Best Forex Trading Strategies Includes Videos

The below screen displays a candlestick that closed at the level of MA (the red line), almost fully below the line. Our forex indices are a collection of related, strategically-selected pairs, grouped into a single basket. Trade on our 12 baskets of FX pairs, including the CMC USD Index and CMC GBP Index. Because of their simplicity and the fact they can be marked in a matter of a few seconds, they can be a useful tool for every technical trader. As we already mentioned, Monthly, Weekly and Daily open levels are not a stand-alone strategy, but they can be used as great confluence levels for your ideas. This one really gives you an easy overview of direction for the whole month without looking at a monthly chart.

Properly sized positions allow traders to withstand market fluctuations without jeopardizing their trading capital, fostering consistency and longevity in their trading journey. Weekly candlestick patterns carry significant weight in weekly trading strategies. Recognizing popular candlestick patterns, such as Doji, Hammer, and Engulfing patterns, can offer valuable insights into potential trend reversals and continuations. The weekly chart’s larger time frame enhances the reliability of these patterns, making them more robust signals for traders. Interpreting these patterns effectively helps traders gauge market sentiment and confidently make informed trading choices.

Discover the factors causing volatility and how you can harness market fluctuations in your favour to better take advantage of large market moves covering the financial markets. The index is in a clear uptrend and the rising trendline could have been used as a buying opportunity (once the price tests the actual trendline). Do you have any suggestions or questions regarding this strategy?

Scalpers focus on the shortest time frames to do their technical analysis. This style forex weekly trading strategy of trading is usually solely based on technical analysis and requires a lot of screen time. Calculating pivot points involves using specific formulas for different time frames. For weekly pivot points, you use the high, low, and close prices from the previous week.

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Even though that you’re following your trading plan, clearly you’re not making money. Your P and L more often than not would reflect a positive side if you follow your trading plan. If you break your route or you don’t follow your trading plan, that is minus one point. But for those of you who trade it, I would say these are some of the levels that I would pay attention to if I’m trading Bitcoin. And in fact, the bulls are the one in control, as it can push price higher even into resistance they can still hold around the 468 level.

How to compare forex strategies?

At the end of the day, it’s time to close any trades that you still have running. Trades must be closed before 10pm UK time to avoid overnight funding charges (international times may vary). Keeping a record of successful and unsuccessful trades throughout the day can be a useful practice.

As nice as this setup may look, it doesn’t take long to notice that it didn’t work out. Just three days after forming the pin bar, GBPUSD rocketed higher taking out the tail of the pin bar. Your ability to follow smart money is directly correlated to the odds of becoming a successful Forex trader. The WeeklyPivotOnly.ex4 is a custom indicator that is deployed to reveal pivots levels for H1, H4, W1, MN1, etc.

How to Trade?

69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. Traders will be watching closely, expecting any weakness to run out of steam and the market to turn back up and use this as a buy signal. The FX example in this chart highlights some of the buy and sell signals that came from the overbought/oversold strategy on a daily EUR/USD chart. Previously when the forex pair was up at that high, the sellers moved in and the price fell, suggesting the market had reached an overvalued level. If that old high is breached, also known as breaking resistance, then something has clearly changed.

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1. This means that it could be getting overstretched and some traders will use this as a signal to expect the market to fall back.
2. Retracements should not be confused with reversals – while reversals indicate a major change in the trend, retracements are just temporary pullbacks.
3. Choosing suitable parameters is crucial for optimizing the weekly time frame strategy.
4. But this time around it’s very in-depth, very technical, how-to step-by-step.
5. But for those of you who trade it, I would say these are some of the levels that I would pay attention to if I’m trading Bitcoin.
6. The Weekly Pivot-O forex trading strategy is designed to open buy and sell trades above or below the weekly pivot, thereby ensuring your journey as a trader is worthwhile.

When using any of the above forex trading strategies, it is wise to be aware of methods that you can use to adapt your forex strategy. This forex weekly chart strategy is based on the use of indicators such as relative strength indexes RSI(8), RSI(14), RSI(19), and simple moving average SMA(9). They are your gateway to understanding broader market trends and movements. By focusing on trading weekly charts, you can gain the ability to see beyond daily market noise. The weekly time frame is critical for similar reasons that I feel the daily time frame is superior to the lower time frames.

1. In other words, the price is oscillating sideways with limited drift up or down.
2. ✅LIVE market analysis – we dissect the charts as opportunities appear!
3. To see if there are any major trends developing and also how these trends are likely to play.
4. To protect oneself against an undesirable move in a currency pair, traders can hold both a long and short position simultaneously.
5. But day trading shouldn’t be regarded as a way of earning a stable income as it’s unlikely to sustainably fulfil this function.

By systematically optimizing the strategy, traders can adapt it to various currency pairs and market conditions, enhancing its versatility and potential profitability. A forex trading strategy helps to provide traders with insight into when or where to buy or sell a currency pair. However, no forex trading strategy is ‘best’ and not all forex trading strategies were created equal, and some may work better in certain situations.

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