July 30, 2013
- in Uncategorized by schooloftrade
Simple day trading strategy for Euro Currency Futures
We identified one of our favorite
(and simplest) day trading strategies this morning on the Euro currency futures and in today’s video I will review
this simple way to day trade the Euro with our Inside-Out Trade Set-Up.
The first thing we need to look for
is the previous high-of-day and previous low-of-day.
We use a simple indicator that plots these for us every morning which
makes trading this strategy very easy for a new trader without any
experience. Our indicators will do all
the hard work for you, all you need to do is learn the strategy and keep your
eyes open to look for the signals from the indicators.
is the previous high-of-day and previous low-of-day.
We use a simple indicator that plots these for us every morning which
makes trading this strategy very easy for a new trader without any
experience. Our indicators will do all
the hard work for you, all you need to do is learn the strategy and keep your
eyes open to look for the signals from the indicators.
Once we know where the PHOD and PLOD are
located on our charts, we then need to see the price-action give us a fake-out breakout at either
the PHOD or the PLOD. It doesn’t matter
which side we get the fake-out breakout but it must occur for this set-up to be
valid.
located on our charts, we then need to see the price-action give us a fake-out breakout at either
the PHOD or the PLOD. It doesn’t matter
which side we get the fake-out breakout but it must occur for this set-up to be
valid.
If we get a fake-out breakout, the
next step is to look for the entry pattern. We train ALL
of our members on exactly what to look for in the entry pattern, and today was
no different. The entry pattern will get
us into a position selling the PHOD or buying the PLOD.
next step is to look for the entry pattern. We train ALL
of our members on exactly what to look for in the entry pattern, and today was
no different. The entry pattern will get
us into a position selling the PHOD or buying the PLOD.
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| Euro Day Trading Strategy |
The final step to this day trading
strategy is to place your stop-loss and profit-targets correctly.
Again, this is something we will teach you as a member of SchoolOfTrade.com, but this set-up is very simple. Let’s assume today’s SHORT off the PHOD, my stop-loss
is 2 ticks above the High of Day, and I always know my risk tolerance before I
take the trade.
I use very simple profit-targets on
this type of trade set-up. I want to take a profit-target somewhere
in the middle of the range from yesterday, and we use a few different ways to
calculate this. If my trade account
allows me, I will leave a small portion of my trade open and plan to take my
final profit-target all the way at the opposite side of the trading-range. In today’s example we sold short from the PHOD,
our first target was in the middle, and our second target a few ticks above the
PLOD just in case it bounces early.
this type of trade set-up. I want to take a profit-target somewhere
in the middle of the range from yesterday, and we use a few different ways to
calculate this. If my trade account
allows me, I will leave a small portion of my trade open and plan to take my
final profit-target all the way at the opposite side of the trading-range. In today’s example we sold short from the PHOD,
our first target was in the middle, and our second target a few ticks above the
PLOD just in case it bounces early.
As you can see, today’s example was a
PERFECT example of a
day trading strategy that can be applied to ANY market you chose, and is
perfect for someone with a small trade account, or limit experience as a
trader.
PERFECT example of a
day trading strategy that can be applied to ANY market you chose, and is
perfect for someone with a small trade account, or limit experience as a
trader.
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