Pretrade Checklist

Eat or be Eaten Check List

 the forex trading coach says….  Plan Your Trade.  Trade Your Plan.

 NEVER enter a trade without being sure the trade passes your checklist.  Follow your routine always.  Check the fundamental news, identify the current market conditions, then check for setups.

A short pretrade checklist will keep you out of most trouble. Always stick to your routine.  The following is my pretrade checklist.

 A. Check the fundamental news on forexfactory.com  (determine if there are any prenews or news trades, or get out before news warnings.)

B. Check for setups….. retracements, support, resistance, head and shoulders, range boxes, trendline breaks, triangles, etc.

C. My setup is an obvious and evident trade.  ie. A range box or trendline breakout or reversal; or a resistance or support  breakout or reversal has set up.

D.  I can enter the trade with a small stop, preferably less than 15 pips.

1. I have determined the direction of the trend and I will trade in that direction.
2. I will prefer to enter the trade between 11:45 PM and 1:30AM  and 5:15 – 6 AM PST when follow through is most likely.
3. The other currency pairs movements, trendlines, retracement reversals and or fibs are confirming my trade.
4. No major news is immanent in the next 30 minutes.
5. The pair has room for a clear run without a lot of chart noise between the entry and 1st profit target.
6. Volatility is within reason.
7. I can preset my trade entry with acceptable profit/loss TTO stops.