A little bit of advice

#OPINIONLEADER#

OK I will put in a little bit of advice

1: DO NOT THINK, trade what the PA is doing

2: Select three pairs and study/analyse/follow only them for 3 months – learn what they do at certain times – news, speeches, different market times and become an expert on them

3: Do not jump on the Signals just because they are there – if they are not in your study book ask yourself why do it –I don’t, if there is a signal that’s in my repertoire and I agree (that’s important I may take it but generally I have already been in that signalled trade up to 1-2 hours before because I watch and understand different times of the day

4: What’s that I said – different times – well here is the Asian session – in chart time

00:00 Sydney open

02:00 Tokyo open

02:55 Tokyo fix

03:00 Tokyo equity and cash markets open

04:00 China open

05:00 Sydney lunch

7-8:00 China lunch and Tokyo return from lunch

09:00 Frankfurt open

10:00 London open

11:00 London cash and equity markets open

12:00 China close

Every one of these can and usually does have an impact on PA at a smaller time frame and can cause whipsaws and confusion.

Learn what is happening

5: PA moves in waves – my general watch is China open and an hour after ‘generally’ forms a swing point and the PA on many pairs goes in that direction until China closes – some in a nice semi jagged live, others like a bowl of alphabet soup – however some move from Tokyo open - either way I'm not interested until at least Tokyo open and I'm out when China closes.

Point is, learn your pairs, learn what happens during the day and learn some trading basics.