How To Build a Forex RenkoTrading Strategy to Yield 40 Pips Every Day - forex trading practice account

How To Build a Forex RenkoTrading Strategy to Yield 40 Pips Every Day ~ forex trading practice account

As traders, we all want to have a positive cash flow, we all want to make enough money to pay for our time and work, here is a Forex Renko Trading Strategy that will help to reach that goal.

What we need is a consistent strategy, a time frame in which we are going to be at the screen to do our trading and the discipline to stick at it until we succeed.

We have to know, also, that we can not get every move in the market place. It is folly to chase every move or every trend. We can only get the moves that our strategy will point out.

I have a Forex Renko Trading Strategy method to help us to achieve a reasonable amount of profits daily.

I will lay it out in simple form, hopefully so that people can understand it and see the simplicity and be able to execute successfully.

For this exercise we will be using Metatrader 4 and setting up some Renko charts.

I will briefly cover how to get the Renko charts built.

First we will open one minute charts for several currency pairs, the majors, to start with. Of course you have your personal preferences as to which pairs you like and feel free to choose. In addition to those, open a one minute chart for the Dax index.

On to each of those charts place the EA Renko 3.4 and set the bar size to 10 pips, except for the DAX which could be about 50 pips.

This action will build an offline chart for each of those instruments, open those and shrink the one minute charts.

Now, on the M2 offline charts. for each one you are going to want to change each to a line chart and go into the properties for each chart and change the line  to have no color...

Now add the Heiken Ashi bars to each chart. and now we have our work charts almost set up. You will have 5 or 8 charts ready to go.

The next step is to get the indicators on the chart, the ones we are going to use to detect our entries.

Configure your chart the same as the chart in this post, the CCI SlingShot;

You need the two CCI in the same lower chart. Have a look at that post and be sure to grasp that simple method.

Do the same for all of your offline charts, perhaps make a template after the first one and apply that template to all the rest..

I think you are seeing how this system is really simple.. We are going to trade slingshots, they happen frequently and they are so easy to spot on a chart.

Now that we have the charts set up, one more thing to do.

Have a look at this post and review the 200 Trendline Break entry.  Study this one carefully.

Get used to spotting this one as it is the entry that will help you with  finding a trend change.

So far, you have a trend change entry and also a continuation move entry.... in other words, when something is moving, you can capture every part of the move, and if you are careful and disciplined you are going to do very well on each move on each pair.

One more thing we have to study before we have this concept.

Have a look at this post about CCI Divergence. Study the diagram and learn to mark this divergence both long and short. This is the warning for a pending trend change in many cases.

Now you have two patterns to enter with and a divergence tool. and nice clean charts.

You can shrink the charts down a bit and probably can watch  quite a few charts ion this way.

While the title of this article mentions 40 pips every day, I know from personal experience that this setup will give you a lot more than 40, especially if you are watching the DAX.

I am not sure if there is a simpler trading system than this, certainly the trades show themselves clearly and you have the indicator to give you precise entries.

I caution you against adding much to the charts, perhaps a 50 moving average, other than that leave the chart clean. 

Chart clutter causes confusion and will help to make mistakes.

Please be sure to use a stop loss with every entry, that is most important!

Enjoy!


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Using the Magic Bands Trading Strategy on Daily Charts - best forex trading advice

Using the Magic Bands Trading Strategy on Daily Charts ~ best forex trading advice

The Magic Bands trading strategy can be applied to daily or weekly charts as well as scalping charts.

It needs only a minor change which is not completely necessary. There is another indicator called the ribbon which adds a bit of colour to the chart as well as denoting momentum. The ribbon expands as momentum builds and that may be useful for some traders as they inspect their charts to look for entries.

The chart may also be enhanced by the Gator oscillator which shows the momentum, that is optional and is not necessary to use this trading system effectively.

Of course, on a longer chart a person will want to include a trailing stop as the position may last for several days or weeks as shown in the USDJPY chart below. You can see that the long entry lasted for several weeks.

Here is a chart of the Dax Index and on it you can see some great entries as that index has been climbing steadily for several months until this past summer. Once again this simple trading strategy has been able to bring significant profits with a minimum of maintenance to the portfolio.

