This Profit Snapper Swing Trading Forex System is one I like to call the Swing Forex system. It allows us to capitalize on highly profitable swings in any given currency pair.
With this system we will be trading many currencies, and finding setups for this one only requires 10 minutes in the evening.
To trade the Swing system there are a couple of things you need to be able to do well. First you need to be able to identify support/resistance levels,
And you also need a good understanding of what I call straight bars. Because these two areas are so important for this trading system, we will cover them first.
Long Trade Signals To get a long trade signal, three things must occur:
1. On the chart the previous day’s close resulted in a bullish straight bar.
2. The currency has just hit a support level.
3. The currency has been moving down for at least 3 days prior.
Short Trade Signals For short trades our entry signals are the oppisite of a long trade. We are looking for:
1. Previous Day has closed with a bearish straight bar
2. Currency has just hit a resistance level
3. Currency has been in an uptrend for at least 3 days prior