In todays webinar I went into a little more detail on what Marc said from his blog post yesterday on Finding good entries. You can view that article below:
Focus On the Entries & You Are 60% There
I explained how I approach every week. First I look at what the $ is doing. Is money flowing in or out? Best way to measure this is the DXY. I also showed you a few other charts that you can use to give you a clue. As of late the DXY is in a range so it makes it very tricky to determine the direction.
I then spot the big areas on the charts. I add trendlines, fibs, support, and resistance (Mostly Monthly). I then look at where the EMAS, MA are. If they are in an A grade spot with multiple reasons to take the trade, then I put a forward order. The B grades are the ones I watch during the week closely when price comes into my area. Such as the EURUSD which I showed you on the 4HR today.
The next step is to check if there is any news that will ruin the trade. For example today you have the CAD CPI news, so its probably best not to trade USDCAD around that time as you don’t know which way it will head regardless of what the figures say. You also have core retail sales for the US at the same time which makes it more tricky. So you need to pick your battles carefully. Safe option would be to wait until the news is out and see if an opportunity is presented by the market after. Even if it breaks a major level it will most likely try to re-test that level again a some point In the future.
Getting the entries is part of the job done. The next challenge is to manage the trade which is one of the puzzles in trading—watching the price go and down can affect our psychology. We can exit trades too early or late. Take the profit early or late. Don’t manage the trade around news or take a full loss instead of being able to minimize losses.
For this reason we recommend the VTC software, as it will do all the work of managing your trade. You only need to find good entries and set your stop. It will even calculate the lot sizes for you according to your risk. You can set rules to move your stops and take profits. If you are at work, don’t have access to your phone while out, sleeping or you just don’t want to touch the trade while you are in it. You don’t have to worry as it will take care of it.
Marc spoke about this in the post below, Our member James from Thailand did a live session explaining how it works.
Improve Your Results by Semi-Automating Your Trades?
You can watch the full webinar below: