1. NO MATTER WHAT... DO NOT ENTER THE MARKET BLINDLY... WE’RE SNIPING HERE SO DON’T WASTE YOUR BULLETS OR BE TRAPPED UNNECESSARILY. THE ENEMIES ARE SMART!
2. Check out Action Forex. Get the general ideas on what’s going on fundamentally.
3. Mark up the key technical levels mentioned in action fx on the trading whiteboard.
4. Check the Bloomberg for any potential breaking news.
5. Later, checkout the weekly and daily economic news release. What and when will be the high volume trading hours probability. Plan.
6. Then technically, check the Fibonacci levels on pairs that you see tradable. Check level on all timeframes from 4 hrs, Daily to Weekly.
7. Analyse the price action on each pair for the day. BULLISH, BEARISH OR SIDEWAYS?
8. What is the current direction and range so far?
9. Main pairs would be EUR/USD, GBP/USD and AUD/USD.
10. Crosses would be EUR/JPY, GBP/JPY and AUD/JPY.
11. Remaining two’s are USD/JPY and USD/CAD.
12. NOT SURE? Demo trade first and feel the market’s psychology. Watch the 15EMAs closely.
13. Generally we have equal buyers vs sellers, buyers dominance or sellers dominance.
14. LOOK AT THE BIG PICTURE. See what is happening and make a choice. Mark it up on your whiteboard. Buy/Sell ONLY at these critical lines – pivot, support, resistance and MA.
15. REMINDER : Normally it is not easy for an established trend to change direction, but you must time your entry and exit accordingly.
16. DO NOT BE TOO CONFIDENT OR TOO FEAR IN TAKING DECISIONS.
17. POSITION ACCORDINGLY BASE ON CALCULATED SAFETY MEASURES.
18. HOW MUCH ARE YOU WILLING TO LOSE IN CASE IF YOU’RE WRONG? ONLY TAKE CALCULATED RISKS...
19. THINK...
20. ACCOUNT PROTECTION IS THE MAIN OBJECTIVE IN EVERY SINGLE TRADE.
21. WHEN YOU ARE WRONG, GET OUT… OR AT LEAST STICK TO THE DTR (Dollar To Risk) DECIDED EARLIER.
Have A Nice Weekend... ;)
