Intra-Day Plans

Beginner Questions Candlesticks, Chart Patterns, and Price Action
1

I am a part-time trader, and beginner who knows the basic concepts.
I am looking forward to setting a daily trading plan, and routine. Hence, I am wondering about this agenda on daily basis and how to meet its requirements with your help and experience:

1- Fundamental Market Analysis

Reading all the news for all major currencies, and looking at the economic calendar of the day in my night to know about Asia session and in my early morning to know about my NY session.

Requirements*
Which are the best sources in terms of feeds,sites, twitter,forums that provide on frequent basis (~1 hour) an update for the market fundamental news, with a sentiment what this means for the market as an impact of news progress and economic calendar progress?

I had found: fxstreet, forexlive, forexpros, but still all of them are not very live, and thorough and without analysis that help easily a beginner- What are your suggestions regarding this item??

2- Trading Ideas, and Technical Analysis

Fundamental Analysis will provide a scope and understanding for what trades should I follow, I need to check which sources on the web that provide on hourly basis or Intra-daily basis Trading Ideas, and with Analysis attached to them.
Again, I need to receive Trade Ideas that has a justification based on technical analysis, and fundamental.
What sources that post on hourly or four hour basis suggested, and justified trading ideas?
I would like to get away from the providers of forex signals as there is a marketing hype and risk associated with them, and the web is full of scam…

In a simple way, I would like as a part-time beginner, to get sources of news updated by website, twitter, etc on hourly basis with reflection on market impact , and trading ideas with technical/fundamental analysis to justify it.
Then select to push from 3-5 trades at the first part of the North America session, and then follow their progress and Close by End of NY session.

I am waiting for great help from our experts around BabyPips…

Thanks

2
  1. generally, news is a waste of time and a source of misinformation.
    if you want learn by reading the news, you can do so but try to stick to a few (reliable) sources.
    your plan to read the news for ALL major currencies, daily, will definitely confuse you. it is laborious and generally unhealthy.
  2. if you are avoiding forex signals, what makes you think website/trader/blog-based analyses/opinions are any better?

if you have made a decision to trade, it would benefit you the most if you study and do your own analysis. forums or websites or blogs are not necessarily better than forex signals, nor is it the best avenue for learning.
I am not saying websites, blogs, and forums are bad. but you have to be very wary what you read and hear. analyze and sift through the tosh.

3

Are you serious? Would you say what happened Friday before last (NFP) and QE3 was a waste of time? I dont always follow the news but some you dont want to ignore such as interest rate decisions and jobs report as these will have major impact for the particular currency.

4

To answer your two questions…
1 Yes
2 Yes. As a technical trader, I am not dependent on news or fundamentals. Although I follow or read news from time to time. I trade what I see on the charts, not what I hear/read on the news.

and if you haven’t noticed, I specifically used the term ‘generally’ on the first sentence, followed up by some other comments. if you do not understand the context of that sentence/my post, then either you have not been trading long enough, or you are relatively dependent on news for your trading.

whatever price EURUSD is at right now, has been presented in/dictated by the charts, MONTHS ago. if you were surprised to see 1.3000/1.3100 now and if you know any highly experienced technical trader, I suggest you ask him/her and most likely he/she will agree with me.