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You can help thousands improve their trading! Who’s online There are currently 20 users online. Submitted by Edward Revy on May 26, 2009 – 20:14. Basic strategies – where the education for all beginner traders starts. Basic strategies use simple chart pattern recognition rules and one or two basic indicators.
By learning to recognize and trade simple patterns, novice Forex traders will be able to make a much smoother transition to more advanced trading systems and methods. Attention all traders: trading strategies are posted for their educational purpose only. Trading rules may be subject to interpretation. Planned risk levels may be increased dramatically under extreme market conditions.
We recommend testing your trading system on demo account before investing real money. Active traders Poll – share your live experience or read what others have to say. Forex Strategies resources is a collection free resources for trading: forex strategies, binary options strategies, trading system, indicators,chart patterns, metatrader indicator, candlestick analysis, forex e-book and use free online forex tools, free forex trading signals and FX Forecast. The purpose of Forex Strategies Resources is to become an archive of free resources for the trading, forex trading ,available to everyone.
Note:This is not a newspaper site, informative, or a site of comments on financial news, but just a place where are shared ideas for trading and mathematical algorithms. Here are a number of ways to trade it. The report reveals the US employment situation, shedding light on the strength of the economy. On a non-farm payroll release day, intraday movement could be much larger. Typically the GBPUSD has more movement than the EURUSD, which is why the GBPUSD is the preferred pair for this strategy. That said, the EURUSD can also be used if overall daily volatility is similar to or greater than the GBPUSD.
Below I discuss a simple strategy and an advanced strategy. This is fine, but my personal performance is better with the more advanced strategies discussed later on. That said, the advanced strategies are more subjective and may be harder for some people to implement. The Simple NFP Forex Strategy This strategy uses the GBPUSD and a 15-minute chart. A 15-minute chart allows the initial volatility to subside, but still allows us to capture a large potential move once the market participants make a more rational decision about whether they want to buy or sell based on the news. Do nothing for the first 15 minutes after the NFP announcement.
A wide-ranging price candle will occur between 8:30 to 8:45 AM EST. The wide-ranging candle should be 40 pips or greater, assuming average daily volatility is around 100 pips. If average daily volatility were to expand to 150 pips, we would want to see a wide-ranging candle of at least 60 pips. An inside candle is a 15-minute candle where the high and low are completely inside the prior candle. Figure 1 shows a wide-ranging candle followed by an inside candle. The inside candle doesn’t always immediately follow a wide-ranging candle. Depending on volatility and the strength of the initial push, we may need to wait for a couple candles in order for an inside candle to occur.
The inside candle doesn’t need to be inside the wide-ranging candle either, we just need a candle that is inside the prior candle. The high and low of the inside candle become our trade triggers. If the price rises above the high of the inside candle, buy. If the price drops below the low the inside candle, sell. Place a stop loss below the most recent low if you bought, or above the most recent high if you sold. Your stop should not exceed 30 pips. If your stop loss exceeds 30 pips, don’t take the trade.