Hi Members Is forex trading for the day or swing trade because there are few longer term trends?
Posted on May 9th, 2010 in Swing Trading | 4 Comments »
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I have been studying forex trading with some help from the FORUM members and find that currencies (GBP/USD) keep on oscillating in a narrow range. this means yoiu can only swing trade. No posibility of Position trading. Your helpful cpmments please
Gaminig
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4 Responses
Can be Both, depending on how you trade.
Yes you definitely can trade on the range. One of the way is to incorporate Options into your Forex Trading
Every time frame has a trading strategy. Position Trading just means holding the position for a longer time. You have to look at daily and weekly charts. Even monthly chart just to have a birds eye view. Just remember your stops will have to be wider than for 4 hourlies chart trading.
Check out Peter Bain Strategy from Forex Mentor click : http://www.geocities.com/lcming/ForexForex
It can be both. My advise would be to def be out of the market before a big economic number. If your wrong you will get smoked because they will gap the market, sometimes as much as 120 pips. Anyway if you would like a free demo for forex trading visit our website, http://www.phantomtrading.com
Let me give you a little advice. There is definetely long term trends in Forex. Take a look at the daily and monthly charts. It is important to know the long term trend before you enter into any short term trades. I teach my clients to use Fibonacci studies on the daily charts to identify key support and resistance levels.
Although a currency pair may range for a number of days what you are really looking for is the point at which you can capture a breakout.
The bulk of my client’s use a Forex hedging tactic as part of a long term investment strategy.
Good luck in your ventures.