Please you tube Stacey Burke Trading for further information on his day trading and or scalping strategy that his uses daily, he is a great teacher of all things Forex. All Forex traders from beginners to experts would gain knowledge by watching his videos and listening to his nuggets of knowledge.
Quick version of Stacey Burke Trading strategy is:
1) Trade GBP, EUR and USD pairs ( or pairs with highest average daily ranges)
2) On 15 minutes chart noted: yellow boxes from 5 p.m to 8 p.m. , 11 p.m. to 2 a.m. and 5 a.m. to 8 a.m. NOTE: these times are PST/USA- west coat- please convert them to your own time zone. These are 3 hour box areas which Stacey has gotten down too in his long history of trading Forex, with highest liquidity and volume per day and go along with his trading style and risk management too.
3) On chart attached, in noted three yellow box areas you could have had from 1:2 to up to 1: 5 risk and reward setups easily using a stop loss of 12.5 pips.
1st 3 hour session noted is during Sydney/Japanese overlap session
2nd 3 hour session noted is during Japan/London overlap session
3rd 3 hour session noted is during London/New York overlap session
Might want to utilize this strategy to give you short focused periods of times trading, so you can maintain balance in your life doing other things. Yes, you still need to know pairs major and minor trends, support and resistance areas, fib ret reversal area (50% to 61.8% golden zone), session, time and price. Do not just trade blindly in these area without understand bigger picture of pair (daily, weekly and monthly) down to time frame you are using to day trade with.
Quick version of Stacey Burke Trading strategy is:
1) Trade GBP, EUR and USD pairs ( or pairs with highest average daily ranges)
2) On 15 minutes chart noted: yellow boxes from 5 p.m to 8 p.m. , 11 p.m. to 2 a.m. and 5 a.m. to 8 a.m. NOTE: these times are PST/USA- west coat- please convert them to your own time zone. These are 3 hour box areas which Stacey has gotten down too in his long history of trading Forex, with highest liquidity and volume per day and go along with his trading style and risk management too.
3) On chart attached, in noted three yellow box areas you could have had from 1:2 to up to 1: 5 risk and reward setups easily using a stop loss of 12.5 pips.
1st 3 hour session noted is during Sydney/Japanese overlap session
2nd 3 hour session noted is during Japan/London overlap session
3rd 3 hour session noted is during London/New York overlap session
Might want to utilize this strategy to give you short focused periods of times trading, so you can maintain balance in your life doing other things. Yes, you still need to know pairs major and minor trends, support and resistance areas, fib ret reversal area (50% to 61.8% golden zone), session, time and price. Do not just trade blindly in these area without understand bigger picture of pair (daily, weekly and monthly) down to time frame you are using to day trade with.