As with all strategy and methodologies there are some essentials you need to know before you can understand how to implement and follow my logic when trading.
As with all strategy and methodologies there are some essentials you need to know before you can understand how to implement and follow my logic when trading.
Intraday Strategy Objective
The first thing you need to know is what my aim is for intraday trading set ups. What I’m trying to do is to capture the main thrust of the days movement.
With this in mind I look at the ATR for a given currency pair so that I know what “on average” a pair is likely to do… more on this later.
Tools of the trade
The tools that I use to accomplish the objective are;
Simple interpretation of price action
Horizontal support and resistance
Overnight Highs and low
Previous days highs and lows
Fibonacci retracements and extensions
Account and Trade Management
Combined with these tools I use strict money management to keep the risk small enough to allow for any loosing periods that occur and more importantly allow a both physically and psychologically disciplined approach so that I can “stick to the trading plan”.
Within the pages on this site you will find detailed expansion of these points and a precise outline of each set up I use on a daily basis.
