What to do when you sit in front of the charts?

Hey, guys i am new in to forex but i have been enjoying this website so far.

what i mean by that question is once you learn all the tools that need to analyze the market where to start when you wake up in the morning and open your laptop?

This is not a silly question. It goes to the heart of success in trading.

The danger is that you open the chart and let the chart tell you what to do, what to look for, what to trade, how to trade.

For better results, decide in advance what you will be looking for. Identify what it will look like -

  • what’s the ideal 100% classic example
  • what’s the usual common average example
  • what are the features that you MUST see and what are the features its NICE to see but which are not game-breakers
  • what are the features on the chart that might develop into what you wish to see if you give it a little more time
  • what would you see which tells you if its too late to trade

Apply this template to any TA feature, chart pattern, candlestick pattern etc. you care to name, and it will help you plan and stay focused.

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Personally, I don’t trade often, I just set and forget. So what I basically do is to check my chart every few days to see if everything is in order. Putting myself in your shoes, lot of questions bump into my head each time I open a chart. Assuming I’m looking for a pair with a better entry, I open each currency pairs one after the other looking out for trends and patterns. I write down the currency pairs with possible higher probability according to my intuition, I crossed check once again and I place an entry. No indicators for me, just pure Market action.

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thank you for your advice.

I start my analysis part from the trading chart; then I count the position of support/resistant tool!

I start looking at recent price action 1st, then if there is price action that catches my eye I start looking at s/r levels and trends on a larger time scale. If everything lines up I’ll start placing entry orders.

I try to avoid monitoring charts on a regular basis if a position has been triggered. Instead I set alerts at certain price levels.

After you’ve been trading for a while you begin to understand that individual wins/losses are all just a part of the process. If your able to engineer a trading strategy with a positive expectancy over the long run you begin to lose emotional attachment to short term wins and losses.

Best of luck to everyone :slight_smile:

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I have a checklist to open a new trade; I always verity all of the points before opening any new trade!

I set up my pair the day before with my indicator
then wait for price to leave the fan and/or retrace to it and get stuck at some branch of the fan to make the entry like the image below

I start a day with chart analysis and what has been traded on Eastern market during night. Then I look at economic calendar for that day and rest of the week

I usually have 3 tabs open

Forexfactory - read some news here and there
Fxbook - use as a calendar to see what events are up for day/week
Dailyfx - Look at WTI prices mainly gives me a thought on how oil is performing.

Reading news usually, setting up some orders & price signals when it encroaches the area and so forth and so on.

i personaly do daily tf chart analyses on weekend and mark the interesting instruments …while the week i check h1 and sometime h4 for my entrys i do round about 3-4 times a day if something is near my entry zones …
when iam anyway at my chart and something is in my zone or very close i go in ltf to look for even better entry if market gives me one
when trading daily tf its important to check on daily close ( always waiting for candle close :wink: )

Interesting tool; but I am comfortable with horizontal support/resistant levels!