However, the top 5 best forex strategies posted below are the best trading strategies that have been tried and tested by Navin Prithyani at Urban Forex and Forex Watchers. Exhaustion candles simply tell you the market is getting ready to go in the opposite direction. I consent to receive your emails about your announcements, products, special offers and live trade examples. What type of trader are you? This forex trading system is ideal in many market conditions, even in ranges.
These candles are also called hammer or pinbar candles too. So as you can from the screenshot there are 3 day pivot points. Navin recommends having 3 day pivot points on your chart the 1 hour chart remember. He also recommends looking for the exhaustion candles that hover around your pivot points. For example on the 20th October Stop losses should go…. Also Navin recommends putting the stop losses below previous day or 2 days previous pivot lines.
Take profits would be again based on structure and pivot lines. Target one would be at previous pivot line of the day before, this is what Navin calls the guaranteed profit zone. I like that term. Remember we want a candle that closes above the pivot points. Another example below including our guaranteed profit zone in the blue. This strategy is very effective on the one hour candles. After these examples Navin continues to show us more and more examples of how well this theory works.
That means this is one of the few trading strategies that can actually compound your bankroll. But the strategy gets more evolved. Navin talks about the pairs that act the same as one another and ones that act in an opposite way. For example the following:.
All of those currency pairs go the same direction as each other. There are some that go in the opposite direction, e. Navin recommends trading these pairs at the same time. So we can also look for an exhaustion candle at or near the pivot points on this pair. If this is the case we can enter 2 trades with the exact same analysis and profit twice without using incorrect bankroll management. He also goes on to talk about how you can profit from buying all pairs that relate to each other and selling the ones that are opposite.
You can also pick up the Pivot point indicator from: The strategy on itself is a very powerful one but Navin recommends trailing stop losses at the same speed that the market moves. But do not use an automatic trailing stop, you should be manually moving your stops but remember never increase your stop losses. Enter the market based on an exhaustion candle with a large tail AT a pivot point. Instead of aiming for fast gains and risking major losses along the way, this strategy focuses on trading conservatively and gaining consistently.
This strategy's concept is simple and easy to follow and for that reason is one of the best forex strategies. The entry is very straightforward and the different exit options provide potential for each kind of trader. Just be patient, find the right setup in the market and go for it. This is not exactly a strategy for beginners. It will take some experience in chart and pattern reading to make it work.
However, once this works, it can lead to some very substantial trades. Some very successful traders have incorporated this technique into their trading and with terrific results. It works on any time frame and can be seen over and over on any chart. The pivot point technical indicator is one of the few forward looking technical indicators for trading Forex.
This makes this strategy very powerful. This forex trading system is ideal in many market conditions, even in ranges. Fill out your details below to be updated instantly when there is a new live webinar coming up or other major announcements. Top 5 Forex Strategies trading strategies Sep 30, I consent to receive your emails about your announcements, products, special offers and live trade examples.
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