Check list: Based on Daily levels
What phase is the market at recently? Accumulation, distribution , trending
Where are obvious levels of support and resistance? Most touches
Where they any parabolic moves higher or lower at the level of significance? Stop runs ( Ex: If long, weak longs stops hunted and moving higher)
Pattern recognition? Repeated Patterns of self similarities ( Patterns with an edge and what makes sense to you)
Intraday ? Session times( Asia, london,New york & london close) Why? Manageable Risk/Reward
What is the general theme of other majors paired with the cable? Are they moving in tantum high/low. ( Also, have an idea of positive or negative correlation)
What barometer? USDX
Basic approach i tend to implement before i put on a trade. Also, I think managing the trade after is a key component. EX: Scaling off, taking some profit, adding more etc..
Good luck, now go get your money!!$$$$$
Comment:
Last week Eur/Usd had five day up close while cable was not moving as much intensity. I suspect cable will seek higher prices this week (volatility and stronger move higher).If that were to be true, then EUR/Gbp should move lower with conviction and force. ( freight train coming!!! )
News? Volatility