Forex Day Trading Main Rules

My friends, in daily trading I use very simple rules which I want to share with you in this post.

Before the market opens I analyze it using support/resistant levels (including Fibonacci) to predict the future movements. I use the same rules for any pair.

1. Identifying the Market Trend. First of course, I identify the main trend, using Monthly, Daily, Hourly charts and then I look for mini-trends inside the main trend on 1H, 30M and 15M charts.

2. Analyzing previous week. Drawing max and min prices, checking how strong the movement was (how many pips it moved)

3. Looking for patterns and channels. Same as for Market Trend, checking mostly all time frames.

4. Checking Economic calendar. I note the times releases for all - Highs and Medium news events.

5. Usually I do not trade on Mondays, but there are some exceptions, of course, depends on a situation. But, everyday, at the end of the day until the opening of European session, analyzing the day (or previous day), looking for patterns, channels, mini-trends.

6. Main sessions I usually trade at are Europe and London, New York, so I place the orders before these sessions open, also before the News events.

7. Closing the trades using the levels or trailing stop, depends on a situation on the market.


That is all for now, you can watch the video with trades examples, also look through all my strategies below:

 

 

If you have any questions, please leave comments I'll try to respond ASAP. If you have a specific question regarding your trades, you can send me a private message, but I will only answer if you are using the same broker as me Tallinex and use the same chart template - white background with green and red candles! Sorry I just do not have time to learn other broker's rules and other interfaces.

All My Forex Articles:

How I use Fibonacci Retracemnet

How I trade Forex News

Forex System Triangle

No Signals No Indicators System

Follow me on Twitter and subscribe on YouTube for new updates and videos.

Comments / Комментарии

Posted by cpattern on
Janna I found it very confusing to place orders. I did not understand the difference between a limit order and a stop order. I asked Tallinex support to explain it and this is what they sent me. Note: it was just what I needed.

Tallinex Support - AA (04:05:11) : Buy limit – to buy when the ask price gets equal to the specified value. Herewith, the current price is higher than the value of the set order. Typically, the orders of this type are set in reliance on the assumption that the instrument price, having declined to a certain level, will stop its fall and start to grow. It is impossible to set buy limit orders above the current ask price, you have to use buy stop orders for this.

Buy stop – to buy when the ask price gets equal to the specified value. Herewith, the current price level is lower than the value of the set order. Typically, the orders of this type are set in reliance on the assumption that the instrument price will overcome some level and continue to grow. It is impossible to set buy stop orders below the current ask price, you have to use buy limit orders for this.

Sell limit – to sell when the bid price gets equal to the specified value. Herewith, the current price level is lower than the value of the set order. Typically, the orders of this type are set in reliance on the assumption that the instrument price, having risen to a certain level, will stop its uptrend and start to decline. It is impossible to set sell limit orders below the current bid price, you have to use sell stop orders for this.

Sell stop – to sell when the bid price gets equal to the specified value. Herewith, the current price level is higher than the value of the set order. Typically, the orders of this type are set in reliance on the assumption that the instrument price, having dropped to a certain level, will continue to decline. It is impossible to set sell stop orders above the current bid price, you have to use sell limit orders for this.
Posted by mike on
Janna, your information on how to trade a triangle has been most helpful. Thank you for sharing this valuable tool with everyone.
I am having trouble with staying into trade too long when they go against me. What are your thoughts about when to get out of a bad trade.

Mike
Posted by inderjeet on
hi janna i also dont understand the order placement so please share it when triangle breakout then where we can set our pending order buy stop sell stop and where we set stop lose please share it in detail in new article and also share channel breakout and where we set orders
Posted by Loganathan on
Hi I am Logan from Malaysia. I have watch your video about trading and would like to follow your advise accordingly. However, I am using life account from FXCM. Can you please tell me anything plus minus about FXCM and your brokers, in case i decided to change the broker. I need your help to train me and be successful in trading forex.

Thank you
Loganathan
Posted by aaronz07 on
Hi Janna,
how are you?

I've looked around and found your trading system is the easiest and clear with no selling pitch where everyone else just trying to sell something. much much appreciated that you have setup this website to help people just like me.

Boris.
Posted by okoret on
HI Janna,

I have learnt forex trading through your videos. thank you very much.

By the way, yesterday October 4th 2017 ( Wednesday ) I lost most of my trades and some didn't even go live. Could you have an insight why?
You must be logged in to leave a reply. Login »