Trading forex without a strategy and even having one that you cannot abide to, is a very bad thing to do, cos you will also end up lossing money pretty fast than you make. We was also having the same kind of Problem not untill i went to a lot of research and Back testing of my program and even since i found Trading Fx as piece of cake.
So will like you introduce you all my trading strategy, if one can follow it, its very effective.
First was tarding off the 15min chart, but not trade off the 1Hr Chart cos i reduce a lot of false signals that the lower charts will provide. so i use the 1 Hr chart to identify a trend and i go to the 15Mins chart for a better entry point. Pls note having a better entry point is very important because price action some time retraces dramastically before continue its move towards the direction of the trend.
So, Here are my Strategy indicators:
Fundamental indicators (Reading then News)
Technical Indicators:
1. 1Hr Chart, 30 Mins then go to 15Mins.
2. MACD (To spot Divergence Only)
3. Multiple EMA (Exponential Moving averages)
4. ADX (Average Directional Movement Index) Identifing the Trend
5. RSI (Relative Strenght Index)
6. Stochastic
7. Pivot Points.
I will Post the uses of the this indicator in my subsequent post.
Jamiu.
So will like you introduce you all my trading strategy, if one can follow it, its very effective.
First was tarding off the 15min chart, but not trade off the 1Hr Chart cos i reduce a lot of false signals that the lower charts will provide. so i use the 1 Hr chart to identify a trend and i go to the 15Mins chart for a better entry point. Pls note having a better entry point is very important because price action some time retraces dramastically before continue its move towards the direction of the trend.
So, Here are my Strategy indicators:
Fundamental indicators (Reading then News)
Technical Indicators:
1. 1Hr Chart, 30 Mins then go to 15Mins.
2. MACD (To spot Divergence Only)
3. Multiple EMA (Exponential Moving averages)
4. ADX (Average Directional Movement Index) Identifing the Trend
5. RSI (Relative Strenght Index)
6. Stochastic
7. Pivot Points.
I will Post the uses of the this indicator in my subsequent post.
Jamiu.