same number for most of your trades. Above I discussed how I set up my chart: y-axis, time frame, and what I data I focus. Those little laptop cursor pads can cost you a lot of money if you accidentally tap it or move your order inadvertently. It has the pattern name, where to measure it on the chart, and the rules. Pick when you will trade, be diligent about it, and trade it well. If I lose 3 trades in a row, Im probably not implementing my strategy effectively, Im not seeing the market correctly or the market conditions today dont favor my strategy. By Cory Mitchell, CMT To learn more about how to day trade forex, including basics to get you started, strategies and a plan to get you practicing and successful, check out my Forex Strategies Guide for Day and Swing Traders.0 eBook. This number can also be used as a loss from top. With stocks, I will trade the same stock every day for a week or moreand often for months. Lots of traders are trying to focus on way too much data (see some of the sections above) and thus get analysis paralysis. By combining these tactics with your own day trading process, hopefully they help you develop more efficiency and/or consistency.
Stocks and forex chart patterns cheat sheet
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Click to enlarge If the price is forming a trade setup within a few minutes of 10:30 AM (or Im still in a trade Im allowed to trade it, extending my trading session slightly. Reversal Patterns, continuation Patterns, note that we have classified these chart patterns by whether they are typically reversal or continuation patterns, but many can indicate either a reversal or a continuation, depending on the circumstances. The only thing I check in the morning is the economic calendar for any major data releases (medium to high impact) scheduled during the day. Note: This is my tactical cheat sheet. Focus on the day and time frame youre trading; its unlikely that analyzing other time frames will boost your profits significantly. This serves to keep me focused on the market movement (dont write your notes right before or during a trade) and it also serves as a real-time record of what my analytical perspective was at a particular time on a particular day. My strategies do work at other times, but while I may get 5 trades in my 2-hour window, I may only get another one or two trades if I sit around for another couple hours. Stick to it for the day. They cant think straight because their chart could be interpreted in so many possible ways.
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