Thirty Days of FOREX Trading : trades, tactics, and techniques [PDF]

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Thirty Days of FOREX Trading : trades, tactics, and techniques – Book

We’ve made it through a month of trading together! I wanted to share all my setups with trades in my first book and show how I use them in this one. It’s obvious to you by now that my main source of setups is momentum trades. This is not to say that I do not like swing trading. However, my definition of swing trading involves first recognizing a trend (using the Wave) and then waiting for a correction within the trend that will allow me to enter.

It’s my definition of a correction that prohibits my entering swings more often. This is a point that I want to make clear because if you are personally comfortable with shallower retracements—unlike my preference for the typically larger correction to the Wave—then you will certainly have more chances to enter on a pullback or bounce.

Remember that a swing trade is valid as long as it is trading below a four to six o’clock Wave (downtrend) or above a twelve to two o’clock Wave (uptrend). This means that if you enter swings on a shallow correction, your stop is still the line of the Wave that is opposite to the trend (i.e., the top line of the Wave in a downtrend or the bottom line of the Wave in an uptrend). Let me add, though, that momentum trading will get you in on the ground floor of a potential trend. Again, think back to the four market cycles.