i am only trading for 7 months know and i consider my self in the learning level .i have plans for becoming professional trader and financial analyst .but right know i need some advices about the suitable strategies for trading the eur/usd and the most suitable indicators for that pair and their parameters
      Answer1:Hi, Here is one I like and trade personally. Before I get into that, you should test any strategy that you hear about to be sure it works for you. This is what I use to back test, it is cheap and easy to use:http://ncane.com/mrfThere are three elements to this strategy:- Support and resistance levels- Williams %R (62 periods, 90/10 trigger levels)- MACD (standard settings, 12, 26, 9)ENTRYYou are primarily looking for MACD divergence on the 1 hour chart. When price hits a support/resistance level and MACD is divergent, then look at %R. Be sure that the peaks are fairly close together. %R has to enter or touch the 90 or 10 (depending on trade direction) and pop out in the opposite direction. As soon as it does, you enter. I put on two lots and put the stops below/above the highest resistance/support points. Risk only 0.5-1% of total account combined on both trades. EXITI put one limit at the next support/resistance level in the direction of my trade. The other position I let run for as long as I think the price will keep going. The profit target on the first lot must be at least a 1:1 risk:reward ratio. Once the first target is hit, move the second stop to break even to lock in profit. It tests very well and sometimes that second position can go on to make 100s of pips. Again, test this before trading it though! http://ncane.com/mrfBelow is a graphic illustration. Hope that helps and good luck!Cheers,Hugh K