My progress in Forex strategy building
Alright!
I’d like congratulate myself on making not one but two (the other one came yesterday unexpectedly) unique daily Forex system, which I will now start testing on my demo account.
I’ve been thinking a lot about what exactly do I need to trade daily charts effectively? I tried to get away from indicators magic and focus on the core of any Forex trading.
As a result I’ve come up with next approach: I use price accumulation/distribution method, where my primary goal is to identify accumulation part to be able to trade the following after it distribution. And the second aspect of my strategy based on analysing price waves, in particular looking at HH (higher high), HL (higher low), LH (lower high), LL (lower low) sequence plus as I go I mark support/resistance levels. And the last component is MACD, which I use for studying price divergence.
That’s my current trading system I’m going to test for the next 6-8 months.
The second one is a regular for me type of system - it relies solely on Forex indicators. Those types of systems do not demand much thinking that’s why I have discovered it so easy yesterday by spotting an interesting pattern on the chart. Here I use Bollinger bands and heikin-ashi candlesticks
This is everything I can share now. Just wanted to write some updates to my blog about my Forex trading adventure.
Good luck in your Forex research and trading!
Filed under: First steps in Forex
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