Trading Plan Which Instrument to short

A very efficent way to find out which instrument is the best one to short is looking at the 60 Min Decision Areas and then looking for entries on the 10 Min Chart.

As you can see the Euro and Yen provided no entry opportunities. However Pound, Canadian Dollar and the Aussie Dollar provided good entry opportunities.

Of course trading the pound would have been the best choice as there was a rally yesterday, so almost no support and also a news event made the 110 Pip Move possible withing 1 hour.

Trading Plan Which Instrument to trade

1. In the morning (1 am) I look at which instrument was the strongest. On Wednesday pound, aussie dollar and yen where the strongest as they did already trade above yesterdays evening high. The Euro and Canadian Dollar did not.
   
2. Then I look at the overall trend, the 200 ema line is pointing clearly down on the YEN so it is not as bullish as the pound or the aussie dollar.
3. Once I found one or two bullish instruments, I drill down to the 10 Min Chart looking for low risk entries. So every 10 Min I evaluate the risk/reward calculation, which instrument is the better one to take.
4. On 2.30 am the Aussie dollar gave me an alert that price is now above a blue bar so I went long and on 2.40 am the Pound gave me the same alert, so I went long the pound.
5. From that point on I monitor the two instruments and trail the stop on the break of prior swing highs.
   

23th October Friday

New Positions:

• USDCAD long

Closed Positions:

• GBPUSD long
  

Day Trades:

• GBPUSD short 350 !!! Pips
  
• USDCAD long
  

22th October Thursday

New Positions:

• 
  

Closed Positions:

• 
  

Day Trades:

• USDJPY long
• GBPUSD short
  

21th October Wednesday

New Positions:

• EURUSD long
• USDJPY long
• NZDUSD long
  

Closed Positions:

• 
  

Day Trades:

• GBPUSD long
• AUDUSD long
• EURUSD short

20th October Tuesday

New Positions:

• 
  

Closed Positions:

• USDCAD short breakeven
• AUDUSD long
• CADJPY long
• 
  

Day Trades:

• GBPUSD short
• USDCAD long
  

19th October Monday

I am also looking forward to get new signals for continuation of the long AUDUSD, AUDJPY, GBPUSD, NZDUSD and/or short USDCAD trades based on daily charts.

New Positions:

• CADJPY long
• AUDUSD long
• USDCAD short
• GBPUSD long

Closed Positions:

• 
  

Day Trades:

• GBPUSD short