Good morning traders. Awesome week last week with Wayne McDonell visiting us in South Africa at the Hands Full of Rands event in partnership with Global Forex Institute. What an amazing guy! To those who attended his masterclass I am sure you can agree that the sessions were top notch. Remember – Wayne was once a beginner just like you and it was hard work, determination, discipline and consistency that got him to where he is today. You can do it to! Just follow his steps and maybe one day you’ll be sitting in front of a class in another country showing people how they can achieve success in the biggest business in the world. Thank you Wayne for taking time out of your insane schedule to come and spend time with us. It was a real honor!
1. Please always make sure you read Kate’s post on fundamental summary for the past 24 hours so you know what’s going on news wise. The post for today is not up yet so follow her and you will receive an e-mail when it is uploaded
2. Check your calendar for this week’s news releases so you are aware of what news will be moving the market
3. Make sure you tune into Wayne’s live webinar – this takes place at 13:30 SAST and just requires you to register to attend. Registering takes two minutes. If you miss him live, catch the recording on the Forex.Today Youtube channel
4. Run your daily scan on your currency pairs. This shows you where there are opportunities on a higher time frame. We then add these to our watch list, write up our plans and then wait for price to fall into our trap. Currently I am only looking at pairs which are at oversold or overbought on the daily time frame and then lining up stochastics on H4 and lower time frames. I am then going to add positions to my long or short trade on additional H4, H1 and M15 stochastic cycles while making sure that I do not trigger my trade based on the stochastic alone – I buy at support and sell at resistance. For additional confirmation I am looking for reversal patterns on a 5 min chart or 1 min chart at support or resistance once my stochastics are all lined up and if I want even more confirmation I could wait for a 5ema 8ema cross on a 5 minute or 1 minute chart once everything else has been confirmed.
5. Remember to journal your trades. If you have been looking for a top notch journal tool check out www.tradebench.com – it’s free and very cool.
Remember it’s August – low liquidity. Use the month to practice on demo if you aren’t live yet. There is no need to lose money when the market is away from the desk enjoying late sunsets at Café del Mar. There will be lots of liquidity when everyone is back in September.