Uncategorised – Sonal's Trading Journal

Rule and guideline ideas

Make sure one-click trading is turned OFF. (Tools > Options > Trade). This is to prevent any accidental one click trades
The larger the consolidation, the larger the breakout (ref)
The fourth decimal in most currency pairs is a pip, for most Japanese pairs the second decimal is a pip. On Oanda they use an extra decimal (pipette) and the middle-click number’s last digit should be considered a decimal. E.g if the middle-click line shows ‘222’ this would typically mean 22.2 pips.
Use MyFxBook to track your stats and also to check the news
To calculate the spread click the down arrow on a price chart at the top left and compare the bigger numbers. Video explainer here
The most important news types can be found here generally unemployment rates, Nonfarm payrolls and interest rates are considered very important
Look for RSI divergences, a regular divergence signals a trend reversal while a hidden divergence signals trend continuation. Useful links:
Video
Cheat sheet

Trend continuation can be confirmed when price penetrated and goes beyond the previous peak/trough
Uptrends tend to be smooth and long whereas downtrends tend to be sharp and short
TRADE REVERSALS ideally trade a reversal at the end of a trend

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