154# 15 min Strategy
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What You Need To Think About When Using These Indicators
Most of the day traders use 15 minutes, 30 minute or hourly charts for trading. One of the hardest questions new traders ask themselves is what is the trend? An uptrend is simply a series of higher highs and higher lows as indicated on the chart below. A downtrend is a series of lower lows and lower highs.
The hourly chart may show an uptrend in a particular currency pair while the 4 hours may show a downtrend at the same time. Fibonacci retracement is very useful in forex trading as it can determine potential support and resistance levels. These supports and resistances are particularly useful to detect reversals and entry opportunities. Fibonacci retracements tool is very useful for both day trading and long term trading with daily charts. One should use Fibonacci retracements to find trading opportunities near retracement levels and then take entry decisions using technical indicators.
We will discuss a day trading strategy using Fibonacci retracement tool. Here in this section, we will discuss a simple day trading strategy. This is a simple and effective trading strategy to start the day trading. This strategy can be used in any currency pair. It is better to trading in the major currencies only.
These head and shoulders patterns can be traded in two ways; breakout and pullback. We already know that there is a neckline in every head and shoulders pattern. When price breaks this neckline, then it is a breakout and an entry signal.
The double top and double bottom chart patterns are very useful in case of trading in financial markets. These patterns are found frequently, and these are very profitable chart patterns to trade. One thing we should remember that, it is not necessary to form exactly similar high or similar low in case of a double top and double bottom pattern respectively. Sometimes double top patterns found with a lower high point and double bottom pattern with a higher low point. Some Forex traders trade currencies for the interest gap between two currencies.
This is called carry trade. In carry trading, Forex traders aim to pull out the interest gap as profit when the price of the pair lies flat. It includes selling a currency with low interest rate, then using it to buy a currency with higher interest rate. The author of that strategy shares some more info about his intraday system. This time, he adds the Bollinger Bands indicator to the mix.
This video is fairly short and like the last one lacks in detail regarding the entry signal. We should know about momentum strategy first. A momentum strategy is a strategy by which a trader trades in the direction of the major trend of the market or currency pair. Make sure you test back and forth to find any errors in your system. Now is the time to demo trade.
Remember curve fitting your system won't lead to long term success. System trading with indicators can only as good as the trader using them. MT4 Trading Guide The MT4 trading platform is a very simple trading platform which has brought financial trading in to peoples home across the world.
Whilst predominantly for forex fx trading the popularity of the platform has allowed for expansion into other financial markets such as commodities and futures.
Below is simple guide to using your MT4 Platorm. Install MT4 Indicators Installing Metatrader Indicators is quick and easy and you can have your trading system up and running in a matter of minutes. Install Multiple Servers Mutliple MT4 Servers allow you to choose which broker can provide your platform data and which provider you would like to trade through all without having to have multiple platforms installed.
Create Indicators Custom indicators are the ultimate benefit of trading vis MT4 platforms. You can create indicators that are completely custom to your needs. Add An Expert Advisor Expert Advisors allow you totrade your systems automatically allowing you time to research and create new trading methods.
Recover A Deleted Chart Don't worry all is not lost. If your platform is set up correctly lost charts will be a thing of the past.
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