Short Term Trader In Action

[danielsim73]

Hello fellow traders,

I believe every trader here are professional and experience, probably some are like me quite new to forex trading. I used to trade mainly stocks and futures. I was 'suck' in by the no comm and 24 hours trading thingy. Anyway here is my methods of trading, please review and advise.

For example, GBP/USD trade (I have attached a chart)

I look at the short term trending channel and few indicators like RSI, William% Range and MACD to determine the movement. Most importantly, I used daily the opening price as guide.

If the opening price is within the down trend channel and trade below opening price, I will short GBP. I will also have a daily range that GBP might likely to move. I will also put in my Stop Loss Level for preventive measure.

It works pretty okie so far for me because the duration for most of my trades are daily.

Cheers