The strategy “Nomad” is quite simple, built on standard indicators and is perfect for beginner traders. To start working, you need to set up the following tools on the chart:

• 2 exponential moving averages with periods 5 and 12.
  RSI oscillator with period 20 and additional level 50.

  Moving averages act as the main signaling tool, oscillator works as a filter. Trades are opened according to the following algorithm:

  If the fast 5-period moving average crosses the slow 12-period moving average from the bottom up, and RSI crosses the 50 level from the bottom up, a buy trade is opened.
  If the fast MA crosses the slow one from top to bottom and the oscillator crosses the average level in the same direction, a sell trade is opened.

This strategy is as simple as possible, and does not dictate to the trader any mandatory conditions, except for entering the transaction. Stop loss and take profit can be set at your own discretion, the main thing is to adhere to the rule of predominance of take over stop. SL can be set at the nearest support/resistance level. It is possible that you will have to exit the deal manually, simply because the market situation will change and the previous data will no longer be relevant.

MA + MACD + Stochastic trading system

The next system is partly similar to the previous one – it is also based on two exponential moving averages. However, two oscillators are used as filters – MACD and Stochastic Oscillator.

To search for signals you need to apply the following indicators on the chart:
EMA with periods 8 and 34.
MACD with standard settings.
Stochastic with parameters 9, 3, 3.

After installing and customizing the tools, you can start trading. Buy trades are opened under the following conditions:

The fast moving average crosses the slow moving average from bottom to top.
MACD histogram is above the zero mark.
Stochastic is coming out of the oversold zone, but is still at the bottom of the range.

Sell trades are opened under mirror conditions.

As in the previous one, in this TS setting stop loss and take profit is at the trader’s discretion. Taking into account that on daily charts the candle size is much larger than on H1, M15 and M5, it is better to set the stop loss at the nearest local extremum – the key level may be too far away. But take profit can be set farther away – with the stop size exceeding 5 or more times. This will allow you to take a profit of several hundred points from one trade, compensating for possible losses from several unsuccessful decisions at once.

Bill Williams’ alternative strategy Antiprofitunity

Bill Williams’ Profitunity trading system is one of the most popular and controversial strategies. The author himself positions it as an absolutely new, original approach to trading, but the TS is based on indicators, very similar to the classic moving averages and oscillators, which are widely used in technical analysis.
Profitunity is not devoid of disadvantages. Despite the fact that the author insists on its universality, it cannot be said that it shows the same efficiency in trading on stock exchanges and in forex trading. Taking into account these factors, enthusiasts have developed an alternative strategy, better adapted to the realities of the Forex market, and designed for trading exactly on the daily timeframe.

The Antiprofitunity trading strategy uses the same indicators as the original Williams system: Alligator and AO (AS and Fractals are not used in this TS). But the rules of market entry in this system are somewhat different.

Opening positions for sale under the following conditions:

A bearish divergence (divergence) is formed between the price chart and the AO oscillator.
A bearish reversal bar is formed at the second top.
The price is above the Alligator lines.

Buy trades are opened under mirror conditions.

Stop loss is set at the nearest extremum (for this purpose you can also use the Fractal indicator), you can fix profit when the first reverse signal (divergence) is formed.

The main difference between Antiprofitunity and the original strategy is that trades are opened against the trend, which, although it increases the risk of a false signal, allows you to enter the market at the very beginning of the movement.

Advantages and disadvantages of day forex strategies

The daily timeframe is softer and smoother than the hourly or even faster timeframes. Every 24 hours is a set of trading sessions, among which there are both more active and calmer ones. On the hourly chart, clear spikes and flat spots are often visible during the day (they correspond to the time of important news releases and periods of calm). However, each daily candle includes all the events of the trading day, so this timeframe is characterized by a great balance.

Taking into account the peculiarities of daily charts, trading on them is more suitable for those traders who know how to wait and do not chase super profits. By studying only global timeframes, you can miss a lot of small movements, but avoid most of the pitfalls. Forex day strategies will become an effective tool in the hands of patient traders, and will help to get profit with minimum risks.

Trading on financial markets involves a high level of risk for capital. In order to reduce risks, it is recommended to clearly follow the rules of mani-management and always set Stop Loss. All decisions that a trader makes when working on Forex are his personal responsibility.