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Home Forex Education Forex Trading Strategies

Effective and Simple Day Trading Strategy for Forex and Futures Markets

by Tim Baudin
September 8, 2016
in Forex Trading Strategies
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Here in this section, we will discuss a simple day trading strategy. This is a simple and effective trading strategy to start the day trading.


Indicators used:
Bollinger bands (period = 20 and deviations = 2) and MACD (12, 26, 9) indicators used in this strategy.

Currency pairs: This strategy can be used in any currency pair. It is better to trading in the major currencies only.

Time frame: 15 minute

Trading session: A trader should choose the major sessions and overlapping sessions to use the liquidity to his/her advantage. Overlapping session of London and New York holds the highest liquidity.

Entry signal:

For long position entry conditions are,

  • MACD histograms turn positive from negative.
  • Candlesticks thrust or hit the upper band of Bollinger bands.

For short position entry conditions are,

  • MACD histograms turn negative from positive.
  • Candlesticks thrust or hit the lower Bollinger band.

Stop loss:

  • 15 pips below the entry price (for long positions)
  • 15 pips above the entry price (for short positions)

Exit strategy:

  • 30 pips above the entry price (for long positions)
  • 30 pips below the entry price (for short positions)

In the 15 minute chart of USD/CHF (given below), entry signal generated when MACD histogram turned positive from negative and at the same time a candlestick hits the upper Bollinger band. This is an ideal entry setup for long positions. simple day trading forex strategy

In the 15 minute chart of USD/CHF (given below), entry signal generated when MACD histogram has turned negative from positive and at the same time a candlestick hit the lower Bollinger band. This is an entry signal for a short position.

 

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