I’m a newbie myself (so perhaps I shouldn’t be giving advise ). When you say the periodicity is 1 day I assume you mean that the trade will be over several days. One system that I would suggest having a look at is Jonathon Fox’s thread on Price Action. Its in the Free System forum. Its a relatively simple system that doesn’t use any indicators - just price action.
I suggest use candle sticks or patterns on the one hour and hour charts alot of times pairs will range and you’ll get exhuatsion candles at top and bottom of ranges that you can play for 50to 100 pips per trade and alot of times the pair test the range 2 to 3x per week which is enough to make nice pips per month just watching candles and support and resistance I would suggest you start with trading that way and when you build your account up then work on advance concepts but once you build your account this is still a viable option to trade just add more pairs and you’ll make more pips. Also i suggest that you sit on your hands till an actually set-up occurs . and also wait for set-up to happen in direction of the trend .
I’m with xanh! The price action thread (301 Moved Permanently) by Johnathon is a great swing traders thread & focuses on the higher time-frames and use of clean charts
I think every time frame is good for trading.every tick of clock is important for forex trading and the matter of luck is also most important in the field of trading and proper planning is highly recommended for this type of trading
Find an indicator that tells you the weekly pivots, support and resistance.
If price opens for the week above the weekly pivot line, set a buy limit order at the weekly pivot line with a 2 x ATR stop (from the 4HR charts, 20 period setting), and place your take profit at the first resistance level.
If price opens for the week below the weekly pivot line, set a sell limit order at the weekly pivot line with 2 x ATR stop (on the 4HR charts, 20 period setting) and place your take profit at the first support level.
Have fun
EDIT: Slight enhancement: you may want to study the volatility of the pairs and see which pairs are most likely to go part R1/S1 on any particular week and set the T/P targets to R2 and S2 for those pairs… all the best.
check out GBP/USD, worked for 10 out of last 16 weeks, only 1 of the week you would have gotten your stop-loss hit, some weeks there were no trade because the price opened AT the weekly pivot.
Black line is weekly pivot, orange is R1, blue is S1, beige line is weekly open.
Some weeks it was just slightly missed so do monitor manually and shift your stops up when the trade goes in your favour.
Ignore the words, those are just writing on the charts by me when I was backtesting a system of mine