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Using swing breakouts in forex trading
Thu, Jul 2 2009, 11:00 GMT
by Forex Journal's Collaborators
This article is taken from the Forex Journal (May 2009 issue)
The author, Doug Schaff, has traded the Forex markets for close to 30 years. His website, fx-strategy.com provides trading tools, information and strategies to assist currency traders. The Swing 62 system is available for free download.
- Doug Schaff discusses the use of intermediate swing highs and swing lows to develop a shortterm approach to trading the currency markets.
Question – How can you use medium-term swing breakouts to catch profitable short-term trades?
Answer – Intermediate price high and low points shown by a swing indicator often identifies key support and resistance levels. When price trades through those swing levels, the subsequent market move is often quite powerful. The strong momentum following these breakouts can be seen by looking at a simple swing system. A short-term discretionary trader can better manage the risk and book profits from these breakout trades. These short-term trades, which I call “Pops” and “Drops,” can be quite profitable with good risk/reward characteristics. We will take a look at all of this after first reviewing swings.
_____________
Other article in this issue:
Timely Advice from a Pro Trader
Published on Thu, Jul 2 2009, 12:33 GMT
DPR International Pte Ltd
| One Raffles Place, OUB Centre #18-01, Singapore 048616
http://www.forexjournal.com/ | editor@forexjournal.com
Legal disclaimer and risk disclosure
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the authors and the publisher are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. In commodity trading, as in stock, and mutual fund trading, there can be no assurance of profit. Losses can and do occur. As with any investment, you should carefully consider your suitability to trade and your ability to bear the financial risk of losing your entire investment. It should not be assured that the methods, techniques, or indicators presented in this magazine will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples in this magazine are for educational purposes only. This is not a solicitation for any order to buy and sell. The information contained herein has been obtained from sources believed to be reliable, but cannot be guaranteed as to accuracy of completeness, and is subject to change without notice. The risk of using any trading method rests with the user.Related reports
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