There are many Forex pairs and Stocks and Indexes that have long trends and are quite well suited to this trading strategy. It requires only a few minutes a day to review a sizable portfolio to do what ever maintenance and entries are required.

To locate instruments that may be suitable for this type of system a person needs only do a scan for trending stocks or currency pairs and there are many to choose from. Probably those with some volatility would appeal to many investors.

The indicator settings  can be found on this page Magic Bands Scalp Trading Strategy along with some other information.

One more chart that I have here for you to glance at is that of Sweet Light Crude, you can easily see that a trend following  strategy would have reaped excellent profits in the past eighteen months.

Be sure to use a trailing stop with this system as the markets are completely unpredictable.

Good Trading..!

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Ichimoku Trading Strategy Chart of the Day November 17 (updated) - forex income engine trade alert software free download

Ichimoku Trading Strategy Chart of the Day November 17 (updated) ~ forex income engine trade alert software free download

AUDNZD: After a pair of Dojis there is a Tenkan cross and price is dropping, a clear signal for a short entry.

There had been significant support holding price up for many days and the Ichimoku Cloud could not be breached with many attempts. At last price was able to break through the cloud and there should be a good move resulting.

Ischimoku Kinko Hiyo is an excellent trend trading strategy used by many banks and institutional traders.
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Inside Day Breakout Strategy Forex Expert Advisor - forex trading sms tips

Inside Day Breakout Strategy Forex Expert Advisor ~ forex trading sms tips

Here is a Expert Advisor (EA) based on the Inside Day Breakout Play Strategy adopted from Kathy Liens book, "Day Trading the Currency Market."

Again, due to copyright issues, I will not explicitly list out the rules for this strategy. You can purchase your own copy of her book to read in depth more about this strategy. And yes, this strategy works

The strategy is based on volatility. Essentially, after two quiet days of little price movement, we expect a huge breakout. The EA will ride on this break out trend. We check for two days consecutively where each day is an inside day. This means that the days low and high are inside the previous days low and high.

Heres an example. Click to expand.

Here are the results.

Pair: EUR/GBP
Lot size: 1
Chart: Daily
Initial Balance: 10,000 USD

2010, 77.3% yield

2009, 44.8% yield

2008, 51.9% yield

2007, -4.65% yield

2006, -8.5% yield

Additional currency pairs which would work well for this strategy would be USD/CAD, EUR/CHF, EUR/CAD and AUD/CAD for they are tighter range pairs and thus result in less false breakouts.

Get the Inside Day Breakout Strategy Expert Advisor Here.

You can optimize the source code in anyway you want! 

Full money back guarantee within seven days if you are not satisfied.

Disclaimer: Do know that forex trading involves extremely high risks. While there are profits, there are times of losses too. I do not guarantee success using this EA and absolutely will not bear any responsibility for any losses that you make. You should be doing lots of back and forward testing on your own before trading with real money! 

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Master One Forex Trading Strategy at a Time - forex trading tipps für anfänger

Master One Forex Trading Strategy at a Time ~ forex trading tipps für anfänger

Do you want to become a MASTER of your Forex trading strategy? If so, you will need to have laser-beam like focus, you cannot waver and change strategies every week like many amateur traders do. Bruce Lee was arguably the best martial artist of all time, and guess what? He was not born the best martial artist of all time. He earned that title through dedication and focus…he learned to become a MASTER of his craft…if you want to succeed in Forex you will need to do adopt the Bruce Lee mentality…

Forget everything you have learned up to this point in your trading career, because if you truly want to master a new Forex trading strategy you really need to wipe the slate clean of all the confusing indicator and software based trading systems you have likely used thus far. One of the biggest problems that plague traders who are trying to adopt a new approach to the Forex market is that they seem to bring a lot of preconceived notions and failed trading concepts with them. If you really want to excel at Forex trading and adopt a fresh new trading strategy, you need to focus on one strategy or way of thinking and stop allowing previously failed trading methods to influence your current perspective on the market.

