Back to basics

I have been experimenting with the 4hr charts. The past two weeks I have posted my analysis based on 4hr charts. I came to the conclusion, that trading the 4hr charts is much more time consuming than trading the daily charts. It also makes me babysit trades much more. Therefore I am going back to basics and will stick to the daily charts as per my tradingplan.

I have also slightly changed my trading plan. I will focus on 4 pairs: EURUSD, USDJPY, GBPUSD and AUDUSD. And I have changed my reversal entry condition and added an inside-bar entry condition. Also, I have decided not to manage open trades and do just set-and-forget trading.

So every weekend / Sunday I will prepare my charts and look ahead for the trading week. I'll map out support and resistance on the pairs I trade and see if there are any items on the trading calendar that might make me wanna stay out of the market.

So here are my charts:



And here are the major events that could cause heightened volitility.

country date name
Australia 20120501 04:30:00 RBA Interest Rate Decision
European Monetary Union 20120503 09:00:00 Producer Price Index (YoY)
European Monetary Union 20120503 11:45:00 ECB Interest Rate Decision
European Monetary Union 20120503 12:30:00 ECB President Draghi's Speech
Australia 20120504 01:30:00 RBA Monetary Policy Statement
United States 20120504 12:30:00 Nonfarm Payrolls
United States 20120504 12:30:00 Unemployment Rate
GMT source