Saturday, February 11, 2012

Profitable Forex Day Trading Strategy

If your a day trader there is a few key components to have if you want a profitable strategy. The first and most important thing is support and resistance lines. Get yourself an indicator to plot out daily pivot points for you, then hand draw trend lines and put in key resistance areas your pivot point indicator might have missed. These lines are your road map for the day. They will tell you if your on the right track or lost in the woods.

You could easily trade with just these things on your chart. Sell when price bounces off resistance and buy when its bouncing off support. Use trend line breaks and bounces to confirm your entries. If price is following a trend line strongly then place trades when price comes close then ride the bounce. If price breaks through a trend line near support or resistance then enter a trade.

If your having problems trading like this then you might have to learn some candlestick patterns to narrow down your entries and increase your win rate. A good day trader knows every candlestick pattern and how the pair he is trading normally reacts after. I'm sure you could get away with knowing some basic formations and stick with major pairs.

using candlestick patterns at support and resistance lines will greatly improve your trading. A profitable day trading strategy is not hard to achieve in the forex market. If you stick to your trading plan and let price action tell you what it wants to do then you can definitely become a profitable trader.

If you are having a hard time go back through your charts and watch how price reacts after candlesticks like pin bars, engulfing bars, dojis, and so on. After you have a good idea go back to practice some more. Trading is like anything in this world, if you want to be good your going to have to practice.

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