• Train your Brain

Learning to master one trading setup at a time will help you properly train your brain to become more disciplined and objective, two characteristics that you absolutely must possess if you wish to excel at forex trading. The process of truly mastering and “owning” one forex trading setup at a time might take months or even years to accomplish, but your chances of making money are increased dramatically by doing so. After you completely master one trading setup you will know almost instantly whether or not your setup is present, there will still be some discretion involved, but owning and mastering a setup means that you have fine-tuned your sense of discretion when it comes to deciding which trades to take and which ones to pass on. Many traders search long and hard for some “holy-grail” trading system that allows them to avoid having to develop their discretionary trading skills, unfortunately for them, professional trading inherently involves a fine-tuned sense of being able to discern between A, B, and C grade trade setups.

The discipline and objectivity that you will require as a result of learning to master one forex trading strategy at a time should spill over into other areas of your trading such as managing your risk and remaining calm and collected. When your thoughts are scattered on multiple trading strategies and (or) you have little confidence in the strategy you are currently using, you are obviously not going to make very wise trading decisions. Learning to master and “own” one forex trading strategy at a time will solve both of these problems because your focus will not be scattered amongst multiple strategies and you will naturally gain confidence in each setup as you master them one by one. Essentially, our goal in mastering one setup at a time is to reduce variables in our trading, many traders do the exact opposite when starting out by actually increasing variables through analyzing greater and greater amounts of technical and fundamental market data. Yet, the reason most traders lose money is not because they aren’t analyzing enough data, it’s because they over-trade, over-leverage, and analyze TOO MUCH data.
 
• Learn to Think like your Mentor

Obviously, if you are looking for a new trading strategy or mentor, what you were doing before was not working for you. Thus, it is paramount to your success as a trader that you adopt the same trading philosophies that your new mentor or trading strategy teaches, wash your mind of what you have learned thus far and completely immerse yourself in this new approach to the markets. In regards to what we teach here at learn to trade the market, this means learning to master one price action setup at a time, as this is how I initially found success in the forex market and so it is also what I recommend all my students do. As I have stated previously, after you master one price action setup you can move on to master another, until eventually your forex trading arsenal is fully loaded.

• Specialization is the Universal Key to Making Money

What do most people that make a lot of money in this world have in common? What do Tiger Woods and Bill Gates have common? Or how about George Soros and Venus Williams? At first you might say “nothing” besides the fact that they all make a lot of money. But what is the fundamental reason, behind all else, that these people and others like them make so much money while the rest of the world struggles to get themselves out of bed in the morning? One word; specialization.

People that make a lot of money focus in on one thing that they are passionate about, and they do it over and over and over until they achieve the result they are looking for. Simply put, you cannot really make a lot of money at anything in life if you master nothing. All of the people in the above example have literally “mastered” one thing, sure they had ups and downs along the way, but they did not let that bother them, instead they transmuted this negative energy into motivation and pressed on because they believed in what they were doing. Had they got involved and distracted with numerous other side-projects or interests they simply would not have achieved what they did. In forex trading we need to focus on one price action setup at a time and become a “specialist” in it, get to the point where you find yourself being someone that other traders look to for advice on the setup that you “own”. Become an authority on each price action setup before you move on to the next, there is no sense in doing anything half-ass in this world, and trading price action setups is no different.

• How to Master the Setup

Mastering one price action setup at a time is accomplished through literally making it the only setup you think about or look for when interacting with the market. You essentially live, breath, and sleep this one setup until you feel confident you know every angle and condition it can or should be traded in. Keep a trading journal to record under which market conditions the setup excelled in and which conditions it performed weaker in. Find all the information out on the setup you choose and learn everything you can about it. Once you do this you can begin implementing this knowledge on a demo account, only after you master this one setup on a demo account should you attempt to master it on a live trading account. If you find you are becoming consistently profitable with this one setup on a live trading account and you truly feel like you “own” it, then and only then should you think about adding a new setup to your trading toolbox.

