If you work in an office and don’t have much time in the day, you can use this end-of-day trading system that takes no more than one hour to enter a trade and leave it for the next 24 hours. The next day you can check how well the swing trade went. At the end of the day, this trading system only needs one hour after the close of the trading session in New York to complete a trade.
With this trading system, you don’t need to trade often at the end of the day. You only need to enter one trade with high probability settings. This way, you reduce your trading costs and increase the number of winning trades. Lower trading costs will quickly help you break even in trading.
Now you can use this end of day trading system to trade six major currency pairs like USDCHF, EURJPY, AUDUSD, USDJPY, EURUSD and GBPUSD. You will now be watching these six currency pairs on daily charts no more than one hour at the close of the session in New York at approximately 5:00 PM EST with the following indicators: 50 100 and 200 SMA and 100/200 Bollinger Bands plus 14 / 7/3 Stochastic. This is an extremely powerful swing trading technique that can give you a high probability trade. You only need to follow the six pairs on their daily charts and choose the one that gives the highest probability of a winning trade.
The idea behind this end-of-day trading system is to identify entry zones for high-probability trades and enter them when a clear trade signal appears by watching the price move on the daily charts. A swing trade is entered in the opposite direction of the recent movement.
Each day you must clear the table around 5:00 PM EST when the New York session closes. Open daily charts for six currency pairs on your monitor simultaneously. This is intended to give you a quick overview of choosing the currency pair that best suits your trading conditions. Now select a currency pair whose price is touching or very close to the three 50, 100 or 200 SMAs (Simple Moving Averages) or 100 or 200 Bollinger Bands (BB)
Now suppose you find one such currency pair whose price action relates to the above indicators. If so, look at the Stochastic Oscillator to see if it is overbought or oversold. The Stochastic indicator should be in a state of overbought or oversold. Next, you confirm the reversal using candlestick reversal patterns such as dojis, hammers, and others. When you receive confirmation of a reversal with a candlestick pattern, you will enter a trade in the opposite direction of the movement made by the price action of the currency pair!
This is an extremely effective and powerful swing trading method for those who have the job to enter a trade at the end of the day by watching the six currency pairs at the end of the session in New York. Now keep these money management rules in mind when you use this method. Do not leverage more than 5:1. Use a reward-to-risk ratio of at least 2:1. This approach is to practice this swing trading strategy on your demo account for a few weeks. After you make a few successful trades in a row, you can start trading live. Good luck!