In order to start looking for trade opportunities I first like to see a clear market condition on the long term charts…
What I mean by a clear market condition is:
- Clear S&R levels on the long term charts
- Clear market swings
That’s the first thing that I look at before looking for trade opportunities, if I get both of them on the long term charts, then I start looking for trade opportunities on the short term charts…
Here is one of the clearest currency pairs to trade today.
As you can see, it’s got clear S&R plus clear market swings, so it is a candidate to start looking for trade opportunities.
However, it is trading too close to an important LT level… And when the market trades near an important level, most of the time it tends to range… So we need to look at the short term range to see when to start looking for trade opportunities.
Here is the short term chart:
Ok now we’ve got a plan:
- If the CHFJPY breaks through the upper resistance level I’ll start looking for long opportunities.
- If the CHFJPY breaks through the lower support level I’ll start looking for short opportunities.
Are you currently trading the CHFJPY? What do you think about my trading plan? What other
currency pairs are you currently trading/monitoring?
What I mean by a clear market condition is:
- Clear S&R levels on the long term charts
- Clear market swings
That’s the first thing that I look at before looking for trade opportunities, if I get both of them on the long term charts, then I start looking for trade opportunities on the short term charts…
Here is one of the clearest currency pairs to trade today.
CHFJPY Analysis
Take a look at the long term charts:As you can see, it’s got clear S&R plus clear market swings, so it is a candidate to start looking for trade opportunities.
However, it is trading too close to an important LT level… And when the market trades near an important level, most of the time it tends to range… So we need to look at the short term range to see when to start looking for trade opportunities.
Here is the short term chart:
Ok now we’ve got a plan:
- If the CHFJPY breaks through the upper resistance level I’ll start looking for long opportunities.
- If the CHFJPY breaks through the lower support level I’ll start looking for short opportunities.
Are you currently trading the CHFJPY? What do you think about my trading plan? What other
currency pairs are you currently trading/monitoring?
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