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Starting out in the forex market can often result a life cycle that involves diving in head first, giving up or taking a step back to do more research and open a demo account to practice. From there, the new traders might feel more confidence to open another live account, experience more success and break even or turn a profit. That is why it's important to build a framework for trading in the forex markets, which we outline below. [Successful trading in the forex market requires a variety of skill sets. Investopedia's Become a Day Trader Course teaches you a proven strategy with six different kinds of trades that work in any market. With over five hours of on-demand video, exercises, and interactive content, you'll gain the confidence and knowledge to trade on a daily basis with consistent results.] Why Should We Focus on Medium Term Forex Trading? Why are we focusing on medium-term forex trading rather than long- or short-term strategies? To answer that question, let's take a look at the following comparison table: Type of Trader Definition Good Points Bad Points Short-Term (Scalper) A trader who looks to open and close a trade within minutes, often taking advantage of small price movements with a large amount of leverage. Quick realization of profits or losses due to the rapid-fire nature of this type of trading. Large capital and/or risk requirements due to the large amount of leverage needed to profit from such small movements. Medium-Term A trader typically looking to hold positions for one or more days, often taking advantage of opportunistic technical situations. Lowest capital requirements of the three because leverage is necessary only to boost profits. Fewer opportunities because these types of trades are more difficult to find and execute. Long-Term A trader looking to hold positions for months or years, often basing decisions on long-term fundamental factors. More reliable long-run profits because this depends on reliable fundamental factors. Large capital requirements to cover volatile movements against any open position. Now, you will notice that both short-term and long-term traders require a large amount of capital – the first type needs it to generate enough leverage, and the other to cover volatility. Although these two types of traders exist in the marketplace, they are comprised of high-net-worth individuals, asset managers or larger institutional investors. For these reasons, retail traders are most likely to succeed using a medium-term strategy. The Basic Forex Trading Framework The framework covered in this article will focus on one central concept: trading with the odds. To do this, we will look at a variety of techniques in multiple timeframes to determine whether a given trade is worth taking. Keep in mind, however, that this is not a mechanical/automatic trading system; rather, it is a system by which you will receive technical input and make a decision. The key is finding situations where all (or most) of the technical signals point in the same direction. These high-probability trading situations will, in turn, generally be profitable. Forex Chart Creation and Markup Selecting a Trading Program We will be using a free program called MetaTrader to illustrate this trading strategy; however, many other similar programs can also be used that will yield the same results. There are two basic trading program requirements: the ability to display three different timeframes simultaneously the ability to plot technical indicators, such as moving averages (EMA and SMA), relative strength index (RSI), stochastics and moving average convergence divergence (MACD) Setting up the Indicators Now we will look at how to set up this strategy in your chosen trading program. We will also define a collection of technical indicators with rules associated with them. These technical indicators are used as a filter for your trades. If you choose to use more indicators than shown here, you will create a more reliable system that will generate fewer trading opportunities. Conversely, if you select fewer indicators than shown here, you will create a less-reliable system that will generate more trading opportunities. Here are the settings that we will use for this article: Minute-by-minute candlestick chart RSI (15) stochastics (15,3,3) MACD (Default) Hourly candlestick chart EMA (100) EMA (10) EMA (5) MACD (Default) Daily candlestick chart SMA (100) Adding in Other Studies Now you will want to incorporate the use of some of the more subjective criteria, such as the following: Significant trendlines that you see in any of the timeframes Fibonacci retracements, arcs or fans that you see in the hourly or daily charts Support or resistance that you see in any of the timeframes Pivot points calculated from the previous day to the hourly and minutely charts chart patterns that you see in any of the timeframes In the end, your screen should look something like this: Figure 1: a forex trading program screen Source: MetaTrader Finding Forex Trading Entry and Exit Points The key to finding entry points is to look for times all of the indicators point in the same direction. The signals of each timeframe should support the timing and direction of the trade. There are a few particular bullish and bearish entry points: Bullish Bullish candlestick engulfings or other formations Trendline/channel breakouts upwards Positive divergences in RSI, stochastics and MACD Moving average crossovers (shorter crossing over longer) Strong, close support and weak, distant resistance Bearish Bearish candlestick engulfings or other formations Trendline/channel breakouts downwards Negative divergences in RSI, stochastics and MACD Moving average crossovers (shorter crossing under longer) Strong, close resistance and weak, distant support It is also a good idea to place exit points (both stop losses and take profits) before even placing the trade. These points should be placed at key levels, and modified only if there is a change in the premise for your trade (oftentimes as a result of fundamentals coming into play). You can place these exit points at key levels, including: Just before areas of strong support or resistance At key Fibonacci levels (retracements, fans or arcs) Just inside of key trendlines or channels Let's take a look at a couple of examples of individual charts using a combination of indicators to locate specific entry and exit points. Again, make sure any trades that you intend to place are supported in all three timeframes.

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