hi there, came in to place this rules of trading while I am learning.
Rule number 1
Do not play before London open, volume too low and the Dumb money is playing.
Rule number 2
If there is a demand/support or supply/resistance trendline break from the first candle wait until it close and went in only if the 2nd candle continues its trend from the 1st candle otherwise get ready to be fakeout. Please confirm it with MACD/Stoch crossover (always get fake out). Also if the market is slow and there is a trendline break wait at least for the 3rd candle to stay its due course before plunging in or else you are the dump money
Rule number 3
If price breaks a trendline and it stalls crank down to 5min and see why? Most of the time it is a fakeout. Grab your profits or cut your losses.
Rule number 4
Grab pips on retracement only if the big trend is with the reversal otherwise grab a few pips and bail out cause it will not retrace much before it is being push back by the big trend.
Rule number 5
Let your profit run while cut your losses, bag your profits fast and leave the rest for others. Get in and out on the same day. Don't be greedy
Rule number 6
Plan you trade and trade your plan. If you had plan your trade prior to London open, follow it till it hit your stop loss. Do not be affected by PA. You are the smart money everything else are the dumb money unless it hit your stop loss then you are the muddle one.
Rule number 7
Make your trading bias way before London open. Just look at price action couple by MACD status of overbought or oversold. It will roughly tell you whether it will be a price continuous pattern or price reversal pattern.
Rule number 8
If MACD crosses over much early before a trendline break. Usually the run would be premature and exhausted. If the break is obvious don't take it supply/demand breakout are mostly unexpected. Buy/sell only when Stoch is oversold/overbought even if there is a candle reversal pattern
Rule number 9
Always buy when Stoch is oversold and sell when Stoch is overbought this way you are buying value at a cheap price. If the big charts tell you the trend is up/down crank down to the 5min chart to buy/sell when Stoch is oversold/overbought this way you get better value in price
Rule number 10
For price action alone to where price will go look down from the 4hr chart see where MACD is going then crank down to anytime frame which has a a nice uptrend channel or downtrend channel and estimate where price will go. If price action is messy in one of the timeframe change and find another time frame which has a better channel/clear price action pattern.
Ok here is the intro
I have been trading for the past 6 months and I wish to be enlighten and enlightening Singaporeans here that learning to trade forex takes time and effort on your own part and that paying to learn about forex can be budget and easy on the pocket.
I know cos I had been burn by forex and so call trainers from FX1. The above rules are set accordingly to what I had discovered. So sit tight and lets see where we go from here.