I have been studying forex trading with some help from the FORUM members and find that currencies (GBP/USD) keep on oscillating in a narrow range. this means yoiu can only swing trade. No posibility of Position trading. Your helpful cpmments please
Gaminig
2007-03-22 20:37:57 · 4 answers · asked by Anonymous in Business & Finance ➔ Investing
Let me give you a little advice. There is definetely long term trends in Forex. Take a look at the daily and monthly charts. It is important to know the long term trend before you enter into any short term trades. I teach my clients to use Fibonacci studies on the daily charts to identify key support and resistance levels.
Although a currency pair may range for a number of days what you are really looking for is the point at which you can capture a breakout.
The bulk of my client's use a Forex hedging tactic as part of a long term investment strategy.
Good luck in your ventures.
2007-03-23 14:30:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Every time frame has a trading strategy. Position Trading just means holding the position for a longer time. You have to look at daily and weekly charts. Even monthly chart just to have a birds eye view. Just remember your stops will have to be wider than for 4 hourlies chart trading.
Check out Peter Bain Strategy from Forex Mentor click : http://www.geocities.com/lcming/ForexForex
2007-03-23 05:41:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It can be both. My advise would be to def be out of the market before a big economic number. If your wrong you will get smoked because they will gap the market, sometimes as much as 120 pips. Anyway if you would like a free demo for forex trading visit our website, www.phantomtrading.com
2007-03-23 10:13:33 · answer #3 · answered by phantomtrader2 2 · 0⤊ 0⤋
Can be Both, depending on how you trade.
Yes you definitely can trade on the range. One of the way is to incorporate Options into your Forex Trading
2007-03-23 03:46:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