Up bars signal an uptrend while down bars signal a downtrend, while other price action indicators may be inside or outside bars. The key to success with this strategy is trading off of a chart timeframe that best meets your schedule.
There are also more strategies down below to fallow
Take fewer positions and hold for days.
It is critical that you understand the drivers of your currency pairs and have taken the time to really understand your market. Therefore, after studying the market and narrowing down particular chosen currency pairs, selecting a few positions and holding them for a longer period of time is a prudent strategy for traders. Another wise strategy is to put in stop-loss orders with all your trades to minimize any losses if the market moves against you.
Look at long-term trends.
There is value in looking at longer-term trends (daily/weekly) instead of looking at hourly or even four-hour charts. This will allow you to trade while looking at your computer only once a day.
Set up trading orders.
Setting limit, stop-loss, or other entry/exit orders can ensure you do not miss opportunities to enter or exit positions. Most trading platforms allow for these orders with no additional fees.
Use technology!
Set up automated alerts to your mobile phone or email to keep you informed of currency price movements while you are not actively trading.
There are also more strategies down below to fallow
Take fewer positions and hold for days.
It is critical that you understand the drivers of your currency pairs and have taken the time to really understand your market. Therefore, after studying the market and narrowing down particular chosen currency pairs, selecting a few positions and holding them for a longer period of time is a prudent strategy for traders. Another wise strategy is to put in stop-loss orders with all your trades to minimize any losses if the market moves against you.
Look at long-term trends.
There is value in looking at longer-term trends (daily/weekly) instead of looking at hourly or even four-hour charts. This will allow you to trade while looking at your computer only once a day.
Set up trading orders.
Setting limit, stop-loss, or other entry/exit orders can ensure you do not miss opportunities to enter or exit positions. Most trading platforms allow for these orders with no additional fees.
Use technology!
Set up automated alerts to your mobile phone or email to keep you informed of currency price movements while you are not actively trading.