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1 Minute To Better Forex Trading

You can trade confidently weekly if you want to learn an uncomplicated trading strategy. Sign up for the Next Price Action Masterclass, which Begins February 29. Sign Up Here.


I use the acronym TMP to help traders analyze their trade ideas in less than 1 minute.

This always prompts a lot of questions, so I'm here to explain my reasoning behind this thought:

  1. What are better trades?

  2. How do I know these are good setups?

  3. Once I see my setup, then what?


These are good questions every new or struggling trader should ask. So, let's dive in.

TMP is the idea flow or ordered steps to find your best trade setups.

It will show you what currency pairs you should focus on weekly if you trade multiple currency pairs.


Understanding TMP can be the difference between profitable trades and losing trades.

TMP, in order, is:

  • Trend

  • Market Structure

  • Permission to enter the trade by price action or pending orders


Analyzing your charts in this order makes it easy to say yes or no to the trade. This flow permits you to focus on your best setups.


Let's start with the trend.


If the currency pair you're focusing on isn't trending, leave it alone ASAP!!!!

It's like a bad relationship in which you don't have time to make work. Don't make this currency pair work for you. It's not ready.


If you can identify the trend, you'll move on to the next step, market structure.

Think of market structure as your doorway to entering the trade. I call my market structure an estimation zone.


The estimation zone highlights your entry. I use a combination of a rectangle shape or a trendline. Both are equally used the same and do not change the rules of my strategy. They are where I enter my trades.

Once you know where you want to enter your trade, there is an important thing you need to monitor:


Is the price close to touching where you want to enter your trade?


If the price is nowhere near your market structure, you can keep it on your watchlist but know you don't need to watch it like a hawk.


The closer the price is to touching your structure, the more attention you'll need to place on that currency pair so you don't miss your entry.


Lastly, we have permission.


There are two ways to enter a trade. You can use pending orders or price action itself for your trades.


I like pending orders because they help me fight for the best price, and I'm not pushing the buy or sell button.


I've learned to eliminate the stress of schedules, timing, and emotional trading using pending orders.


The market must return to my structure to trigger me into my trades automatically so I'll always know my stop loss and take profit ahead of time.


BRILLIANT huh?


If you enter trades using price action, you'd need to know which candlesticks you can repeatedly use to enter your trades.


And you know these are my favorite candlestick categories:

*Hammer/inverted hammer

*Bullish/bearish engulfing

*spinning top/bottom

*Doji + one of the above candlesticks


Guess why this takes 1 minute to do:

Identifying the trend can take 15-30 seconds, depending on how many timeframes you analyze.


Identifying where to enter the trade and setting your stop loss with a take profit can take another 30 seconds or less.


Your next steps:

Start by finding one currency pair and see how long it takes you to analyze your next trade.

If it's longer than 1 minute, try this method and see if your time decreases.


If you'd like to begin setting pending orders to help you decrease your trading time and emotional trading, work with me, and I'll help you become a better trader.


That is it for today,


Shaquan


P.S. Your future uncomplicated trading masterclass begins February 29. Sign Up Here.

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