The best method to do swing trading in forex would be to trade around the daily chart. Trading on a daily chart is much easier than trading on intraday charts where you will get a lot of signals nevertheless the possibility of these trading signals being false is going to be comparatively high. Plus you will need to monitor the intraday charts frequently throughout the day.
But on a daily chart, you only need to have a look once a day. There is not much noise around the daily charts. This means you will get fewer false signals making life easier for you. So, this is how you are likely to swing trade around the daily charts:
1. Spot a trend. Attempt to identify it early as possible. This can be essential in order to make as many pips as you possibly can. Identifying a brand new trend doesn't need monitoring the daily charts a lot more than 10 mins per day.
2. As soon as you spot a trend, come in as soon as possible prior to the rest of the crowd. This may provide you with most of pips.
3. Once you enter a trade and obtain breakeven, replace the stop-loss using a trailing stop loss. In this way you can preserve riding the popularity so long as the popularity continues. The trailing stop loss will give you out of the trade as soon as the trend reverses. So, once you've placed the trailing stop, you don't need to monitor anything. The trailing stop-loss will trail the price action so that as soon as it finds signs of reversal, it'll close the trade ensuring that you receive the gains that you had made.
After this simple swing trading strategy around the daily charts is not going to take greater than 10 minutes each day. Initially, you will place a buy or sell order with all the stop loss. Either the stop-loss is going to be hit and will also be out from the trade or perhaps the trade will breakeven. If the trade breaks even switch the stop-loss using a trailing stop loss. That's all. Then it is defined and lose focus on! - www.algofundgroup.com