Hi Everyone,
By writing that I'm a professional Stock/Futures trader I mean that I'm constantly making money for a few years now.
Recently I decided to really get in to the forex market, I'm trying for a month or so to find some strategy or at least a start of something. I know that one month is usually not enough and I'm ok with it, But in my case, I have all the basics that it takes because I'm a profitable trader for years now, So hopefully you guys will help me a little bit.
Before my questions I think that It's important to mention that my style of trading is DayTrading and I'm using pure technical analysis without any additional indicators at all.
Question One: When I'm trading the NASDAQ, I'm looking at the S&P500, RUSSELL 2000, Dow Jones. And when I'm trading the DAX Futures, I'm looking at the EURO STOXX 50 index.
Now, I want to know what to look at when trading forex. Right now I'm looking at six charts: EURUSD, EURGB, EURJPY, GBPUSD, USDJPY, GBPJPY. I know theres more charts with the CAD and AUD and CHF etc... But I don't want too many charts for now. Is this good enough ?
Question Two: If for example I see that the EURUSD is down, It mean that the EUR is weak at the moment and the USD is strong ? Or maybe It can be that only one of them is getting weak or strong ? Also, Do I need to look at other pairs to confirm that ? I hope you understand what I'm trying to understand here. I can give an example from my world: When I see that the S&P500 is up I know that the NASDAQ is more likely to go up, It's that simple.
Question Three: When I look at one of the products that I'm trading today(NASDAQ, S&P500, RUSSELL 2000, Dow Jones, DAX, EURO STOXX 50), I know within a few seconds if theres a trade for me or not. And 95% of the time I even know if there will be a trade for me tomorrow.
Personally, I believe in "Pre-Planned Trading" When the trader know specific price levels that he or she is going to enter a trade.
If it's not an effort, Please explaine where do you see an opportunity on the chart attached to this post (or upload your own) + Explain what are the other conditions that you wanna see in order to take the trade, For example what do you wanna see in other pairs at the same time or if you have a specifit time that the market is more likely to be with more energy etc...
Sincerely,
Johny-Raa.
By writing that I'm a professional Stock/Futures trader I mean that I'm constantly making money for a few years now.
Recently I decided to really get in to the forex market, I'm trying for a month or so to find some strategy or at least a start of something. I know that one month is usually not enough and I'm ok with it, But in my case, I have all the basics that it takes because I'm a profitable trader for years now, So hopefully you guys will help me a little bit.
Before my questions I think that It's important to mention that my style of trading is DayTrading and I'm using pure technical analysis without any additional indicators at all.
Question One: When I'm trading the NASDAQ, I'm looking at the S&P500, RUSSELL 2000, Dow Jones. And when I'm trading the DAX Futures, I'm looking at the EURO STOXX 50 index.
Now, I want to know what to look at when trading forex. Right now I'm looking at six charts: EURUSD, EURGB, EURJPY, GBPUSD, USDJPY, GBPJPY. I know theres more charts with the CAD and AUD and CHF etc... But I don't want too many charts for now. Is this good enough ?
Question Two: If for example I see that the EURUSD is down, It mean that the EUR is weak at the moment and the USD is strong ? Or maybe It can be that only one of them is getting weak or strong ? Also, Do I need to look at other pairs to confirm that ? I hope you understand what I'm trying to understand here. I can give an example from my world: When I see that the S&P500 is up I know that the NASDAQ is more likely to go up, It's that simple.
Question Three: When I look at one of the products that I'm trading today(NASDAQ, S&P500, RUSSELL 2000, Dow Jones, DAX, EURO STOXX 50), I know within a few seconds if theres a trade for me or not. And 95% of the time I even know if there will be a trade for me tomorrow.
Personally, I believe in "Pre-Planned Trading" When the trader know specific price levels that he or she is going to enter a trade.
If it's not an effort, Please explaine where do you see an opportunity on the chart attached to this post (or upload your own) + Explain what are the other conditions that you wanna see in order to take the trade, For example what do you wanna see in other pairs at the same time or if you have a specifit time that the market is more likely to be with more energy etc...
Sincerely,
Johny-Raa.