BASIC checklist everybody!?

[ramrod]

Hey forex buddies! What is the basic checklist that you run through when you start your trading sessions\day? If you were to give a quick numbered and point based checklist that you run through every day or every time you open up your charting package what would it be? For example mine would be something like 1. Check support \ resistance levels 2. Find out what major news releases are coming out in order not to be caught out by them 3. Determining whether a market is ranging or trending? What is yours? And how consistently do you apply it? Have you found that not following the checklist has gotten you in trouble? Many thanks in advance for all your opinions!

-RAMROD (the most virgin newbie you will ever come across)

[mytwopips]

1: Pulse - check
2: Coffee - check

Ready to trade.

Your list sounds a lot better than mine. Keep up the good work.

[ramrod]

Indeed sounds good. You need that JAVA in you But I'm sure there are some basics that you look for each and every time you trade right?

[justlearning]

I check the fundamental news (which I hold tongue in cheek) , and then check babypips tools section for media releases, then I look at the charts.....I usually let the charts tell me the story, not an analyst....

[Dandan]

Hey forex buddies! What is the basic checklist that you run through when you start your trading sessions\day? If you were to give a quick numbered and point based checklist that you run through every day or every time you open up your charting package what would it be? For example mine would be something like 1. Check support \ resistance levels 2. Find out what major news releases are coming out in order not to be caught out by them 3. Determining whether a market is ranging or trending? What is yours? And how consistently do you apply it? Have you found that not following the checklist has gotten you in trouble? Many thanks in advance for all your opinions!

-RAMROD (the most virgin newbie you will ever come across)

Hi all,

I have my own checklist for my trading system and I follow it closely. Below is a guide.

1. Forex Factory – Do not trade 2 to 3 hours before medium and high impact news are released. Go to Forex Factory to check for news releases.

2. Yahoo Finance – Major World Indices - Yahoo! Finance
If you are trading Yen pairs like USD/JPY, EUR/JPY and GBP/JPY, check the indexes to have an idea on how bearish or bullish the stock market is. The 3 pairs above have co-relation to the stock market.

3. Sessions To Trade – Asian Session (2300 GMT to 0300 GMT) – trade only AUD/USD, USD/JPY. European Session (0700 GMT to 1000 GMT) – all pairs. U.S Session (1200 GMT to 1600 GMT) – all pairs. These are the sessions where there are good volatility and ranges.

4. Trendiness – The chart must look trendy before you start to look at the trading signals.

5. 50 Pips Rule – Do not trade when there is a barrier in front which is less than 50 pips between the current price and all kinds of levels, be it Weekly Pivot level or 200 EMA. This is to prevent from hitting the potential support and resistance levels.

5. 4-Hourly (4H) Chart – Switch to 4H chart to see if the Stochastic is pointing at the same direction as the hourly chart (which you are trading). This is to filter out whipsaws.

7. Look For Indicators – If those indicators are looking flat, try not to trade because it means that the price is not going any direction.

Regards,
Daniel Su