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Short-Term Trading Strategy for EUR/USD
Objective:
This strategy aims to capitalize on short-term price movements in the EUR/USD currency pair by combining technical analysis, key support/resistance levels, and momentum indicators. The focus is on intraday or swing trading with a holding period of a few minutes to several hours.
Key Components:
Trend Identification:
Use the 50-period and 200-period Exponential Moving Averages (EMAs) on a 15-minute chart to identify the trend. If the 50 EMA is above the 200 EMA, the trend is bullish; if below, bearish. Trade in the direction of the trend.
Entry Signals:
Momentum Confirmation: Use the Relative Strength Index (RSI) to confirm overbought (above 70) or oversold (below 30) conditions. Enter long positions when RSI crosses above 30 in an uptrend, and short positions when RSI crosses below 70 in a downtrend.
Candlestick Patterns: Look for bullish/bearish reversal patterns (e.g., engulfing, pin bars) near key support/resistance levels or Fibonacci retracement levels (38.2%, 50%, 61.8%).
Support/Resistance Levels:
Identify recent swing highs/lows and round numbers as key levels. Enter trades when price bounces off support/resistance with confirmation from RSI or candlestick patterns.
Risk Management:
Set stop-loss orders below recent swing lows (for long trades) or above swing highs (for short trades).
Use a 1:2 risk-reward ratio, aiming for twice the risk taken on each trade.
Limit position size to 1-2% of the trading account per trade to manage risk.
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