How to Trade USDSEK

The good news it you've come to the right place! Not only will we tell you how to trade USDSEK profitably, you will then be able to apply this set-and-forget way trading to any market so that you can take advantage of many more opportunities...effortlessly!

What may intrigue you is that we trade all markets in exactly the same way according to what the chart is telling us, thanks to our signature style of Lazy Trading.

We look out for the same price-action set-up on the daily timeframe, have our same rules for entry, manage the trade the same way and select our profit target in the same manner.

Imagine having just one simple trading strategy which you can use universally; on currencies, indices and commodities on just one timeframe?

That's price action trading but in the way of The Lazy Trader - keeping things easy and low maintenance but with maximum profit potential.

This brand of "lifestyle trading" will save you an abundance of time and money... it will also mean that you will no longer have to flit from strategy to strategy which you may have done in the past. Sound about right? Don't worry, we've all been there!

Whether it's a doji bar on Gold, or a bearish pin bar reversal on GBPCAD , we trade it the same way regardless of the instrument is! Our trading style is to trade price action on the daily timeframe and above. This gives us the freedom to trade from minutes a day and take advantage of multiple opportunities in multiple markets with high reward potential.

Face it, you chose trading to make money, right? So it makes sense to chose the most time efficient way of trading with the best reward potential possible...or would you rather be chained to the desk all day?

So we have now established why trading price action on the higher timeframes is the smart thing to do and that we can apply price action to all markets.

 How to trade USDSEK

Even though the USDSEK trade is explained below in detail make no mistake about it -  we would have analysed the chart and traded it exactly the same way as if it was a different currency pair, precious metal or indices ...this just happens to be the USDSEK, a Scandinavian cross-pair which and one which is often overlooked!

So how did we trade the USDSEK in July? We traded it according to what we saw on the chart - not what we thought away from the charts

USDSEK Daily Chart 23rd July 2013

We had a bearish pin bar reversal (aka a high test bar) rejecting a well established level of resistance and which price action has rejected consistently before and this gave us the probability that it would do so again. However, we were to use our bearish pin bar reversal as our activator bar or 'launch pad' for our short. The level was also rejecting a round, psychological number @ 6.8000 which gave this set-up another good reason to take advantage of it. Round numbers are, after all, where the big dogs have big orders and we want to take advantage of the moves these orders typically create when price reaches them.

We placed the trade on the 8^th July and immediately got triggered into the trade the next day. Over the course of the next two weeks the trade went nicely into profit and just did not come back! Of course, we wanted to lock in profit as well as still be in the trade just in case it made us yet more profit and we trailed our protective stoploss accordingly until our first target was hit on the 23rd July.

At that level the very next day, the market turned and reversed, knocking out the traders who were still in the trade, albeit at slightly smaller gain.

Many clients wanted to take profit as soon as price travelled to this first target for a high probability, low(er) reward target - others held onto their trade in anticipation of a continuation to the second 'take profit target' which had a far higher reward profile (but of course a lower probability of getting there. Ah, the old adage, where there's risk there's reward!

In sum, all who took the trade idea made money and a healthy percentage gain on their accounts but in varying amounts. Some made a 6.4% gain (who took profit at the first target), and others made anywhere between 4.7% and a 5.5% after the market retraced violently on the 24^th.

A great return when you considering the trade set-up took no more than 5 minutes to identify and have the orders placed!

We traded this Scandinavian pair no differently to any other currency pair or instrument. We traded it according to what we saw on the charts we applied our market analysis and understanding of price action.

That's set-and-forget Lazy trading price action from only minutes a day. To find out how this style of trading can benefit you and how easily you can seamlessly integrate it into your lifestyle, check out our flagship programme:

The Lazy trader Ultimate.