plotting support and resistance. Learn to pick up clues as you observe the charts and time frames and jot them down in your notes and rough plans, learn to be a good observer and detective, experience helps. Always trade the best opportunities in the market, we will show you how to find them every day with the procedures below. What is the adopted daily routine for analyzing the forex market? When you review each currency pair and group of pairs you will write down your observations.
Analysis Technique For Preparing a Plan. You inspect the smaller time frames to determine price alert points, and the higher time frames to determine the major trends and price targets.
Your informal written notes can be re-written to formulate your final forex trading plan. Each plan should have price alert numbers in writing as well as an entry management criteria in the plan. Best Time to Write A Trading Plan The best time to plan your trades is several hours ahead of the start of the main trading session when all of the pairs are consolidating. You can take a small account and build it up over time while learning to manage profits and exits. All trading plans should give you the pair, the direction of the trend, and the larger time frames you are trading. What IS your adopted daily routine? The first rule of trading is to protect your capital! You will see what pairs or groups are trending, choppy, consolidating, at support or resistance, inside support/resistance zones or clusters/layers, along with knowing what currencies are strong or weak. When can one trade the forex market? EUR pairs are in up trends or downtrends, and repeat this process for all eight currencies we track. Our trading plan process includes setting up audible price alerts on each pair you are planning a trade for. The current market condition will begin to become obvious.
We have created this workshop course as part of an investor education program. Look at the images below, a new uptrend is starting on the D1 time frame, you can set an audible price alert.0400 and this qualifies as a forex trading plan.