So if you’re looking for a Forex Swing Trading Strategy that you can use on the Daily, Weekly or Monthly chart, then tune into today’s tutorial!
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? 15 Tips For Perfect Support & Resistance:
https://www.youtube.com/watch?v=jOjzuDUlqfc
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https://www.youtube.com/watch?v=LNU5P317g5E
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? How To Draw Fibonacci Extensions:
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Hey traders. Today we’ll be going over a swing trading strategy on the daily timeframe that you can get started with right away. Let’s get into it.
The very first step of this strategy is going to be to identify the market environment you’re currently trading in. Now, the other steps of this strategy are very important, and we’ll get to them in a minute, but without first identifying the market environment we’re currently in, we won’t be able to effectively implement the rest of this strategy, which makes this first step just as important.
So what exactly do I mean by market environment?
I think the best way to explain this concept is with a trade example.
Here we have a market that puts in a large impulse move to the downside, before hitting a strong area of support. Now, to illustrate this concept, let’s just say that we’re trading with the following strategy: “Every single time price touches an area of support, we’re going to buy.” So what would happen in this example?
Well, on the first trade price hits our level with a large amount of momentum. We would place a buy trade, and the market reverses to the upside.
The second time price hits our level and leaves this long wick candle, rejecting the area of support. So we would buy, and the market reverses to the upside.
The third time price hits our level, it forms this micro double bottom. So we would buy, and the market reverses to the upside.
And the final time price hits our level is on this pin-bar candle. So we would buy, and the market reverses, moving up and breaking the previous swing high. So in this case, we would have taken 4 trades, with all of them resulting in a win.
Alright, now let’s take this exact same strategy and apply it to a different market, so you can understand the importance of this concept. Here we have a market that hits a strong level of resistance and rejects to the downside, on this large range bearish candle.
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DISCLAIMER:
Foreign exchange trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. Past performance is not indicative of future results. The information presented today is not meant for use in live trading.
This video is not a recommendation to anyone on how to spend or invest their money. Take all videos as my own opinion, as entertainment, and at your own risk. I do not assume any responsibility or liability for any errors or omission in the content of this channel. This content is for educational purposes only, and is not tax, legal, financial or professional advice. Any action you take on the information in this video is strictly at your own risk. TradingBeacon.com and all individuals affiliated with this channel assume no responsibilities for your trading and investment results.
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