Yes, I use price action to get the strongest and weakest currencies, before I pair them
So what do you you suggest?
You took the words right out of my mouth, but said it a lot nicer than I would have. 
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I suggest throw this theory out and start again.
Single-day momentum isn’t a reliable indicator of the next day’s price action. Especially when you’re looking for only the two extreme pairs in the market, i.e. the strongest today and the weakest today, which could well be different pairs tomorrow. The significance of this is that as you rotate between different pairs you lose the impetus to price action which comes from riding a pair which is in a consistent uptrend or downtrend over a longer time-frame.
Add to that, you are effectively doubling your bet by taking directionally opposed trades using the same “indicator”, i.e. on the strongest v’s the weakest pair. Everything correlates with everything else in forex (maybe more maybe less, maybe positively maybe negatively) but in your system, if you lose on one, you probably lose on the other the same day.
I would suggest a simple system which involves minimal TA and holding over longer time periods, using simple price action patterns. The simplest pattern is a trend, and a great way to maximise your capital’s effectiveness is to be able to add to the position that’s riding the trend. Intra-day trends are like mirages, and you can only add to trend-following positions in a limited way intra-day.
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I assumed you were using some variation of Dennis’s method.
look to the past to predict the future. That’s what I do, and more. I can go on and on in detail, but I would be typing paragraphs
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I still have yet to go through his post from the very beginning to understand that method lol but it seems to be working for him and others, and I’m sure he also uses other confluences before deciding to enter a trade
minimal technical analysis
I agree with what tommor and BaconSandwich said, up above
(and i think both of them were really polite about it)
what you’ve described above just ISN’T a “strategy”
not by any stretch of the imagination
it’s one of those awkward conversations in which anyone trading with any measure of success doesn’t quite know where to start, to answer your question, because it isn’t really a question
you’re asking how to improve a “strategy” but you haven’t got a strategy there (at least, not from what you’ve said) to be improved
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I will add some additional comments on what has already been said here.
This is precisely why it doesn’t work. If it’s logical(obvious) then everyone would do it and own their own islands, but that cannot be since for one person to make money another must lose.
You are on the right track here, most traders don’t make money. Most people claiming massive returns will never show you a broker statement, 1099, etc.
@flamingoproxy is right on the money. Most trading strategies involve intuition and a high degree of subjective analysis, which is why it is darn near impossible to teach someone. Get in a demo account and study how the market’s move, act, and re-act. Try to trade that movement with some good trade management rules and you may find an edge somewhere in there.
I do hope you the best.
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As justshell said.
In specifics, I mean avoid off-chart indicators as far as possible and draw as much as you can from candlesticks and a couple of moving averages. Fibonacci and Elliott Waves are for later on too. If ever.
Don’t trust exotic chart patterns or candlestick patterns to give you absolute truths.
Be wary of concluding that the way to make money is to beat the market (meaning the big players), as this leads you to trade reversals: this is high risk and an advanced (if not bizarre) way to trade. Inevitably, reversals trading leads to obsessive MA cross-over and head-and-shoulders and double tops spotting, and then to pin bars and eventually to pin bars on a 4hr time-fame and finally to pin bars on a 5-minute time-frame. And then you’re back where you started.
Try to write down the rules of your strategy in details. You should determine each important thing. The main blocks would be “Conditions”, “Opening position”, “Closing position with loss”, “Closing position with profit”.
Then, after each loosing trade, you should find out the reason to be able to find the problem.
You can also backtest your strategy on historical data using special software like Forex Tester or Tradingview built-in tester, depending on your preferences.
Pay attention to the risk-reward ratio. Quite often it can help to improve substancially the performance of the strategy.
@ J_C_Anderson
Thanks alot, this was really helpful.
I would go back to the drawing board and come up with a new strategy. I hope you are still in demo mode.
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@playervalue Here is an interview - which may help you to think in the necessary way
Linda Bradford Raschke
That is a great way of starting. You can only truly learn after you fail. First think about what is getting you stopped out… are your stops too tight, are your targets months away from being reached. Second pairing the strongest and weakest pairs isn’t all the work you need to do before you get into a position if it was we would all be billionaires. Most people will tell you price action or a bunch of other stuff but its all useless. You have to figure out what to look for and that is different from trader to trader. Best advice I can give you is you got to utilize your brain more. It works wonders and as soon as you put in your mind what you should be looking for you’ll find 90% its against what other traders are looking at and you’ll make a ton of money. Keep grinding and don’t stop.
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