The Best 3 of Forex Trading Strategies

 The Best 3 of Forex Trading Strategies

If talking about forex, then you must know the right strategy for trading. Here are some effective strategies that can be applied when trading.

The Powerful Fundamental Factor

This is the trading done by using the market respond when the economic data has been released by related parties. You should also know that the market will move volatile when the figures from the announced economic data become worse or better than you think. An example is better-than-expected NFP data so the USD will rise significantly in the first 20 minutes. If the data is worse than expected, then the USD will decline or weaken sharply. This will cause the counterpart to move down and rise sharply. 3 Strategies of Forex Trading for Professional Traders

Another example is the data causes the USD to strengthen so that other currencies will move down. You can benefit from that price movement once NFP data is released in the market. The economic data used to implement this strategy is the decision of the Fed and US NFP rates.

Use Rounded Numbers for Resistance

The round numbers referred to in this article are price levels such as 100.000, 0.50000, 1.0000, 1.50000, and so on. Uneven numbers are price levels such as 139.387, 1.58837, and so on. Usually, round numbers are also referred to as psychological levels because these are key resistance.

If you see the price is moving above the rounded level, then that level will be the key resistance. You can open a buy position and refer to that level area. If the price is below that level, then you can open the opportunity to sell position.

Use Technical Indicator Combinations

This is called a trading system because professional traders will use the indicator so that one indicator can cover the weakness of other indicators. The trader can get a stronger signal than the usual way. You can see the technical analysis used for a particular team. The analysis uses Fibonacci Retracement, Moving Average, Commodity Channel Index, and Stochastic Oscillator.

Moving Average is used to amplify the bias. Moving Average will be a dynamic support area when the trend is clearly visible in the market. If the trend is difficult to determine, then Moving Average will give you a clue. The directive may indicate a bullish, bearish, and intraday bias.

Moving Average can be combined with Fibonacci Retracement in forex trading to provide good information on the area. Fibonacci retracements can define the benchmark for that market and this can be reinforced by the Moving Average. If this method merges into one, then the analysis will be strong and valid.


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