• One Setup does not mean One Variable

In closing, a very important distinction to make here is that one price action setup does not only mean entering a trade when you see a well defined pin bar or other price action setup. By learning to master one “setup”, we mean you learn to master trading that particular setup in a particular market context. For example, you might learn to master the pin bar strategy in a trending market and only enter or exit at confluent levels within the trend, this is an example of how a “setup” can mean the actual price action setup itself and the market conditions that it is traded in. So, in order to fully master one price action setup you must learn to master this setup in one particular market condition, perhaps you want to master the fakey strategy in range-bound markets, or the inside bar in down-trending markets; the totality of the actual price pattern itself combined with the particular market condition you trade it in is what you must master in order to consider yourself a “master” of one Forex trading strategy. To learn more about mastering the price action setups that I teach, check out my price action trading course.
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Signal 1 25pm - forex trading tax implications

Signal 1 25pm ~ forex trading tax implications

GBPJPY Buystop 158.87, SL=157.94, TP1=158.37, TP2=160.48   GBPUSD Buystop 1.6525, SL=1.6474 TP=1.6575

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How can YOU Earn Thousands of Dollars Each Day - forex trading tax in south africa

How can YOU Earn Thousands of Dollars Each Day ~ forex trading tax in south africa

FOREX (FOReign EXchange market) is an international foreign exchange market, where money is sold and bought freely. In its present condition FOREX was launched in the 1970s, when free exchange rates were introduced, and only the participants of the market determine the price of one currency against the other proceeding from supply and demand.

As far as the freedom from any external control and free competition are concerned, FOREX is a perfect market. It is also the biggest liquid financial market. According to various assessments, money masses in the market constitute from 1 to 2 trillion US dollars a day. (It is impossible to determine an absolutely exact number because trading is not centralized on an exchange.) Transactions are conducted all over the world via telecommunications 24 hours a day from 00:00 GMT on Monday to 10:00 pm GMT on Friday. Practically in every time zone (that is, in Frankfurt-on-Main, London, New York, Tokyo, Hong Kong, etc.) there are dealers who will quote currencies
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The Fader Strategy Forex Expert Advisor - forex trading success tips

The Fader Strategy Forex Expert Advisor ~ forex trading success tips

Fader Strategy Expert Advisor Here is a Expert Advisor (EA) based on the Fader Strategy adopted from Kathy Liens book, "Day Trading the Currency Market."

Yes, again, due to copyright issues, I will not explicitly list out the rules for this strategy. You can purchase your own copy of her book to read in depth more about this strategy. And yes again, this strategy works.

The strategy is based on trading fade outs, in other words, false breakouts. We check for a weak trending environment based on a low ADX number, and check for a false breakout which is prices go lower than the previous day, and reversing to a high, higher than the previous day. If this occurs, get into a buy order. A sell order works conversely.

Heres an example. Click to expand.

Here are the results.

Pair: GBP/USD
Lot size: 1
Chart: Hourly
Initial Balance: 10,000 USD

2010, 9% yield

2009, 27% yield

2008, 12% yield

2007, 12% yield

2006, 0% yield

2005, 6% yield

2004, -3% yield

Additional currency pairs which would work well for this strategy would be EUR/USD. Make sure you use this strategy when there no schedule news releases that can cause huge price movements. We want fake breakouts here. This strategy works best with pairs that are less volatile and have smaller trading ranges.

Get the Fader Expert Advisor here.

You can optimize the source code in anyway you want!

Full money back guarantee within seven days if you are not satisfied.

Disclaimer: Do know that forex trading involves extremely high risks. While there are profits, there are times of losses too. I do not guarantee success using this EA and absolutely will not bear any responsibility for any losses that you make. You should be doing lots of back and forward testing on your own before trading with real money! 

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Signal today 1 00pm GMT 8 - forex trader tax haven

Signal today 1 00pm GMT 8 ~ forex trader tax haven

GBPJPY Sellstop 155.30, SL 156.18, TP1 154.80, TP2 154.05. GBPUSD Sellstop 1.6432, SL 1.6482, TP 1.6382

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Day Trading Forex Currency - forex trading tax implications uk

Day Trading Forex Currency ~ forex trading tax implications uk

Right, day trading today. People are very interested in the concept of day trading. And i think there are at least few reasons for this. Before i will go into details, lets define day trading, what it really is.

On Forex day traders are guys who make a lot of trades (like over 10) in a single. Each of the trade is closed by the end of trader trading session, on Forex it usually means turning your computer off. Note that this is not the same as scalping. The only similarity between scalping and day trading is that, a lot of traders fail there.

