Technically Speaking
A very clear 200 pip or so range has been traced out since the beginning of September.
Aggressive traders can buy 114 and sell 116 with stops on either side of the range.
As always, trade your plan and stick to it. Here is my checklist, hope it helps others.
Is this trade worth taking?
* Where is the R/R right now?
* Is the market trending or ranging in the time frame you are watching? If trending, trending which way?
* Is price currently at a level that is obvious to all market participants? Remember, it is their orders that will push your trade to profit or loss. What are other traders seeing?
* What is the price action? Is it obvious?
If the answer is yes to all three questions, take the trade.
If two of the answers are yes, use your best judgment.
If only one of the answers is yes, pass on the trade.
There are exceptions, know when to use them.
Executing a trade
* Check if there are any major economic events within the next 24 hours.
* Make sure the position is sized correctly when entering the amount.
* Make sure the stop is in place before the order is executed.
* Make a notation in your spreadsheet about why you took the trade, targets, stops, etc.
End of day
* Make sure stops on open positions are correct. Adjust as needed.
* Execute new trades.
A very clear 200 pip or so range has been traced out since the beginning of September.
Aggressive traders can buy 114 and sell 116 with stops on either side of the range.
As always, trade your plan and stick to it. Here is my checklist, hope it helps others.
Is this trade worth taking?
* Where is the R/R right now?
* Is the market trending or ranging in the time frame you are watching? If trending, trending which way?
* Is price currently at a level that is obvious to all market participants? Remember, it is their orders that will push your trade to profit or loss. What are other traders seeing?
* What is the price action? Is it obvious?
If the answer is yes to all three questions, take the trade.
If two of the answers are yes, use your best judgment.
If only one of the answers is yes, pass on the trade.
There are exceptions, know when to use them.
Executing a trade
* Check if there are any major economic events within the next 24 hours.
* Make sure the position is sized correctly when entering the amount.
* Make sure the stop is in place before the order is executed.
* Make a notation in your spreadsheet about why you took the trade, targets, stops, etc.
End of day
* Make sure stops on open positions are correct. Adjust as needed.
* Execute new trades.
