Review and Preparation [REVPREP]

  1.  Fundamental Data
    • Update Indicators that have new data released
    • Make a note of Indicators and its currency that have data out shortly
  2. Sentiment Data
    • Working through the currencies that have had new data out today
      • update the Previous, Next and Horizon.
  3. Summary
    • Review the Summary data and note the currency pairs that are determined suitable for trading, Tradeable Pairs [TRAPS].
  4. Technical Analysis
    • Abort/cancel the trades on MT5 and close the charts for Untradeable Pairs [UNPA]
    • Go through Technical Analysis Process for the TRAP’s
  5. Orders
    • Enter orders into MT5
  6. Record activities in Trading Journal.

Session Preparation [SESPREP]

  • Identify currencies that have a data release in the coming Session(s), Currencies of Interest [COI]
  • Determine if there is a TRAP and what its Risk Profile would be if the data is:
    • better than expected
    • as expected
    • worse than expected
  • Prepare the charts of any potential TRAP’s

Currency Evaluation [CUEV]

  • Using an Economic Calendar, calculate using predetermined metrics what direction the sentiment has swung. Record the direction.
  • If the data is an indicator used to measure the Fundamental Direction then also record it as such.
  • The recorded result could determine a TRAP.
  • Use previously prepared chart to identify suitable placement of entry.
  • Place order on MT5.