Plan your forex trades

Here is some idea where you can start your trading day with a confidence decision.

Daily Trade Planning

1. Look into the big picture – Monthly & Weekly time frames
   
2. Look into detail – 5 minutes to daily time frames
   
3. Check support/resistance level – Bollinger Bands & Price History
   
4. Check fundamental factors (Economic Calendar) – To avoid unnecessary volatile movement that defies the technical analysis i.e. non-farm payrolls, interest rates, CPI, etc.
   
5. Dividing 24 hours time into 6 sections using the 4 hourly charts – Avoid rollover fees and make sure one day trade must end in one day.
   
6. Be patience – setup at the right position
   
7. Use little of your instinct and confidence based on the technical indicators situation
   
8. Decide your trade.