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More promising approach is capitalizing on range contraction. This can be done on most time frames 4H and higher. For example, if daily trading ranges of given currency pair start to get smaller and smaller, it is likely that a larger move will follow. The longer the contraction period, the larger potential move after it. If one has hard time deciding which way to trade, it would be very easy to place a straddle order. Very simple way to implement this strategy is to place the orders just above previous bar's high and under the low. Stop loss could be about half of last bar range, with a target of something like twice the value of stop, or maybe close the position at the end of the time value used. For the weekly bar close would be at the end of the week, daily bars would dictate closing position at the end of the day.
The average Forex broker offers about 25 separate currency pairs to trade. Most of these pairs involve at least one of the major world currencies (the euro, dollar, pound or yen) although some also offer trading in a few exotic pairs as well. With so many choices at hand, it can be difficult at times for a new trader to decide upon one or two pairs to trade consistently.
This means that foreign exchange is not delivered to a person who actually buys like stock trading, FOREX trading also has day traders that purchase and sell foreign exchange same day. Thus, FOREX is not a get-rich-quick scheme as many people thought which complicates the real concept of online Forex trading.