5 Steps To Prepare You For A New Trading Week (As A Beginner)
1. Analyse the US dollar index to determine the strength of the dollar versus other currencies.
2. Choose 3-5 XXXUSD or and USDXXX pairs to analyse based on the DXY.
3. Wait for those pairs to test significant higher time frame zones and take sells and buys simultaneously depending on the DXY direction.
4. If a significant zone has been tested already on the higher timeframe, look for continuation patterns and take sell and buys simultaneously depending on the DXY direction.
5. Hold and monitor your trades till the next significant opposite zone.
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This One Element Will Help You Predict Reversals Successfully
Predicting reversals is every traderโs dream.
Catching a reversal essentially means catching a trend at the very beginning of the trend.
This equals to maximum profits for the trader.
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What experience has taught me is that, one element that will ensure you catch the reversal at the right time is higher timeframe candle closes.
Until the monthly candle closes in your direction, no matter the pattern completion or whatever.
Donโt try to be smart and enter a reversal prematurely.
Wait for the monthly to close in your bias then start seeking for a setup in your direction on the lower timeframe.
This will test your patience BUT rather late than sorry.
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There is nothing like the best strategy, all work when approached differently.
This is a simple MA cross + RSI 5 years backtest, so if you are being worried whether indicators work or not, they work just like every other strategies but only when used in an automated trading set up.
If you are receiving indicators signals manually, you will soon lose your entire account! I think it’s obvious why.
As a trader you first Trading Rule should be integrity to thyself.
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You have to always be brutally honest with yourself about your career.
Ask yourself these questions?
+ What has been my performance for the last 2 years?
Is there change?
+ CWhat do I need to proceed to the next level?
+ I’m I rushing the process?
+ Why am I really trading?
In fact out of all these questions, your WHY has to be strong.
Trading is like a big mirror.
If you choose to live a chaotic life, why would your trading be any different?
Build a routine that aligns with your trading identity.
And once everything starts falling into place and you start making some money, do not keep it all online.
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These 5 steps and more should be enough to prepare you for each and every new trading week.