Review and Preparation [REVPREP]
- Fundamental Data
- Update Indicators that have new data released
- Make a note of Indicators and its currency that have data out shortly
- Sentiment Data
- Working through the currencies that have had new data out today
- update the Previous, Next and Horizon.
- Review the Summary data and note the currency pairs that are determined suitable for trading, Tradeable Pairs [TRAPS].
- 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
- 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.