The Simple Strategy - A Powerful Day Trading Strategy For Trading Futures, Stocks, ETFs and Forex by Markus Heitkoetter & Mark Hodge

The Simple Strategy - A Powerful Day Trading Strategy For Trading Futures, Stocks, ETFs and Forex by Markus Heitkoetter & Mark Hodge

Author:Markus Heitkoetter & Mark Hodge [Heitkoetter, Markus]
Language: eng
Format: epub
Publisher: Rockwell Trading Services LLC
Published: 2013-07-24T18:30:00+00:00


Chapter 8

How To Trade Forex With The Simple Strategy

The same rules discussed in Chapter 5 apply when trading the Simple Strategy with Forex.

Determine the underlying direction of the market using MACD.

Look for buy & sell signals when price is tagging the Upper & Lower Bollinger Bands, using the Bollinger Band as an entry signal.

Determine the Average Daily Range and place your stop loss at 10% of the ADR and profit target at 15% of the ADR

Fortunately more and more Forex charting platforms are now giving traders the ability to plot range bars. If your charting software doesn't offer range bars consider upgrading to software that does, or use time bars as an alternative.



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