3 Simple strategies that are VERY EFFECTIVE when use properly they are:
1.Breakout Strategy- You should be able to identify when the pair is in a Range and also you should know how to draw trend lines or can identify when a pair is in a Channel before using this strategy. Range is when the pair is Bouncing off an HIGH AND LOW so you would wait the break of the HIGH or the LOW the wait for a retest of the HIGH or The LOW. Once it retest and CLOSE ABOVE the HIGH or CLOSE below the LOW that will be YOUR ENTRY point. Same as a trend line or a Channel “WAIT”. YOU MUST be PATIENT and WAIT for that to happen. I believe that’s why most inexperience FX Traders FAIL.
2.Trend Strategy- You should be able to identify trends before using this Simple Strategy. Buy Pullbacks/Retracement. As the pair makes an HIGHER HIGH " UP TREND" or a LOWER LOW " DOWN TREND" In “UP TREND” YOU want to Buy when the pair is “pulling back or retracing back down” In “DOWN TREND” You want to SELL when the pair is " Retracing back up"
3.Reversal Strategy- Reversal is prob the most challenging of all. The reason being is that if the pair is trending Bullish “UP” or Bearish " DOWN". YOU need to identify a Strong Resistance Level and a STRONG Support Level in order to be EFFECTIVE with this Strategy. YOU would BUY @ SUPPORT and SELL @ Resistance. Works well when Market is also Ranging is the Range is wide enough to be profitable.
Keep it SIMPLE. More to come!
-CurrencyGuru3