"intraday Forex Trading Strategies For Australians: Seizing Short-term Profit"

 "intraday Forex Trading Strategies For Australians: Seizing Short-term Profit" - Many traders either don't have the time to trade daily charts or because of their position they are unable to trade daily charts.

Some traders must be at work, others must be studying, and some are sleeping because it is midnight when the daily charts close.

"intraday Forex Trading Strategies For Australians: Seizing Short-term Profit"

Because of this, many traders find it incredibly convenient to find and use successful intraday trading systems.

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In this lesson I go through six intraday trading systems that you can learn and use right now. These systems can be used on all smaller time frames like 4 hour, 1 hour and 15 minute charts.

Often the best way is to find a strategy you like best and master it first before adding more strategies to your trading arsenal.

This is one of the most common intraday trading methods and one of the easiest ways to find and play intraday trades.

It's also a strategy we discuss a lot on this site, and there are plenty of lessons that go into more detail on exactly how you can go about it.

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When looking to use key daily support or resistance levels to spot trades, you don't need to stay close to the daily charts, but you do use the daily charts.

Daily charts are incredibly powerful when used to spot key areas of support and resistance. After marking our key support and resistance levels, we observe the price action around these levels.

Below I have included an example showing how we would mark our key level on the daily chart. When we see price start to move higher and towards old support and new resistance, we can look for potential cheap price action trades on shorter time frames.

The chart below shows price moving higher on the intraday time frame and the same daily resistance. This is where we can watch for potential bearish price action trades.

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Looking to identify and trade a trend on daily charts, it can take weeks to months for a trend to form.

Looking to trade using momentum and the recent trend is often very favorable, especially in smaller time frames when looking for small pip profits.

Two of the best strategies for breaking into trends on intraday charts include reading and using price action signals. The first involves looking for price to make a quick pullback or rotation into value zones. It's like looking for the next wave, so you ride the trend.

The second strategy is to watch when price pauses, consolidates and moves sideways within the trend. It is often box-shaped or patterned. Let's look at the box's breakout play in the direction of the trend.

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Although these can be a bit tricky to spot until you gain more experience, they can also offer high probability trading setups when done correctly.

When looking to trade intraday price flips you are looking to trade 'flipped' support and resistance levels. in other words; A resistance level is now flipped and held as a new support. Otherwise, a sluggish support level now stands as a new resistance.

The best way to show this is with an example. Below is a chart that shows the price making a big break through what was the daily chart support level.

When we see a break of this level, we can move to smaller intraday time frames to see if the price turns higher and reverses and old support is 'flipped' and remains as new resistance.

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The chart below shows the daily chart levels but on a 1 hour chart. Price rose to test new resistance, forming a bearish enveloping bar and selling low. We recently discussed this setup in our Price Action Trade Ideas.

There are two ways you can play them. The former look for a breakout, the latter a straight range play. This involves looking to get short from range resistance and long from range support.

One thing to note when trading intraday ranges is that the range should have a clear high and low with enough space in between for a decent risk reward trade.

If you enter a range and close the range with a tight space between support and resistance, it increases the risk of the chop. Even if you choose the direction correctly in your trade you run a high risk of being whipped out of range and incurring losses.

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Looking to trade intraday breakouts is a riskier and more advanced strategy. Because it is more risky, it also leads to higher rewards. It can also lead to some explosive moves very quickly.

If you're looking to trade intraday breakouts, you should have all your trading basics covered, including how to place and manage your stop loss, how to take profit, and how to manage your trades.

The chart below is a daily chart showing how price has recently tested key resistance levels twice and is looking for a breakout higher.

When breakout traders see this happening they can move into their smaller intraday time frames to see if they can find breakout trades.

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The chart below is a 4-hour chart showing an explosive breakout high through resistance.

While you can try to use price action clues and make straight breakout trades, you can make breakout and re-test trades when price breaks out and retest the old price flip level.

All of the strategies discussed so far can be used in conjunction with high probability price action trigger signals such as the Pin Bar or Enlfing Bar.

An example of this is using a trigger signal to find a range trade or entering a trend trade with a high probability trigger signal.

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The example below shows how to use a trigger signal with a price flip level. The first chart shows price breaking higher, through daily chart resistance.

The second chart is the intraday 2 hour chart. This shows price retracement to the same old resistance which now stands as a new price flip support level. The price continues to rise from the high probability pin bar.

Note: You can create 2-hour charts (and any other time frame) within MT4 with MT4 Free Time Change Indicator

Some of these strategies discussed are easier to identify and trade than others, and some take more practice to land.

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You don't need to know or use them all. Find the one that suits you best, find the one that suits your trading style and work on them making sure that you always try and work with new strategies in your practice demo account before risking real money.

Jonathon is a forex and futures trader with over ten years of trading experience who has mentored and coached tens of thousands of people and written for some of the world's biggest financial and trading sites. We use a range of cookies to provide you with the best. Possible browsing experience. By continuing to use this website, you agree to our use of cookies.

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A forex trading strategy defines a system that a forex trader uses to determine when to buy or sell a currency pair. There are various forex strategies that traders can use, including technical analysis or fundamental analysis. A good forex trading strategy allows a trader to analyze the market and execute trades with confidence using sound risk management techniques.

Forex strategies can be broken down into a specific organizational structure that helps traders find the most applicable strategy. The diagram below illustrates how each strategy falls into the overall structure and the relationships between them

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