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Simple swing trade strategy explained
The time frame defines this style and within that, there are countless strategies we can use to swing trade.
These strategies:
are not exclusive to swing trading, and
as is the case with most technical strategies, support and resistance are the key concepts.
These concepts give you two choices within your swing trading strategy including to:
follow the trend, or
trade counter to the trend.
Counter-trending strategies look to profit when support and resistance levels hold up.
Trend-following strategies look for those times when support and resistance levels break down.
For either type, it's useful to have the ability to visually recognise price action.
A quick word on price action:
...markets don't tend to move in a straight line.
Even when ultimately trending, they move up and down in step-like moves.
We recognise an uptrend by the market setting higher highs and a downtrend by lower lows.
Many swing trading strategies involve trying to catch and follow a short trend:
...but we will also look at trading counter to the trend.
Look at this hourly chart of EUR/USD.
The chart shows an uptrend that lasts around a week and it moves with a typical zig-zag pattern.
The price rises for a few hours and then is interrupted by some periods of decline.
After this, the upward progression continues.
These steps combine so that the overall movement is higher.
Generally, we are seeing higher highs being achieved.
The lows are also generally rising.
Though the overall trend is up, there is a stretch in the middle (from early on 12 July through to 10.00 on 13 July), where there is a pullback or reversal.
During this period, the market is not setting new highs while the lows are moving lower and lower.
After this countertrend period, the upward trend resumes.
So with this eyeball method, we are looking to catch the bullish swing:
...but only when we are confident that it is going to continue.
How long will a pullback persist?
We have no way to know.
Instead we look for confirmation that the market has gone back to its original trend.
In other words, we:
look for a trend
wait for a countertrend
enter the market after we see the countertrend has played out.
The tell-tale signal that we are seeking, is a resumption in the market setting higher lows.
This suggests the pullback is over.
So we would be buying EUR/USD around 16.00 on 13 July.
At this point we've seen the market setting increasingly higher highs:
...and just as importantly…
...we've seen the lows of each period also rise.
Let's say we buy in at 1.1082.
Our first version of this strategy places a stop-loss at the lowest point of the previous countertrend.
This level was struck at 10.00 on 11 July and was 1.1042.
So our stop goes at 1.1042.
We are risking 40 pips.
The strategy is simple and aims for a risk-reward ratio of 1:2.
We are risking 40 pips, so we place a limit 80 pips higher at 1.1162.
This price is reached between 14.00 and 15.00 on 14 July, when the market hits a high of 1.1164.
Your limit is filled and you make a profit of 80 pips.
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