Its 10:51am here in the UK and as most of you know, while I am waiting for the US market to open, I will take some currency trades, usually I watch the pound and the euro. Sometimes a breakout day trade will setup.
My preferred method is Scan, Watch, Trade, repeat which is what I teach you all to do on US stocks. Generally, NASDAQ and NYSE but for forex I just take simple methods like breakouts, I don’t take the entries blindly, I use the Day Trading Software for confirmation.
Ideally, I am looking for a range bound market like the pound was for a while today, this is signaled by the day trading software by the gray bars and also the price bouncing around the very small blue and red dots. This is why I drew 2 lines above and below the range.
What I then wait for is the software to give me a Big Blue dot signaling price action change, I then wait for confirmation from the bottom Indicator (DTS Map) to change to the same color Blue and I’m then waiting for it to break the range and I’m in. This all happened within 7 minutes, and I got some nice profit. I get out when I got the grey bar signaling a range staring again.
Now this is a simple setup and when all variables line up, I take every trade, the money adds up and that’s before I do my real day trading. I usually just keep my charts open; I only take real high probability trades like this. I am not panic trading and I always use the stop given by the system.
Things do not have to be complicated guys; I make a lot of money combining simple high probability day trading with relaxing swing trading using this software which I sell for such reasonable prices.
These algorithms are derived from what I used to develop for banking systems and for trading institutions in my past life as a software developer.
You don’t need huge complex trading courses or £2000 trading systems. It’s all here. I have 5 setups I use to make over 200k per year in profit.