action

Here I like to see the price swing over a Daily Pivot or Major Price Support/Resistance area. I will then take a trade in the direction of the major (4H) trend.

2) Pull Backs

If I miss the action from 1) above then I will wait for the price to take its course without me and then wait for the pull back to a point of support/resistance with the right candle patterns to like a reversal bar of somekind.

I like to trade for 1:1 Risk: Reward. So if I risk 30pips I am targeting 30pips minimum return. That means if the logical stoploss is 60pips away, I won’t take the trade. If the logical target price is less than 1:1 distance then I won’t take the trade.

Look at some of my many trades pictures I have on this blog to get an idea.

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