I’m new to the Forex and I’d like to know how you determine where to enter and exit a pair during the day. Also what time period should I use?
If you’re daytrading you should trade during the busy times of the day such as the London and US session. These provide the best times to trade.
I like to use 2 timeframe charts when I trade. I look at the main trend with hourly or 4hr charts and then I look for trades in that direction on a 15 minute or 10 minute chart. That usually seems to work for me.
I like to take a top-down approach. Meaning I will start with the longer time frames and drawing channels, trendlines, etc. and work my way down until i get to 10 minute charts. This way I see the major support and resistance levels where a move may stall or breakthrough.
What I try to do is go back and look if I traded correctly. If I think I made a good judgment and a good trade and still ended up losing, I don’t feel so bad because I know I tried to give myself the best chance of winning but that it just didn’t work out in my favor. Remember, you can’t win them all!
can anyone tell me how to prepare for day trade in either london session or ny session? for short-term trading? what indicators to use? what to look for? how to draw support/resistance line? how to find pivot point? what numbers for stoch and rsi? what ma to use? what are the most best accurate info i need before news come out and how to find entry point exit point? for SHORT-TERM only? pls advice???thanks:confused:
First of all I get the impression you’re very eager to start trading. that’s fine, but make sure you’ve aquired some basic education first. I’d recommand going through the entire babypips.com’s school of forex.
this should answer your questions about all of the technical analysis issues.
when you’re done, and know your way around the technical indicators, support&resistance, etc., you gotta have a good economic calender, so that the news don’t catch you offguard.
here’s a great one, taken from forexfactory.com.
I’d also recommand trying out my own trading system, which is built for daytrading, and works great so far. if you use it, let me know how you’re doing.
hope this helps,
Molson, I couldn’t agree more with Parsush.
After almost a YEAR! of going thru all this “stuff”, the BabyPips School brought it all together for me and gave me a direction. It’s still touch and go but, take the course, take your time, and - at the risk of repeating myself again - do learn to take your time!! This is a marathon and not a 100 yard dash.