If you are a forex trader then it is more than likely that you have come across the phase where you feel completely stuck trying to decide on the forex strategy to opt for. Because sometimes your gut tells you to stick to a certain strategy but after going forward with it, it doesn’t work and your hard work and money goes in vain. Plus, there are so many strategies that you can choose from, which makes it all the more difficult to make up your mind. So, if you have come across a crossroad similar to this then we have about eight strategies for you that are sure to up your forex trading game by a tenfold, if not more.
1. Bladerunner trade
The Bladerunner trade like the name suggests has been inspired by the movie Bladerunner. This strategy utilizes pure price action in order to discover entries. Different kinds of charts, indicators and resistance levels are utilized while making the Bladerunner strategy work. Off chart indicators such as MACD, RSI, etc. aren’t really necessary in this strategy but feel free to use any if you find it important or feel like you’re used to it. As trading works the best when you feel confident about your move.
To be precise, the Bladerunner strategy is a pretty amazing EMA crossover strategy. In addition to that, it can be applied in a timeframe of pretty much any kind and any type of currency pair.
2. Daily Fibonacci pivot strategy
This strategy, again like the name suggests makes use of the Fibonacci sequence and the pivot point in order to operate in the forex market. The chart displays certain points where the price action is affected by resistance or powerful support, however, if its order is disturbed it shows strong moves. So, if you are planning on making a trade anytime soon or you have already made up your mind about the trade you want to place then it is crucial for you to keep a close check on the prices that whether they are moving close to Fibonacci pivot points or not.
This is a relatively easy strategy that can be applied to both day trading and swing trading. Most successful traders swear by the Fibonacci pivot strategy and can’t seem to do without it.
3. Bolly band bounce trade
This trading strategy is ideal for when you are operating in a ranging market. Amateur traders prefer making trades when the prices are a lot more stable and the price change can be predicted. However, the real challenge is to operate in a fluctuating market. This is probably the reason why many people pass on the opportunity to trade in a restrictive market. This strategy is based on the observation of the price through the trader’s eyes.
Again, not many people will use the Bolly band bounce trade, however, if it something that attracts you, it will surely be worth your while.
4. Forex overlapping Fibonacci trade
Once you have familiarized yourself with the concept of Fibonacci pivot strategy, it will become quite easy for you to grasp the concept of Forex overlapping Fibonacci trade. There are tons and tons of people who prefer Forex overlapping Fibonacci trade over the others. However, experts do say that, if used on their own, this strategy can be a bit unreliable, but once you get a hang of it, it is pretty worth it.
The ease and simplicity of the Forex overlapping Fibonacci trade is what attracts most traders and it is the primary reason why they opt for it without pairing it up with any other strategies.
5. London hammer trades
When the London market opens up, the prices show extreme volatility. While, it makes matters a little difficult, some traders plan on banking on this opportunity to make money. This is where the London hammer trade comes in. This strategy is especially utilized when the London market starts operating.
This strategy can be effective any moment the price starts tot increase in a particular direction and moving away from a point where resistance is shown.
6. The Bladerunner Reversal
As we discussed earlier that the Bladerunner strategy is a trend following strategy. However, with the Bladerunner reversal, the entries are picked from the situations where the trends are reversed and the price begins to get traded on the other side of the EMA.
7. The Pop ‘n’ Stop Trade
This type of trading strategy is especially useful for people who try to chase prices when they show an upward trend. However, you can’t be too sure when you are following an exceeding price because it can quickly reverse causing a loss for you.
This is where you should utilize The Pop ‘n’ Stop Trade strategy. How this strategy works is that it combines the price action with the Rejection Bar Candlestick and makes the environment of trading relatively safer for the trader eliminating any major losses.
8. Trading the Forex Fractal
Trading the Forex Fractal is more than a concept than it is a strategy. It basically focuses on understanding the trend of the price, why it is moving and what are the conditions that are enabling it to move. These kinds of insights may take you a little longer to learn but they are surely worth it and they will up your forex trading game by a tenfold. There are plenty of websites online that offer such inside information completely free so while other people have spent hundreds of dollars acquiring this knowledge be sure to learn it while you have the chance to do it for free.
As you can see there are plenty of strategies that you can use in order to make the most of your trading skills. However, it is suggested that you choose the one which you find yourself completely comfortable and that complements your trading style. You don’t want to use the wrong strategy and end up losing precious dollars and your hard work as well.