Main resaon for this is that traders are tempted with huge profits, when doing day trading people are almost always using huge lavereages, like 100:1, it means buying 10 Lots with 10 000$. I think you can easily see how much one PIP is worth then, yeah it is 100$. It seems great at first, looks like a quick cash, but consider the fact that you only need 100 PIP move in the wrong direction to meet mr. Margin Call.

In reality when you trade on such high leverage it looks like everything is happening with a speed of light, while in fact it all happens with a normal speed, it is this ridiculous leverage that makes things harder.

Next thing you need to consider when you want to do day trading on forex currencies, is that not every broker will be happy with what you are doing, they may close your account or limi your leverage if ... you will start making money. So chose your broker wiseley checkout Forex forums and read brokers reviews make sure they allow day trading.

You may now think, wow day trading is hard. Well in fact it really is harder then you think. I am not saying it cannot be done, i am not saying you cannot earn like 200% a month. I am just saying that success with day trading want happen overnight, if you focus on it and commit to becoming day trading the success will come with time and experience.
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Polish Currency - forex trading tax ireland

Polish Currency ~ forex trading tax ireland

If you are considering, long term investment, like one or two months than Polish currency might be interesting for you. For the last year it got stronger and stronger. Just checkout the charts below, this are EUR/PLN and USD/PLN, timeframe 1 year, on both charts you can see what i would call quality trend. Line is at 45 degrees, almost no corrections.

EUR/PLN

Lets start with EUR/PLN, i wont even talk about technical analysis, indicators and so on, you can see what is happening here. Just draw the line wait for minor correction and get into trade. You maybe wondering.

Ok it went down for a year, wont it turn back? This is a good question, i think this trend can end up pretty soon maybe 3 or 4 months, hard to say really. The problem here is that Polish bussiness has a problem with strong PLN against EUR, because a lot of companies export their products to west Europe. With strong Polish currency, their products are actually more expensive and thus less competetive.

The bottom line is, Polish bussinessmen want this trend to stop, and i believe that government will do what they ask for, the question is when?


USD/PLN

Now look at USD/PLN chart it looks almost the same as EUR/PLN, so again i wont go into details how to trade it.
Now to answer the same question as earlier, is this trend here to stay? I think it is, because gas price in Poland pretty much depends on gas price in USA. When gas price in USA gets more expensive it also gets more expensive in Poland (and rest of the world btw).

However, if gas price will go up, but at the same time Polish currency would get stronger against dollar, then it wont affect Poland as much as it would without USD/PLN going down.

Now if i got you interested in this form of investment, you will need a broker, which allows to trade Polish currency or at least EUR/PLN and USD/PLN. As far as i am concerned there are not much brokers who allow this. The ones who do are Oanda and maybe SaxoBank however i am not sure of that.

That is not end of the problems, even if you will find broker who allows to trade this pairs, probably spread on them will be somewhere between 20 and 40 pips, so like i said it is only good to trade them if you are looking for long term investment not scalping or even swing trading.

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USDJPY Ichimoku Chart Of The Day - automated forex trading algorithms

USDJPY Ichimoku Chart Of The Day ~ automated forex trading algorithms

Price is starting to test support of the Ichimoku Cloud. This will be interesting as economic reports appear later in the day.

USDJPY holding 117.00 as Nikkei falls again - ForexLive (blog)
Wed, 14 Jan 2015 05:56:45 GMT
USDJPY holding 117.00 as Nikkei falls againForexLive (blog)Mike Paterson has more than 30 years of experience trading FX including key market-making roles as a senior spot trader with UBS and Credit Suisse. He was also head of FX at the State Bank of ...


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USD/JPY Technical Analysis: Support Below 118.00 Pressured - DailyFX


Tue, 13 Jan 2015 23:56:45 GMT
USD/JPY Technical Analysis: Support Below 118.00 PressuredDailyFXThe US Dollar is testing the bottom of now-familiar range support below the 118.00 figure against the Japanese Yen once again. Near-term support is at 117.91, the 23.6% Fibonacci retrac ...


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ETF Chart of the Day November 25 (updated) - cts forex algorithmic trading solutions

ETF Chart of the Day November 25 (updated) ~ cts forex algorithmic trading solutions

This ETF, Direxion Daily Healthcare Bull 3X ETF is showing considerable strength of late and probably deserves a close look.

