When there is no trade setup, what do you do?
Study the charts, examine the details within and understand the patterns it is telling you. Because the selling has yet to start, you have plenty of time to study it, break it down into smaller time frame like 4H , 1H, 15 mins. Or goes to a bigger picture with the weekly or monthly to see the overall trend.
Follow a few authors and understand their buy/sell calls, use this as a reference point.
Read up the global news if you like and understand how politics, economics are intertwined and how it affect the global forex market.
So that when the price action prepares itself, you are ready for the first blood, haha.
Practice, Practice, Practice.
Study the charts, examine the details within and understand the patterns it is telling you. Because the selling has yet to start, you have plenty of time to study it, break it down into smaller time frame like 4H , 1H, 15 mins. Or goes to a bigger picture with the weekly or monthly to see the overall trend.
Follow a few authors and understand their buy/sell calls, use this as a reference point.
Read up the global news if you like and understand how politics, economics are intertwined and how it affect the global forex market.
So that when the price action prepares itself, you are ready for the first blood, haha.
Practice, Practice, Practice.
Comment:
It broke down from the diagonal trend line and now pulls back. We are taking a small position to sell.
