Forex Trading Education - The checklist London Open
Friday, 8 August 2008
A complete list Forex trading education must include an understanding of the effect of market hours may have on trade and liquidity.
One of the most active periods of the day is from the time the London market opens. Often, at this time of good opportunities arise.
As part of your Forex trading education, learn to analyze market conditions open around London and begin to recognize the good configurations.
The questionnaire below and checklist will help.
Open preparation London
Some 15 to 30 minutes before London opened verify the answers to these questions:
-- Is that the indicators MACD on 4 hours and 1 hour charts in agreement? If they are not in the same direction to be very careful!
-- Are there MACD divergence on the 4 hour, 1 hour, 15 minute or graphics? Look for other clues to confirm that the May prices are in line with MACD divergence.
-- On the table 4 hours which is the general trend?
-- Do Fibonacci a calculation on the last swing high and low and see if the price is drawn back to an optimal level tracing or whether it reached a key extension.
-- Note prices as compared to the 200 EMA (exponential moving average) on 4 hour, 1 hour and 15 minute charts. Wood prices is the trend? In other words, is above the price EMA 200 out of 4 hours and 1 hour table below, but on the 15 minute? So be prepared for the price to go for a long time at a certain stage. (Draw the opposite conclusion, if the price is lower than the 200 MEAs 4 hours and 1 hour above table, but on the table 15 minute.)
-- Does Economic Reports imminent?
-- As the candle ends the 15 minute table opened in London, you see a candle distinctive models such as pliers or hammers or doji price indicating exhaustion?
-- If I came in a trade for the time being in a particular direction, which would be the risk and where can I put my judgement?
Within a few minutes from London open, if you see a number of factors converging on the above analysis, a decision one way or another:
-- Trade
-- Wait to clarify signals or a better entry point
The completion of an analysis in this way each day opened in London will do much to increase your Forex trading education.
It will make you aware of what's happening on maps and on the market and help you arrive at conclusions.
There is no magic formula involved with education Forex trading. In other words, commercial success Forex is the result of years of hard work, study, practice and experience gained through often painful scenarios negotiation.
Finally, the most recent operator teaches mental discipline, and how to control emotions - probably the greatest part of a Forex trading education.
Practice a procedure like this, day after day, and begin to see progress as you get closer when you always make profits exchange trading.
Labels: forex
posted by Master @ 04:49,