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Conditions:
Below are some conditions that I have as part of my trading plan. These conditions are not part of the system mentioned above, they are conditions I use regardless of which trading system I am using.
I never trade 15 mins before or 30 mins after:
a. Opening time for the Tokyo, London & New York sessions.
b. Any reports or announcements.
I use the following site to find out when announcements or reports will be on, Forex Calendar: Economic Calendar for FX Trading News & Event Risk. I only bother with high & med impact.
I don't trade on Mondays.
I don't trade after New York lunch time on Friday.
I never consider a trade if the set up candle is abnormally bigger than other candles on the chart I am using to trade, I also disregard candles that have a large spike.
I like to check the direction of the market on a higher time frame like the H4 and prefer to enter trades in that direction for that currency pair. That doesn't mean I won't enter a trade in the opposite direction, I just make sure that all the rules are spot on before considering that trade.
I never trade if the market is ranging, I switch to another currency pair.
Personally I only trade the following currency pairs:
AUDJPY
AUDUSD
EURJPY
EURUSD
GBPJPY
GBPUSD
USDJPY
NZDUSD
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