NB: In the 5-part articles in this series, we would explain the strategies used to trade Forex, stocks, indices, crypto pairs, and other cryptocurrencies, for our VIP followers, because they are interested in making profits with us.
Seun A. is one of our signals strategists in the VIP Group. His strategy is described below.
Seun A’s Strategy:
As a day trader, I trade mainly the short-term swings of the market either to the up or down as the price presents itself during the New York A.M. session.
I trade indices so I intentionally allow any high-impact news at 1:30 pm Nigerian time for the day if there is any to play out and wait it out till the New York exchange opens equities at 2:30 pm Nigerian time.
As soon as the 2:30 PM time strikes, I compare the London session high and low of the day in order to make a decision on which short-term high or low I should ride with the price to tag.
However, I base my decision on what the daily candle is showing me to likely expand to judging from whatever the previous daily has done.
If the current daily candle shows a willingness to move up, then I enter a buy position during a temporary retracement down at 61.8% retracement level on the Fibonacci tool and target the London session high as the short-term swing high.
At this point, if the price is climbing up with more momentum, then I’ll target the previous day high if it has not been tagged yet during the London session of the same day. And vice versa for a Sell setup.
My risk control is dependent on the short-term retracement on the Fibonacci tool when my entry decision has been made. I usually put my Stop Loss at the price level which tallies with the 0% level of the Fibonacci tool.
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