Easy Forex Trading Strategy That Works For Day Trading

The easy Forex trading strategy that works for day trading is designed to pick the best trades during the 3 trading sessions.

It’s a trend-following strategy that uses the Ichimoku and MACD trading indicators for trend bias and buy/sell trade entries.

Traders who deploy this trading strategy can be rest assured of avoiding the pitfall of trade bias with the help of the popular Ichimoku trend indicator.

Some traders report 75% winning trades with this Forex strategy.

MT4 Chart Setup

MetaTrader 4 Indicators: MACD_Cross.ex4 (Inputs Variable Modified; fast_ema_signal=30, slow_ema_signal-45, signal_period=24, Colors Width Modified; #0=4, #1=4), Ichimoku Kinko Hyo.ex4 (Colors Modified; Tenkan-sen=None, Kijun-sen=None, chikou Span=None), 7_Macd.ex4 (Default Parameters).

Trade Recommendations

Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour

Trading Sessions: London, New York, Tokyo

Currency Pairs: any pair + Gold

Trade Style: scalping, day trading, swing trading

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Buy Trade Example: CAD/JPY (Canadian Dollar / Japanese Yen), M15 Chart

Fig. 1.0

Strategy

Buy Trade Setup

Open a buy trade when the following conditions are met (see Fig. 1.0):

  • The Ichimoku Kinko Hyo MT4 indicator should be printing a sandy-brown cloud below the price bars indicating a bullish trend.
  • The blue MACD_Cross indicator signal ball pops up on the chart.
  • The gray histograms of the 7_Macd indicator should be running above the zero-horizontal level on the price chart indicating a bullish momentum.

Stop Loss

Set the stop loss 3 pips below the sandy-brown Ichimoku Kinko Hyo cloud.

Take Profit

  • Close the trade as soon as the Ichimoku Kinko Hyo indicator displays a thistle cloud.
  • Alternatively, close the open position(s) for a specified profit target, for instance, exit the buy trade for +45 pips TP on the 15-minute time frame.

Sell Trade Example: CAD/JPY (Canadian Dollar / Japanese Yen), M15 Chart

Fig. 1.1

Sell Trade Setup

Open a sell trade when the following conditions are met (see Fig. 1.1):

  • The Ichimoku Kinko Hyo indicator should be printing a thistle cloud above the price bars signifying a bearish trend.
  • The red MACD_Cross indicator signal ball pops up on the chart.
  • The gray histograms of the 7_Macd indicator should be running below the zero-horizontal level on the price chart indicating a bearish momentum.

Stop Loss

Set the stop loss 3 pips above the thistle Ichimoku Kinko Hyo cloud.

Take Profit

  • Close the trade as soon as the Ichimoku Kinko Hyo indicator displays a sandy-brown cloud.
  • Alternatively, close the open position(s) for a specified profit target, for instance, exit the sell trade for +15 pips TP on the 1-minute time frame.

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About The Forex Technical Indicators Used

The Ichimoku Kinko Hyo indicator is an appropriate technical tool, particularly for newbies who want to understand trend momentum, direction, pinpointing reversals and locating entry levels on the forex chart.

The MACD_Cross custom indicator is a modified Moving Average Convergence/Divergence oscillator that offers the best of both momentum and trend following, by deploying the signal line crossovers.

The 7_Macd custom indicator is another variant of the popular MACD MT4 indicator.

It is used as a Forex trend following and a momentum indicator.

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