Alternative Technical Templates.

[james]

Hi there everyone James here

Hi tess and the gang

Just droping in to say great thread and here is my 2 peneth worth


18 Things to Consider Before and During a Technical Trade



1. Be aware of any economic announcements and stay out of the market during these
times.

2. Be aware of the time of day and the market that you are trading. It is best to trade when
there is volume and the European and US markets provide the best movement.
If it is after 12pm EST then chances are the volume is gone for the day.

3. Locate the Fibonacci levels on the Day, 4hr, and 2hr, 30 min, and 15 min using
the obvious trading ranges. If you have a hard time finding them, then you are looking
too hard; use what is obvious. You must have an overall visual awareness of the market
at all times.

4. Identify major trend lines on the larger compressions as well as the 1hr, 30min, and 15 min. The market will react off of these levels so be sure to be aware of them.

5. Be aware of your margin size and know ahead of time what your available trade size is
using 3% as your maximum risk. This will simplify things when you get ready to enter
the market.

6. Identify the trend direction for the session you are trading and only trade with the
trend.

7. Be aware of the daily range for the currency you are trading. If the currency has
already fulfilled its daily range than be cautious with your entries. For example: the
Eur/Usd has an ADR of 76 pips and if it has already moved 68 pips than it is possible that
it will make a correction at this point and retrace.

8. IF you are anticipating a reversal verify that there is a reversal pattern or formation in
place and that the market has broke out of the former trend before entering.

9. When identifying the trend for the session, look to the 1hr chart and 15 min chart
10. Have a target in mind. Never enter a trade without knowing where your first or only target is.

11. Know where your stop needs to placed then assess how many lots you can trade using the needed stop and still stay within your 3% risk model.

12. Always place a stop before or immediately after entering a trade. This will protect your margin.

13. Remember that a stop is there to protect your margin incase something happens causing the market to move in an unexpected way very quickly. If you see that the market has broken thru a level that you were anticipating holding it back, then you don’t have to allow the stop to be hit. Be willing to close the trade down before it hits your stop if you see that the trade is going bad, this will further protect your margin.

14. Keep a running record of all your trades complete with screen shots and notes. If you are considering entering the market take a screenshot so that if you do enter you will have a record of the market conditions prior to your entry. This will help you to identify your strengths and weaknesses as you trade.


15. When analyzing the market start at the larger compressions and work your way down. It is important not to get caught up in the 15 min chart. Be sure to look at the larger compressions from time to time to get an idea where things are going long term.

16. Never Trade just to be trading. If there isn’t anything happening then wait.

17. Protect your profits, once the market begins to move your way and you have removed a portion of your trade, move your stop to your entry or a technically calculated position that will lock in the profits you have made.

18. One of the most important concepts in trading is trading within your means. What does this mean exactly? IF you enter a trade and within 5 minutes you have chewed your fingernails to the bone and you are dripping with sweat than you have traded beyond your
means. In order to make solid decisions you must trade with money that you can afford to lose. There can be no emotional attachment to a trade, only solid decisions based on factual information and technical analysis. There is no place for wishing and hoping in
the Forex.



Regards

James

40-100 pips A day IBSYSTEM

[Tess]

James,

That sure is a great set of prompters to hang your hat on!!.....everyone should have a set of ground rules that tick box their regular activity. Helps to maintain focus & discipline - two of the most essential ingredients in the trading pie.

I guess you maybe drew rule number 7 up when EU was mired in recent contraction ranges? We got that pair printing it's average daily range at c113 currently. It returned a below avg print yesterday (86), but the 113 is right on track with it's rolling 5 day avg @ 115.

I wholeheartedly agree with you though....that is a very important item to be aware of when managing a trade

jonny,

Thank you very much for your comments. Glad the content (from everybody on here) makes for positive & constructive reading!!

I'd like to once again offer our appreciation for all posters comments & best wishes. Without folks contributions, comments & perusals threads like this would simply wither & blow out.

The deletions in no way reflect anything other than the aim of keeping the thread on topic to assist readers in their attempts to study the core technical message of the content.

Feel free to contribute in any way you wish. The thread will be 'managed' on a regular basis from hereon in.

[Jocelyn]

Originally Posted by KENNETH LEE

I have been thinking of printing entire thread , But now I will wait for the CLEANERS ..

You might want to hold off until middle of next week Kenneth. She's still sweeping through the last 30 or 40 pages I believe. It ought to have settled out by Tues or Wed.

[tymen1]

According to Jame's post, it is about time that I learned how to find out about economic events.

I would like to know how to find out the times that economic events are released.

Can someone give me a link that will do this for me?

I will then convert the times to my own time zone in Western Australia.

[mytwopips]

Originally Posted by tymen1

According to Jame's post, it is about time that I learned how to find out about economic events.

I would like to know how to find out the times that economic events are released.

Can someone give me a link that will do this for me?

I will then convert the times to my own time zone in Western Australia.

The BabyPips calendar under the tools tab has all the reports and what time.
The french fry factory has theirs on their home page and it is a little more detailed with followup.

[Jocelyn]

Tymen

Like mytwopips says, they got one on here:
Forex Calendar: Economic Calendar for FX Trading News & Event Risk

I'm not sure what the score is still on here regards posting up links? but there's a few reasonable sources for intra-week economic prints out there:

Forex Forum, Forex Calendar, Forex News @ Forex Factory
Briefing.com: Economic Calendar
http://fxtrade.oanda.com/fileadmin/i...e/tools/ec.pdf

These links might not last the day?! so you best snaffle them up before they get blitzed.

[tymen1]

Wow, that was a set of quick answers!!

Many thanks, Mytwopips and Jocelyn.
You two must be on the internet at this time also.
It is Friday night here in Western Australia.

As soon as I finish this post I will put those hyperlinks posted by Jocelyn into my favourites section under "economic indicators"

But what's this about the french fry factory??

[mytwopips]

Originally Posted by tymen1

Wow, that was a set of quick answers!!

Many thanks, Mytwopips and Jocelyn.
You two must be on the internet at this time also.
It is Friday night here in Western Australia.

As soon as I finish this post I will put those hyperlinks posted by Jocelyn into my favourites section under "economic indicators"

But what's this about the french fry factory??

French fry factory.

Put 2 and 2 together. I don't want to anger BabyPips. Because BabyPips is the best.

Dont worry, it's the first non BP link Jocelyn gave you.

[tymen1]

Yep, I got it. Thanks.

[kagein]

Hey guys, when trading the 4 hr chart my main trigger is a candle with a wick thats longer than its body. When such a candle appears in the direction of the main trand at a s/r level it makes for a good trade. However when i trade trend reversals using just the long wick candle as a trigger its makes for less certain trade. Being as it's a 4 hr chart i cant always wait for a retest. Do you guys have suggestions on how best to enter trades such as these and what further confirmation i should wait for before opening a position. Will post examples of what i mean in a bit.

George