"People are not remembered by how few times they fail, but how often they succeed."- Thomas Edison
Okey, I am sharing this post about strategies for short term profit. Let us together quickly succeed in the forex business.
This strategy uses two chart TIME FRAME 15-minute and 1-hour charts chart, and 200 period EMA and 4-bar slow stochastic. To identify trends you should look for situations where consistanctly priced above or below the moving averages on both charts.
Once the trends have been identified:
IF the market is more than 20 points above (for going long) or 20 points below (for going short) moving average.
Stochastic fast pass line / cross above the slow line Stochastic under 20 (for going long) or below the line crosses above the slow stochastic 80 (for going short).
If these conditions are met it means that the currency is currently in a short-term uptrend or a downtrend and has stopped or pulled back and ready to make a turn / turn.
Stop loss should be set 10 points below the 200 period MA on the 15 minute chart. for going short, place a stop 10 points above 200 - period moving average on the 15-minute chart.
