If we want to prepare and organise our trading well, a watch list is a great help.
For example, we look through our markets on Monday morning and pick out the currency pairs, futures or stocks that could become interesting for trading during the day, but also during the week.
Set up a page with the Watchlist charts
In the picture we see my current Forex Watchlist for today, Monday, July 21, 2014, where I have compiled the currency pairs that look interesting to me for one reason or another.
These include the DAX future and S&P 500 future, because I always like to know what music is playing in the stock market. Because the development of the stock indices has a strong influence on the development of the currency pairs.
My Forex Watchlist contains mainly the daily charts, but also 240 minute charts (as for example with the currency pair GBP-CHF).
The currency pairs EUR-USD and GBP-USD, as well as one or two yen pairs (currently CAD-JPY and EUR-JPY) are almost always on my watchlist.
My entry signals (trading setups) are usually with the trend signals.
The entry point can only develop over the course of the week.
For some currency pairs there are also signals from the weekly chart, but I have not yet added them to my watchlist.
Today is only Monday, and the week is still long. At the moment, it looks as if trading is relatively quiet today, and more movement is likely to come into the market tomorrow, Tuesday.
I will then update my watchlist this evening or tomorrow morning, Tuesday.
In the morning I’ll look through my 40 currency pairs and put the currency pairs that look interesting and promising on my watch list.
And the currency pairs that are no longer interesting are removed from the watchlist.
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