{quote} Hi all. I'm a newbie in TMS and I'm trying starting a daily trading (looking for trend in Weekly and trying to anticipate the order in lower timeframes, right?) cause I've a 9/5 job, so I dont have time to look at charts frequently. I've read the thread and the kind advises of you seniors especially emmanuel. There is still a lot of chaos in my mind because the things I need to read is huge.... Let's start with my contribution.... I noticed that, NZDUSD broke above 0.7900; in the weekly chart PA is close to a support and there is a first...
Hi georgewashin,
Trading the D chart requires a different mindset becasue some things are different to what is trading intraday on H1 charts.
The top down approach remains the same and we must follow a consistent approach in whatever we chose to do.
Keeping a 9/5 job is good and that is regular income. Trade the forex market for addition income to build wealth.
But working 9/5 also restrict our access to realtime live market and we need to know when is the best time to place our D trades.
I usually trade the Tokyo session and the European session. This allows me to enter D trades during either of these two sessions.
I don't trade after the London close.
Tokyo open is also a new D candle for me. So I look at the previous W and Previous D ranges, then decide whether I have a good price to enter. If I don't see a good price, I wait till after Tokyo lunch time and also when London open.
It is about using %risk and position sizing when I trade 4H swing and position trading. Bulilding positions is also something to consider to maximise the use of our trading capital and with same %risk, we build up positions in the market. We all want to trade the trend and therefore must cultivate the habit to manage trades and "Let Profit Run' . This is something easy to say but in real life it is very hard to do.
Now back to NZDUSD, some question I asked my self in my early years of trading.
- Why do I pick this pair when there are so many other pairs to trade?
- How much do I know about this Kiwi pair?
- Do I know what move the currency market and KiwiDollar?
- When I trade Kiwi, what is its correlation with the other pairs like USDCAD, AUDUSD?
- What are the trading ranges of each of these 3 commodity currencies?
- Will I get good Risk Reward potential for trade setups of these pairs?
- What is the Expectancy of my system after 100, 200 and 300 completed trades?
lots of questions to ask and answer on our own, then we prepare our trading business plan.
Now back to NZDUSD, below is my MN chart with those historical S&R levels.
I see opportunity in chaos, and there is room for good target profit but need to find good price entries.
It is always good to have preparation done ahead in time and that require chart analysis. Some people talk rubbish when they say we only analyse after we see the TDI cross. We often hear the phrase: "Plan your trade, trade your plan".
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Guido
