Here’s a daily routine that I’ve used in the Strategy:10 system. Some of the most successful months of my trading career happened when I followed this plan. Up at 3:00 am EST.
Check the charts. Ask the following questions:
1. Where did the USD close (5pm EST) yesterday against the majors?
2. What effect will today’s economic reports have, if any, on the forex market?
a. FED interest rate movements
b. ECB decisions c. Unemployment – Weekly Moving Average above or below 400k?
d. Greenspan speaking?
3. Are we at an all time high or low on the EUR or GBP or CHF? Or: a. Are they way oversold or overbought? Is it better to not trade today?
4. If I make a trade now, what might go wrong? What’s the most I’ll lose? Gain? Is the market just dead quiet right now? Moving fast?
5. Is the EUR or GBP moving right now? How far are the pairs from support and resistance?
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