Some information from the management of the fund, Direxion Investments:

Fund Symbol	CURE
Daily Target	300%
Intra-day Indicative Value	CURE.IV
Bloomberg Index Symbol	IXV
CUSIP	25459Y876
ISIN	US25459Y8764
Gross Expense Ratio	1.21%
Net Expense Ratio	0.95%*
Inception Date	Jun 15, 2011

Overview

The Daily Healthcare Bull 3x Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the S&P Health Care Select Sector Index. There is no guarantee the fund will meet its stated investment objective.
This leveraged ETF seeks a return that is 300% the return of its benchmark index for a single day. The fund should not be expected to provide three times the return of the benchmark’s cumulative return for periods greater than a day.

Performance
NAVs and market price information as of November 24, 2014

Monthly Quarterly

All data as of 10/31/2014
Ticker	Fund Name		1 Mo %	3 Mo %	YTD %	1 YR %	3 YR %	5 YR %	10 YR %	Since Inception	Inception Date	Expense Ratio* (Gross/Net %)
CURE	Daily Healthcare Bull 3x Shares	NAV	14.81	32.62	71.99	100.25	96.12			71.22	6/15/2011	1.21 / 0.95*
		Market Close	14.92	32.69	71.80	99.16	94.06			71.21

From WallStreet Scope Nov 7

Direxion Daily Healthcare Bull 3X ETF (CURE) of the Financial sector (Exchange Traded Fund) lost -2.75%, a change from open of -3.5700% ($-3.23 per share) at the close of the normal trading day Friday with a volume of 95712 shares.  Direxion Daily Healthcare Bull 3X ETF (CURE) ended the day at $117.43 with a market cap of ,  insider ownership of , volume of  095,712 and a weekly performance of 2.84%. Direxion Daily Healthcare Bull 3X ETF (CURE)’S monthly performance stands at 13.27% and Direxion Daily Healthcare Bull 3X ETF (CURE) is considered a stock to watch for the upcoming trading day.

Here is a chart made after the close on Tuesday Nov 25, you can see that this stock has had a long advance and is still very strong.

In fact, the Relative Strength Factor for this ETF is 99.6

I want to draw your attention to the Point and Figure chart for this instrument, you will see a Bullish Price Objective of $215.00

This ETF is certainly deserving of a place in your watchlist and may well become a part of your trading strategy.


Good Trading..!

Some additional information on the Relative Strength Factor




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Forex Day Monster - forex trading best tips

Forex Day Monster ~ forex trading best tips

Download free Forex Day Monster here:
http://adfoc.us/23775544247271-- or --
http://adf.ly/qEisl
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DAY TRADING FOREX WITH CCI INDICATOR - live forex trading advice

DAY TRADING FOREX WITH CCI INDICATOR ~ live forex trading advice

LONG TRADING SETUP

1. 14-period CCI moves above 100
2. At least one bar closes down (retracement)
3. Enter one tick above bull trend bar

If CCI falls below -100 at any point, the trading setup is void.

SHORT TRADING SETUP

1. 14-period CCI moves below -100
2. At least one bar closes up (retracement)
3. Enter one tick below bear trend bar

If CCI rises above 100 at any point, the trading setup is void.

WINNING TRADE – SHORT CCI DAY TRADE

This is a 30-minute chart of 6E futures contract.

1. CCI fell below -100 line and set the stage for short trades.
2. This bar closed up as the first sign of retracement. We went on high alert for a bear trend bar as a signal bar.
3. This small bar could have been our trigger but price did not go below it to trigger our sell stop order. Instead, we went short at bearish inside bar (red arrow).

LOSING TRADE – LONG CCI DAY TRADE

This trade actually worked, if not for the outside bar that whipsawed us out of our position.

1. CCI went above 100.
2. Prices retraced down for two bars before giving us a bull trend bar for entry. However, right after we entered the long trade, an outside bar stopped us out by one tick. (As always, we placed our stop-loss a tick below the signal bar.)
3. Long trading setups that allow us to enter below the high of the CCI break-out bar tend to work better. The reverse is true for short trades.

CONCLUSION – DAY TRADING WITH CCI

This simple trading strategy uses CCI to find momentum before we trade along with it. Waiting forretracement before entering the trade works well to avoid whipsaws.

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