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Profitable Forex Swing Trade Setups Review (win rate: 50%)
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In this Forex trading vlog, I share the results of the Forex swing trade setups I entered and missed earlier in the week. Vlog #221.
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My 4 Forex Swing Trade Setups Review
Trade #1: AUD/CAD in progress
The price on this currency pair reached the 0.97 support area. That’s an area I identified from the daily/weekly chart. Once I saw that the price reached the area, I started to monitor lower timeframes to look for my specific reversal trade setup.
A Forex swing trade setup appeared on the 4hr chart. I aim for 3R on this particular trade.
Trade #2: AUD/USD stopped out
The price on this currency pair reached an upward trending line, identified from the daily/weekly chart. Although less reliable, trades from trendlines can sometimes provide high rewards in a short period of time.
A Forex swing trade setup appeared on the 4hr chart once again. It was stopped out by price creating a new low.
Trade #3: CAD/CHF break-even
This currency pair was reaching 0.77 earlier last week. That level marks an important support area from the daily chart.
A Forex swing trade setup appeared on the 1hr chart once again. It was stopped out by price creating a new low. However, since the price is at the top of the support zone, I will keep monitoring the currency pair for another opportunity.
Trade #4: USD/SGD take profit
1.37 was a major resistance area on the pair. After a break-even attempt taken a few weeks ago, I was still monitoring the area for a potential trade.
My reversal setup formed on the 4hr chart by a candle that broke the 1.37 price level. I exited at R = 1 and R = 3 for an average of 2R.
2 Forex Swing Trade Setups I Missed
It is extremely important to take into account the trades you miss in the Forex market. Counting them will allow you to see if you would be better off or worse off by taking all the trades according to your trading strategy.
I added the following trades to my trading journal as Missed Trades.
Trade #5: EUR/GBP missed trade
Trade #6: GBP/NZD missed trade
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// About Me
My name is Etienne Crete (from Montreal, Canada). I’m a swing Forex trader and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
What you must know: I’m all for trading foreign exchange, but I think freedom is much more important than time spent in front of your computer.
I blog at www.desiretotrade.com and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That’s why you can expect more free content from me than what other people charge for!
If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you’re good at.
This video expresses my personal opinion only. Forex trading is risky. Make sure you are ready to trade. Even this will not guarantee you positive results. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action.
// You Might Also Like…
This Guy Tells You Exactly How To Trade Forex Full-Time And Make A Living! – https://www.youtube.com/watch?v=P6H6VHP5fX0
I Met Up With A Professional Trader Today (Invaluable Advice)! – https://www.youtube.com/watch?v=svkcsO2vzys
How To Create Your Forex Trading Strategy & Make It Profitable… As I Explore West Lake In Hangzhou – https://www.youtube.com/watch?v=Zb5X7k2JanY
Complete Trading Strategy With The Engulfing Pattern – Price Action – https://www.youtube.com/watch?v=WqTrn92CFBw
// All Products Used In This Video
Sony a5000: http://amzn.to/2sbMO11
Joby GorillaPod: http://amzn.to/2r0xqQo
Editing software: Final Cut Pro (Mac)
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Best Forex Swing Trading Strategy, Profitable Forex Swing Trade Setups Review (win rate: 50%).
Is Robinhood great for swing trading?
Yes, as long as your profession horizon extends 3– 5 days provided the hold period for deals. If you have a great feel for the technicals and also recognize where the regular pattern could head, you can certainly count on delayed swing professions making use of Robinhood.
Sector plays: These are best discovered by assessing the information or consulting reputable monetary details web sites to discover which industries are doing well. As an example, you can inform that the power sector is warm just by checking a popular power exchange-traded fund (like IYE) or scanning the information for mentions of the power industry. Traders looking for greater threat and higher returns may pick to seek out even more odd fields, such as coal or titanium. These are often much harder to assess, yet they can generate much higher returns. These types of plays involve the swing investor buying into patterns at appropriate times and riding the trends up until there are signs of reversal or retracement.
Graph breaks are a third kind of possibility available to swing investors. They are typically heavily traded supplies that are near a vital support or resistance degree. Swing investors will certainly look for numerous different kinds of patterns made to predict breakouts or break downs, such as triangulars, networks, Wolfe Waves, Fibonacci degrees, Gann levels, as well as others. Note that chart breaks are only substantial if there is sufficient rate of interest in the supply. These sorts of plays include the swing trader purchasing after an outbreak and selling again soon afterwards at the next resistance level.
Make a Watch List
The following step is to produce a watch checklist of stocks for the day. These are simply supplies that have an essential driver as well as a shot at being a great profession. Some swing investors like to keep a dry-erase board beside their trading stations with a classified checklist of opportunities, entry rates, target rates, as well as stop-loss costs.
Check Existing Positions
Lastly, in the pre-market hours, the trader has to check up on their existing placements, evaluating the information to see to it that nothing product has actually taken place to the stock overnight. This can be done by merely keying the supply icon right into a news service such as Google News. Next off, investors check to see whether any type of filings have actually been made by browsing the SEC’s EDGAR data source. If there is material details, it should be assessed in order to establish whether it impacts the current trading plan. An investor may also need to change their stop-loss and take-profit factors because of this.
Can you swing trade foreign exchange?
The good news is that this design of trading is possible on all CFD instruments, consisting of stocks, Foreign exchange, assets and also even indices. In the Foreign exchange market, turn trading enables investors to take advantage of outstanding liquidity, sufficient volatility to obtain interesting rate moves, all within a reasonably short time framework.
The marketplace hrs are a time for watching and trading. Several swing traders look at level II quotes, which will show that is buying and selling and also what amounts they are trading. Those originating from the world of day trading will certainly additionally often inspect which market manufacturer is making the trades (this can sign investors right into who lags the marketplace manufacturer’s professions), and additionally recognize head-fake bids and also asks placed simply to confuse retail traders.
As quickly as a practical trade has actually been found and entered, traders begin to search for an exit. This is generally done making use of technical analysis. Many swing investors like to make use of Fibonacci extensions, simple resistance degrees or cost by quantity. Ideally, this is done prior to the profession has actually also been put, yet a great deal will frequently depend upon the day’s trading. In addition, modifications may require to be made later on, depending on future trading. As a basic rule, nevertheless, you ought to never change a placement to tackle even more risk (e.g., move a stop-loss down): just readjust profit-taking degrees if trading continues to look bullish, or change stop-loss levels upward to secure revenues.
Going into trades is typically more of an art than a scientific research, and also it tends to depend upon the day’s trading task. Profession management and leaving, on the other hand, need to constantly be a specific scientific research.
After-hours trading is seldom used as a time to position trades because the marketplace is illiquid and also the spread is frequently too much to validate. The most crucial element of after-hours trading is performance assessment. It is necessary to meticulously videotape all professions and also concepts for both tax objectives as well as efficiency analysis. Efficiency examination entails evaluating all trading tasks and identifying points that require enhancement. Lastly, an investor must examine their open positions one last time, paying certain focus to after-hours profits statements, or various other material occasions that might affect holdings.
When should I market my stock swing?
Common swing trading doesn’t generally hold placements past two weeks. That should naturally move your thinking to when to sell supplies. Your objective then is to keep your earnings as opposed to trying to boost your profit.
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