Please review my strategies

Beginner Questions
1

Hello Community,

I know, every trader should determine by himself which strategy he will use and how he will use it. But it would be great if some other community members could comment my strategies and maybe give me some suggestions. A warning: They are not groundbreaking, as I am still a Newbie in Forex. :–)

[B][U]Scalping[/U][/B] - A M15 with:

  • Pivot Points
  • Short-term S/R
  • Fibonacci for the day’s H/L or a recent H/L

I analyze the behavior of the previous few hours and just look at those candlesticks and how they behave together with the PP, S/R and Fib Lines. I also keep an eye on the news box, so that some central banker cannot mess up my scalping.

Imageshack - scalping.png

[B][U]Day Trading[/U][/B]

  • M15
  • H1 (BOLL, RSI, MACD)
  • H4 (Chart Patterns, Fibonacci)

This is not a stric rule, as I can also use the BOLL in the H4 if I think it is appropriate. I look at thouse three timeframes, while I do most watch for Chart Patterns on H4, as this chart gives me a wider overlook what’s happening.

I chose BOLL/RSI/MACD as after some demo trading I felt I feel the most comfortable with them and don’t want to get blinded by 100 indicators.

Imageshack - daytrading1.png

Imageshack - daytrading2.png

[B][U]News Trading:[/U][/B]

  • M5

Well, everything is explained in the picture so…PIP hunting! :–)

Imageshack - newstrading.png

2

Your scalping strategy - can’t say it will work, but it could, probably the strongest from the 3, will have a fresh look in the morning.

3

Had another look, can’t really comment any more except to say that you need to clarify for your own purpose the definition of your short term S/R

4

Thank you for your feedback. I still have to practice more on demo with those strategies, but I’m sure I’ll find also other stuff which I could add as I’m still learning…

5

News trading - seems the only people who attempt trading the news are the newbies and a few (very few) experienced traders. Trading the news is like juggling chainsaws - not for the inexperienced.

6

Could you explain that? Let’s say there is a negative US-Unemployment report on Friday, isn’t it certain that USD will loose vs. other currencies? I wouldn’t trade every news event, especially not those where it is not clear how the market will react (results which are near the forecast), but if I see a positive or negative report, I would trade it.

7

In the markets, nothing is certain. And besides that, others have better information than you and can interpret it better. Sometimes a positive report will get a negative reaction, because the market was anticipating more positive news. The other problem with trading news is the wide spread and requotes that are common. You will learn.

8

Hey Milan,
Interesting strategies. For your scalping system, you should look to make more specific entry and exits. Seeing what you have given us, it would seem very hard to trade as a beginner like that. Try to keep a journal of all your trades, write down what works what does, that’s what seems to help me alot.

As far as the Day Trading plan goes, I’m not familiar with indicators, as I don’t use any, but I still think 3 is a lot… But if it works, by all means, go for it. :slight_smile:

I agree with CodeMeister, as a beginner, I avoid trading when there is news releases, to big of spread, requotes, slippage, etc. I second not trading during the news.

Hope that helps.

Clark.