Despite the fact that Forex works around the clock, there is an intraday trade at the international interbank. Moreover, the intraday transaction will be considered as such which is made during the operation of any individual trader.
An intraday transaction will be considered a transaction that uses both the time strategies of Forex and the 4 hour strategies of Forex if both of them were made within one working day at Forex.
Choose your own timeframe
Forex is famous for its abundance of job options. Therefore, experienced traders advise newcomers to miss any potential deal, and carefully choose from available opportunities.
It is worth choosing the right model and the correct timeframe by cutting off and selecting the most correct one from the strategy of Forex on hour timeframes or strategy of Forex on 4-hour graphs.
The conclusion of the transaction for intraday trade is not a spontaneous action but the result of careful analysis. If the beginners want to make a deal and he is ready to “bite” on any signal of the market, experienced traders, using hourly Forex strategy, expect a high probability for making a profitable deal.
Therefore, despite the large number of possibilities, which always opens the intraday trading to be successful trader you need to have some experience, knowledge of technical tools and to comply with certain rules of trading.
on the hourly
One of the options Forex strategy on the hourly charts created on the basis of the famous strategy “20 pips per day”. It used indicators such as a 2 moving averages and the stochastic oscillator.
You can trade on any currency pair, the most effective trading time is from 10 to 15 GMT/UTC time. On the graph, impose a 2 exponential moving averages (periods 10 and 18) and with the same periods impose the stochastic oscillator.
In the market it makes sense to enter when the 10-period exponential moving average will break from below the 18-period moving average and stays above it. Moving averages and stochastic must be in the same direction on the graph and exponential moving average.
Disadvantages of indicators
Talking about Forex strategy on the hourly time frames, experienced traders note:
- Unfortunately, to trade, or rather to enter trades on the hourly time frames a couple of times a month.
- Most of the time strategies, as opposed to the 4 hour Forex trading strategies are not universal and only work on certain currency pairs.
- Sideways and trend reversal, and also at the end of the period it is possible to observe false signals.
The benefits of time timeframe
Benefits hourly intervals:
- Directly in transactions these strategies can be modified, altered and changed.
- Only on the basis of two moving averages with different periods you can get a good income from transactions.
- The strategy is effective when there’s no overall trend.