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Other Added - Currency Trading Strategy - The Doji On The Daily
You may have read the book Good to Great, by Jim Collins. In his book he explains how many companies thought being good is… well, “good enough.” In these times of constant change and global competition, it is important to always look for improvement --especially when it comes to safety.Who wants to settle for “good enough” safety? In most cases, good means the company is willing to settle for an injury. “Good enough” safety means setting safety goals based on lagging indicators. (An example is to redu
You can now focus in on this day's price action on the lower time frames. Is the doji candle around a strategic support or resistance level? Does it also mat
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Why?
Because this is the time frame often consulted by professional traders and fund managers, some representing large institutions. Key levels of support and resistance on the daily chart can be significant and should be taken note of when considering charts on lower time frames.
The Doji On The Daily
The currency trading strategy described here takes advantage of a setup that occurs frequently through the month on a variety of currency pairs.
After each day is complete, preferably using GMT as the guide no matter where you live in the world, examine the previous day's candle on the daily chart and see whether it is the doji formation.
A doji candle typically has a very small body. Look for a doji candle with 50 pips or less between the high and low for the day.
You can now focus in on this day's price action on the lower time frames. Is the doji candle around a strategic support or resistance level? Does it also mat
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The Doji On The Daily
The currency trading strategy described here takes advantage of a setup that occurs frequently through the month on a variety of currency pairs.
After each day is complete, preferably using GMT as the guide no matter where you live in the world, examine the previous day's candle on the daily chart and see whether it is the doji formation.
A doji candle typically has a very small body. Look for a doji candle with 50 pips or less between the high and low for the day.
You can now focus in on this day's price action on the lower time frames. Is the doji candle around a strategic support or resistance level? Does it also mat
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The Doji On The Daily
The currency trading strategy described here takes advantage of a setup that occurs frequently through the month on a variety of currency pairs.
After each day is complete, preferably using GMT as the guide no matter where you live in the world, examine the previous day's candle on the daily chart and see whether it is the doji formation.
A doji candle typically has a very small body. Look for a doji candle with 50 pips or less between the high and low for the day.
You can now focus in on this day's price action on the lower time frames. Is the doji candle around a strategic support or resistance level? Does it also mat
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A doji candle typically has a very small body. Look for a doji candle with 50 pips or less between the high and low for the day.
You can now focus in on this day's price action on the lower time frames. Is the doji candle around a strategic support or resistance level? Does it also mat
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You can now focus in on this day's price action on the lower time frames. Is the doji candle around a strategic support or resistance level? Does it also match up with a Fibonacci retracement level such as the 50 or 62% mark on a 4 hour or 1 hour chart?
Then this could be a reversal point and the current day's action could offer some nice opportunities for trading.
How To Trade The Doji On The Daily
The currency trading strategy you choose to trade this setup will depend on your personal trading style. Here are 3 possibilities
1. The Breakout
If you believe price is going to reverse at this point then set an entry order 5 pips the other side of the high or low of the doji candle and get taken in when price moves.
Of course, there may be a false breakout and your stop could be taken out. That's trading!
2. The Re-Test
If you want a more cautious currency trading strategy then wait for price to break the high or low of the doji candle (you can mark the high and low on the 1 hour chart or 15 minute c
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