Unbelievable Simple Forex Trading Strategy No Indicators

Forex trading can be a complex task especially for beginners. With so many technical indicators, it can be overwhelming and confusing to decide which one to use. But what if we told you that you can trade forex with just a simple strategy and with no indicators at all?

What is the Unbelievable Simple Forex Trading Strategy?

The Unbelievable Simple Forex Trading Strategy is a method that uses just one chart, one indicator, and a simple price action pattern. It is based on the principle of supply and demand, and it works on any currency pair and on any time frame.

How Does the Strategy Work?

The strategy is based on the concept of support and resistance. The market tends to move in a range between support and resistance levels, and traders can take advantage of this by buying at support levels and selling at resistance levels.The only indicator used is the 20-period exponential moving average (EMA). This moving average acts as a dynamic support and resistance level. When the price is above the EMA, it acts as a support level and when the price is below the EMA, it acts as a resistance level.The simple price pattern used is the pin bar. A pin bar is a candlestick pattern that has a long wick and a small body. It indicates a rejection of a certain price level and a potential reversal of the trend.

How to Use the Strategy?

To use the strategy, you need to follow these simple steps:1. Look for a pin bar that has formed either above or below the EMA.2. Wait for the pin bar to close.3. Enter a buy trade if the pin bar has formed below the EMA and a sell trade if the pin bar has formed above the EMA.4. Place your stop loss below the low of the pin bar if you’re buying and above the high of the pin bar if you’re selling.5. Take profit at the nearest support or resistance level.

Advantages of the Strategy

The Unbelievable Simple Forex Trading Strategy has many advantages, such as:1. It is easy to understand and implement.2. It works on any currency pair and on any time frame.3. It requires only one indicator and one chart.4. It is based on price action, which is the most reliable indicator of all.5. It can be used by both beginners and experienced traders.

Disadvantages of the Strategy

The Unbelievable Simple Forex Trading Strategy also has some disadvantages, such as:1. It is a short-term trading strategy and may not be suitable for long-term traders.2. It relies heavily on the trader’s ability to identify pin bars.3. It may not work well in highly volatile markets.

Conclusion

The Unbelievable Simple Forex Trading Strategy is a powerful and effective way to trade forex without using any indicators. It is easy to understand, easy to implement, and works on any currency pair and on any time frame. With this strategy, you can take advantage of the market’s supply and demand and make profitable trades.

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FAQ

Q: How do I identify a pin bar?A: A pin bar is a candlestick pattern that has a long wick and a small body. It indicates a rejection of a certain price level and a potential reversal of the trend.Q: Can I use this strategy on any currency pair?A: Yes, you can use this strategy on any currency pair.Q: Can I use this strategy on any time frame?A: Yes, you can use this strategy on any time frame.Q: Is this strategy suitable for beginners?A: Yes, this strategy is suitable for both beginners and experienced traders.Q: Do I need any indicators to use this strategy?A: No, you only need one chart and the 20-period exponential moving average (EMA) indicator.