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Top 5 Forex Strategies For Success In The Dallas Market

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A forex trading strategy defines a system that a forex trader uses to determine when to buy or sell a currency pair. There are various forex strategies that traders can use including technical analysis or fundamental analysis. A good forex trading strategy allows a trader to analyze the market and conduct trades with sound risk management strategies.

Forex strategies can be divided into a distinct organizational structure that can help traders find the most applicable strategy. The diagram below explains how each strategy falls into the overall framework and the relationship between Forex strategies.

Forex trading requires combining multiple factors to formulate a trading strategy that works for you. There are countless techniques that can be followed, however, it is essential to understand and be comfortable with the technique. Each trader has unique goals and resources, which must be taken into account when choosing the appropriate strategy.

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For easy comparison of Forex strategies on the three criteria, we have presented them in a bubble chart. The vertical axis contains the ‘risk-reward ratio’ with strategies at the top of the graph having higher rewards for the risk taken on each trade. Position trading is usually the strategy with the highest risk reward ratio. The horizontal axis contains time investment which represents the amount of time required to actively monitor businesses. The strategy that demands the most in terms of your time resources is the high frequency of trades on a regular basis due to scalp trading.

Price action trading involves the study of historical prices to formulate technical trading strategies. Price action can be used as a standalone strategy or in conjunction with an indicator. Fundamentals are rarely used; However, it is not unheard of to include economic events as a substantive factor. There are several other strategies that fall into the price action bracket as described above.

Price action trading can be used for different time periods (long, medium and short term). The ability to use multiple time frames for analysis makes price action trading valued by many traders.

Among price action, there are range, trend, day, scalping, swing and position trading. These strategies comply with different types of trading requirements which will be detailed below. Examples show different strategies for trading these strategies to show how varied trading can be, as well as a variety of bespoke options for traders to choose from.

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Range trading involves identifying support and resistance points where traders will trade around these key levels. This strategy works well in markets with significant volatility and no clear trend. Technical analysis is the primary tool used with this strategy.

There is no fixed length per trade as the range bound strategy can work for any time frame. Risk management is an integral part of this approach as breakouts can occur. Consequently, a range trader may want to close out any current range bound positions.

Oscillators are commonly used as timing tools. Relative Strength Index (RSI), Commodity Channel Index (CCI) and Stochastics are some other popular oscillators. Price action is sometimes used in conjunction with oscillators to further verify limit signals or breakouts.

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USD/JPY has been exhibiting long range bound price levels for the past few years. The chart above depicts a clear support and resistance band that traders use as entry/exit points. The RSI oscillator displays the timing of entry/exit points as highlighted by shaded blue and red boxes – blue: overbought and red: oversold.

Range trading can result in a rewarding risk-reward ratio, but it comes with a long investment per trade. Use the pros and cons below to align your goals as a trader and how much resources you have

Trend trading is a simple forex strategy used by many traders of all experience levels. Trend trading attempts to generate positive returns by exploiting the directional movement of the market.

Trend trading usually takes place over a medium to long term time horizon as trends fluctuate in length. As with price action, multiple time frame analysis can be adopted in trend trading.

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Entry points are usually designated by an oscillator (RSI, CCI etc.) and exit points are calculated based on a positive risk-reward ratio. By using stop level distance, traders can either equal that distance or exceed it to maintain a positive risk-reward ratio ie if the stop level is placed 50 pips away, then the take profit level is set 50 pips or more away from the entry point. will be done

In the simple example above, EUR/USD exhibits an uptrend that is validated by higher highs and higher lows. The opposite would be true for a downward trend.

When you see a strong trend in the market, trade it in the direction of the trend. For example, the strong uptrend of EUR/USD above.

Using (CCI) as a tool to time entries, notice how every time the CCI drops below -100 (highlighted in blue), prices respond with a rally. Not all trades will work this way, but since trends are being followed, each dip brings more buyers into the market and pushes the price higher. In conclusion, identifying a strong trend is critical to a successful trend trading strategy.

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Trend trading can be reasonably labor-intensive with many variables to consider. The pros and cons list can help you identify whether trend trading is for you.

Position trading is a long-term strategy that focuses primarily on fundamentals, but technical methods such as Elliott Wave Theory can be used. Smaller market fluctuations are not considered in this strategy as they do not affect the broader market picture. This strategy can be employed in all markets from stocks to forex.

As mentioned above, a long-term view (weeks, months or even years!) of position trading is reserved for the more diligent trader. Understanding how economic factors affect market or thorough technical trends is essential to predicting trade ideas.

Key levels (weekly/monthly) of long time frame charts contain valuable information for position traders due to their comprehensive view of the market. Entry and exit points can be judged using technical analysis according to other techniques.

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The Germany 40 chart above depicts an approximate two-year head and shoulders pattern, which aligns with a potential decline below the next neckline (horizontal red line) of the right-hand shoulder. In this selected example, Germany’s downward decline of 30 was technically and fundamentally planned. In late 2018, Germany went through a technological recession and the automotive industry suffered as a result of the US/China trade war. Brexit talks have not helped matters as the prospect of the UK leaving the European Union will also have a negative impact on the German economy. In this case, understanding the technical patterns as well as having strong fundamentals allows combining technical and fundamental analysis to form a strong trading idea.

List pros and cons based on your goals as a trader and how many assets you have.

Day trading is a strategy designed to trade financial instruments within the same trading day. That is, all positions are closed before the market closes. It can be a single trade or multiple trades throughout the day.

Trading hours range from very short-term (a matter of minutes) or short-term (hours), as long as trades open and close within a trading day.

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In the example below traders will look to enter positions when the price breaks through the 8 period EMA in the direction of the trend (blue circle) and exit using a 1:1 risk-reward ratio.

The above chart shows a representative day trading setup using moving averages to mark

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