Sunday is not an optimal day to be trading. Focus on optimal setups, you will not see a trade setup every single day. Expect 15:00-16:00 GMT and ADR convergences & other technicals to confirm profit taking objectives. You want to get out of the market when price is moving in your favor and not when it is retracing. Align your trade expectation to the 5 day ADR. Focus on the 5 day ADR, but you can use a 10 day and 20 day one as well. A lot of times the initial break out of the Asian Range is a fake out. Anticipate the London stop raid and fade it. Trade the direction of the daily swing point. These can usually be identified with a 15 minute or 1 hour chart. We will not be swayed by the breakouts that most traders chase. Narrow focus to higher market trend (the primary). On the Asian Range we want to: Note the initial range high & low. There will always be retracements and consolidations, but you need to focus on what the higher time frames are telling you. Look for new OTE reversals - anticipate them. Trade in the direction of the most recent swing point when it is in line with the current market structure. On the daily time frame we need to: Determine the current market structure. Don't talk about your trades while you are in them. This will help you stay out of trades you shouldn't be in.
Have a game plan for the week every week.
Do your analysis and mark down your levels when the market is closed for an unbiased perspective. On the weekly time frame you need to: Determine the current market structure.
After we have done our analysis on the monthly time frame we need to work on the weekly time frame. Trade in the direction of the primary, this is based off the monthly, weekly, and daily. These are the things we want to do on the monthly time frame: Determine the market structure on the monthly chart. Inside The Range Webinar Saturday, January 18, 2014ĭetermine where we are in the current monthly range.
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