chaltonmoyochadd
New Member
The primary object of this exercise is to decide what pairs you are going to trade. So you are going to need to ask yourself a number of questions when you assess each chart. Some essential questions are: 1. What level are we in? Examine the 60 min and 15 min chart. From this, you can make an assessment about whether or not you think the pair is "ripe" for a set up that you would like to trade and would therefore begin to watch more closely. 2. What day of the week is it? This can help to determine what your profit targets for the day should be. If it is Sunday or Monday, then perhaps aiming for 40 or 50 Pip will suffice. However if it is Wednesday or Thursday and if the midweek reversal has been identified then it may be more reasonable to convert the spot trade to a swing trade. 3. What has happened in the last 3 days? Again this provides further information about where price has come from and where you are in the cycle. Remember the weekly cycle and where you are in it. This has ramifications for the type of trade that is likely and the targets that might be possible. 4. Is a straightaway possible? So after you have asked these questions, you need to make an assessment about where you think the market is going and how you intend to take advantage of th 