1) Look on the daily chart for a pair of your choice that has defined direction(s) that typically last at least one month. 2) Set a 200 EMA median price, 100 EMA median price and a 50 EMA median price.
3)Check the forex news calander. www,forexfactory.com
4) Base your decision to enter on the 4 hour chart, check for recent momentum, prefer to enter as close to a confirmed cross as possible. (Do not trade against the 50 EMA current direction.)
5) Enter from the 4 hour chart near the end of a retracement close to the 50 EMA median price. (To limit wasted time and margin deposit)
6) Set stop loss just past the 100 EMA median price.
7) After about 80 pips positive set stop loss near break-even.
8) Adjust stop loss from 60-150 depending on your pair and the amount of time you wish to keep the trade open.
9) Try not to exit near the end of a retracement, prefer Thursday evening or Friday morning.
10) I do not recommend keeping trades open over the weekend close of market.
11) Do not get over-excited as you close for a nice profit. Stay calm, remember trading successfully depends on your being objective.
12)After you close, while the market is still open, setup your charts for next week's possible entry positions.
P.S
This methodology was transcribed for all levels of experienced
traders.
(Intellectual property of Tom, akatom2u) (At least give me credits)
3)Check the forex news calander. www,forexfactory.com
4) Base your decision to enter on the 4 hour chart, check for recent momentum, prefer to enter as close to a confirmed cross as possible. (Do not trade against the 50 EMA current direction.)
5) Enter from the 4 hour chart near the end of a retracement close to the 50 EMA median price. (To limit wasted time and margin deposit)
6) Set stop loss just past the 100 EMA median price.
7) After about 80 pips positive set stop loss near break-even.
8) Adjust stop loss from 60-150 depending on your pair and the amount of time you wish to keep the trade open.
9) Try not to exit near the end of a retracement, prefer Thursday evening or Friday morning.
10) I do not recommend keeping trades open over the weekend close of market.
11) Do not get over-excited as you close for a nice profit. Stay calm, remember trading successfully depends on your being objective.
12)After you close, while the market is still open, setup your charts for next week's possible entry positions.
P.S
This methodology was transcribed for all levels of experienced
traders.
(Intellectual property of Tom, akatom2u) (At least give me credits)