TOP AND DOWN ANAYLSIS
6: Apply Fibonacci to the chart. Weekly + Daily Fibonacci act as a guide to di- rection. Don't worry if the C- Retracement has been missed; use the D exten- sion targets as a potential directional bias.
H4 + H2 Fibonacci is great for entries - Extra confidence is given when the D extension levels overlap any key weekly/monthly key levels serving as an addi- tional confluence.
Trade the Fibonacci with inside bars/counter trend line breaks + moving av- erage crossovers.
Remember that 78.6% fib acts as a stop loss level (not on daily/ weekly) IMPROVISE - a close above/below the 78.6% may invalidate the A,B,C,D move.
7: A key entry strategy is the inside bar setup.
IMPORTANT: monitor your currency pairs, read the candlesticks and use all of the above to get the overall market direction/ bias.
Look for inside bars to assist in an entry once a solid trend direction has been established - possibly break down the best 2 setups across your currency pairs.
Daily/H4 inside bars hold the most reliability.
Follow the rules, highlight the inside bar, step down to the next timeframe, await M.A crossover then execute on the closing bar.
-Remember to use daily/ H4 H.H-L.L-H.L-L.H AS STOP LOSS PLACEMENTS (safe places)
-No more than 2 trade running at any time
-Always fill out the trading spread sheet/log book and be honest with yourself -Think in terms of Percentage growth PIPS
-Always save work as neat as possible, annotate and keep organised.