Forex Strategy Professor’s Cane Support Resistance system
Forex Strategy Professor’s Cane is one of the most Forex Strategy to all who are want to make profit by Forex. In Options Trading Strategies – Online Forex Trading – Stock Options Trading – Online Stock Trading every where it use.
You Must Read This Forex Advice To Succeed
Everyone find a fine trading plan for forex market.But no strategy is stable for long time.Some strategy works for some time. I still now not find any long time worker strategy. whatever lets find some strategy that i choose.Support Resistance system is one of them.
Tools for Trading:
1. Normal Price chart
2. 50 day SMA of High, Low and Close (50 SMA band actually)
3. Stochastic (8,3,3)
Before going to complete description of the system, we need to know the basic grammar of building a trading system.
1. First Identify, which time frame to trade (For this system the time frame is H1, where I back tested.)
2. Find Indicators that help identify a new trend. ( 50 SMA channel will be the indicator for the trend, slope of the channel tells about the trend)
3. Find indicators that help CONFIRM the trend (Stochastic (8,3,3) will be used to entry of the trade.)
4. Defining risk (Here two type of risk will be taken, initial opening trade and to mange a losing trade. If the initial risk is 1%, for managing the loss trade the risk will be 3%, which means the Managing losing trade risk will be 3 times more than the initial trade)
5. Defining Entry and exit: