|
||||||||
|
||||||||
|
||||||||
|
|
 |
Current Daily Routine
(My updated checklist)
TOP DOWN WORLD ANALYSIS 1) Open up world charts (majors, set to OHLC bars), set to 4H add 200 and 100 EMAS. 2) Watch CNBC Foreign Exchange. 3) Read latest Action Forex report (fundamentals). 4) Determine currency correlation and possible effect on target pair. TOP DOWN TARGET CURRENCY ANALYSIS 5) Examine target currency and determine the 4H trend 6) Examine major channel lines and determine price position within 4H channel 7) Examine major trendlines and S / R 8) Do major fib studies and take note of possible significant levels and cluster S / R. 9) Determine possible current trend strength/weakness via indicators (MACD /RSI) 10) Make a judgement call on the most likely move (trend continuation or pullback based on all of the above information, but do not be glued to this opinion; simply hold it in mind as a possibility. 4H trend changes being a longer term phenomenon, all shorter term trends fall into the category of continuation or pullback). SETUP FOR INTRADAY TRADING 11) Switch to 1H chart, switch from bars to candles, and calculate todays pivots. 12) Add todays Open as horizontal line (purple). 13) Add 1H trendlines. 14) Do FIB studies of recent moves to determine possible targets for pullbacks and move continuations, considering also the last 20 days ADR. Look for cluster S / R (possible key levels). 15) Check news events and add them as red vertical lines. Open news feed at news times to observe market effect (but do not trade news). Read information on this news release if unclear what it is. WAIT AND WATCH... 16) Considering all of the above, now simply watch what happens with an open mind. Be prepared for something totally unexpected. (Only switch to lower time compressions and oscillators for trade entry and exit. (New rule based on 1H tendency to respect pivots and filter false breakouts)). |
|
|
| PREMIER SPONSORED LINKS |
Any information or material contained in the websites owned and operated by The Connors Group, Inc. (the "Company"), including but not limited to the THEFXMARKETS.COM, TRADINGMARKETS.COM, and THEMONEYBLOGS.COM websites (collectively, the "Websites"), and in the related services and products is provided for informational and educational purposes only. The information or material is NOT a recommendation or solicitation to buy or sell any security or other investment vehicle. Please review our full Disclaimer prior to using the Websites. Furthermore, your use of the Websites and all related services constitutes a legally binding agreement under the Company's terms and conditions. Please review the Terms and Conditions of Use. To better comprehend the Company's other practices and policies, please review the Privacy Policy and the Editorial Policy.
Copyright © 2009 The Connors Group, Inc.
<< My Home | The FX Markets Blog Home