It's fairly easy...I start with the D1, H4 and H1 time frames, looking for level 1 or level 3's in the bigger cycles. I do this for every pair. Then I'll drop down into the 15M and look for the correct setup to enter.f451 wrote:CJ,
Would you mind running through what steps you take in doing your chart homework to create your daily watchlist?
cheers
Simon
Look for pairs that are at the Hi or Lo of yesterday/today, near the extremes of the ADR. You want to trade the "edges" in on each setup, not the centers out. I'm a lazy and sloppy trader at times and when I'm confident of of a pairs direction, I'll take an early entry during and not wait for the optimum setup. Too many people try for the "perfect" setup. as long as I can grad a nice piece of a move, I'm happy. It's about making money and it works for me.
Here's one that looks good for a possible drop so I'll keep my stops just above the high and may allow it to move 25 pips or so past...if they don't get the orders they want, they will bump it a bit further to add to their positions...sometimes you see that "M" at the top but then it pops up 25 pips or so past it...
GBPCHF...looking for the pullback....if it "pops" I'll add on...
CJ
