Hi,
I am just wondering if anyone uses multiple strategies, price action patterns, indicators in one currency?
Is it the case the more strategies you have and indicators and price action patterns the more probable the way bull/bear market will go or is this incorrect way to trade properly?
Thanks.
I’ve only been doing forex trading for about 6 months, so there’s my disclosure. But I am finding that there is no all encompassing strategy. I stick with the majors and big crosses because of lower spreads and I’m finding that if I just utilize 1 strategy I don’t get to place trades as often as i think i should. I’m not trying to overtrade by anymeans, but I get the “perfect” signal about 1 time a month and thats not enough to sustain my swing strategy. I’m using a combination of Ichimoku 1d/8hr/4hr indicator, slow stoch and basic support/resistance fib lines. I’m doing better. Last week i only managed to miss on 1 out of 10 trades. i know thats an anomaly but it sure was sweet. i haven’t found a pure mechanical system yet and no matter how hard I try to develope one I can’t seem to get any better than about 40%ish probability and that just doesn’t work for anyone.
Nice answer Snook!
In my opinion, each pair has its own behaviour and personality. So each pair should be traded slightly different, that’s how I see it anyways. Usually you want to look for the major pairs as they are liquid, offer low spreads and are better (for me anyways) to analyse technically.
I trade discretionary, so I don’t even bother developing any mechanical systems.
Regards,
Clark.
I have several patterns and concepts I trade Fiber and Cable with. Depending on the type of trade and time of day… I have a tool for it and something setups up 4 out of 5 days per week. Do I trade every one of them… nope. This is where new folks choke, less is more. A method with 30% accurate can be wildly profitable {snook}… accuracy is not a big deal as long as Risk managed and reward if at the very least two times the risk and ideally… 3-5 times risk. It doesn’t take much to grow a tree you soon can pluck that proverbial fruit that hangs just out of reach for so many aspiring traders… but it does take patience and consistency.
GLGT 
Also you seem to be using the word ‘strategy’ to describe one indicator, or one style, whereas many other trades have what they would term a strategy that includes an indicator or two, some Price Action, maybe some fundamental analysis. I think that it is pretty commone to have multiple elements that one takes into consideration, but which are applied mechanically to each trading day, and that is the strategy. I have emas on my chart, I look at S&R (including Fib) and Price Action, but I consider that amalgamation to be my overall ‘strategy’. Apologies if I have misunderstood your original post, though!
ST