What do you see on attached one hour EurAud price action? (you should write down your answers to as many as you can)-Commonsense
Here are some questions to ask yourself? (Yes, there are other questions to answer) - its the only way to trade Forex for the long term.
1) Any sideways price action?
2) Any downward price action?
3) Any upward price action?
4) What session (Sydney, Tokyo, London or NY) did price action move?
5) What pair are you trading (EurAud)- Which part is in session? Are they strong or weak?
6) What time in session is it? before major news? before session open? during two session overlap? Tokyo/London or London/NY?
7) Where is price action right now? Around a psychology round number? Per chart: 1.60500 or 1.60000. Yes, there are more psychology round numbes.
8) Where is high or low of day with this pair? Do high and lows occur mostly or generally at around same time of session with this pair? Part of edge?
9) When did big bank or institutional candles get involved? How could I have been on same move with them with right risk management?
10) Any doji candlesticks? undecided. When did they happen? Could I have traded a breakout of that range?
11) Any engulfing two candlestick patterns? If yes, when did they happen and how could I have been on that trade?
12) Any pin bar three candlestick patterns? If yes, when did they happen and how could I have been on that trade?
13) When is low liquidity and volume in Forex session per day? End of London to End of Tokyo (12 hrs). Should you be day scalping or scalping during these low liquidity and volume times of day? Scalping only.
14) What is pair doing on higher time frames of 4 hour, daily, weekly and monthly?
15) What is the pip value, lot size on this pair? 2% of $10,000 is $200. Always keep your risk the same on every trade- make trading mechanical.
16) Should I trade a Gbp/Jpy trading during NY session? Yes, during overlap (4hrs) of London/NY session is high liquidity and volume to trade.
Here are some questions to ask yourself? (Yes, there are other questions to answer) - its the only way to trade Forex for the long term.
1) Any sideways price action?
2) Any downward price action?
3) Any upward price action?
4) What session (Sydney, Tokyo, London or NY) did price action move?
5) What pair are you trading (EurAud)- Which part is in session? Are they strong or weak?
6) What time in session is it? before major news? before session open? during two session overlap? Tokyo/London or London/NY?
7) Where is price action right now? Around a psychology round number? Per chart: 1.60500 or 1.60000. Yes, there are more psychology round numbes.
8) Where is high or low of day with this pair? Do high and lows occur mostly or generally at around same time of session with this pair? Part of edge?
9) When did big bank or institutional candles get involved? How could I have been on same move with them with right risk management?
10) Any doji candlesticks? undecided. When did they happen? Could I have traded a breakout of that range?
11) Any engulfing two candlestick patterns? If yes, when did they happen and how could I have been on that trade?
12) Any pin bar three candlestick patterns? If yes, when did they happen and how could I have been on that trade?
13) When is low liquidity and volume in Forex session per day? End of London to End of Tokyo (12 hrs). Should you be day scalping or scalping during these low liquidity and volume times of day? Scalping only.
14) What is pair doing on higher time frames of 4 hour, daily, weekly and monthly?
15) What is the pip value, lot size on this pair? 2% of $10,000 is $200. Always keep your risk the same on every trade- make trading mechanical.
16) Should I trade a Gbp/Jpy trading during NY session? Yes, during overlap (4hrs) of London/NY session is high liquidity and volume to trade.