Forex Trading Market Snapshot

Yesterday was the orientation for LIVE 90 day forex trading bootcamp members. Today we begin the 90 day forex trading bootcamp  for both Archive & LIVE members. LIVE registration is still possible, but the entry requirements have changed.
If you’ve followed the rapid forex blog, you’ve learned Forex Sailing for the past 2 months. If you haven’t yet learned Forex Sailing, skip watching TV tonight and spend 75 minutes to learn it on the Forex Sailing page.

Forex Trading In ANY Timeframe

The basic Forex Sailing trading course teaches a fibonacci swing trading method based on 4-hour price charts. This is my favorite timeframe because I can literally trade with less than an hour a week’s worth of effort if I want to.
The only downside to this type of trading is that it requires a larger amount of trading capital to do it safely. If you have less than $2,000 in your online forex trading account, you probably shouldn’t go sailing…
Today I want to begin to show you how to look at the WHOLE forex market and see what timeframes have opportunities that you should zoom in on. I’m going to introduce a tool that you’ll be able to use to know exactly what the currency pairs you’re analyzing are doing, and where you should look for forex trading opportunities.

The Forex Trading Market Snapshot Worksheet

Starting this Sunday, I’ll be posting a forex trading market snapshot worksheet on this blog that will remain updated with an analysis for the six MAJOR currency pairs for the daily, 4-hour, & 1-hour timeframes.
The worksheet is fairly simple. Before showing you the worksheet, here’s the notation that we’ll be using:
+ is an uptrend
- is a downtrend
o is everything else.
An uptrend or downtrend are defined by the fibonacci wave zones explained here. You can also watch Forex Sailing part 2 for an explanation of fibonacci wave zones for online forex trading.
Here’s a quick review:
The trend is in an uptrend or downtrend between points III & IV, and between V & VI in the diagram below:

If the currency pair for a given timeframe is between III & IV or between V & VI on an uptrending fibonacci wave, then we would simply record a + on our forex trading snapshot.

If the currency pair for a given timeframe is between III & IV or between V & VI on an downtrending fibonacci wave, then we would simply record a - on our forex trading snapshot.

If it’s not a clear + or -, it’s a o.

The Forex Trading Market Snapshot Picture

If we look at each of the MAJOR currency pairs on several timeframes, it’s helpful to record them so we can visually look for forex trading opportunities at a glance. To save time & organize our thoughts, I’ve created the forex trading market snapshot.

Here’s an example of what it looks like:

(click image for full size view)

If you’d like to download this spreadsheet, here are the links:
Option #1: If you use microsoft excel, download the Forex Market Snapshot Worksheet in Microsoft Excel Format. If you have any difficulty with the MS Excel version, please use the openoffice version below. I don’t use MS Excel because openoffice is free.
Option #2 (recommended): If you don’t have microsoft excel (good for you!):

i.) download & install open office (completely free software)

ii.) download the Forex Market Snapshot Worksheet in Open Office format.

Updating the Forex Trading Market Snapshot Worksheet

I took the first week of the bootcamp off from trading foex to devote my attention to helping all of you get started trading forex online.
Starting Sunday, I’ll  post a forex trading market snapshot for timeframes higher than 1-hour. The lower timeframes change frequently, so you would want to update them as you sit down to trade.
This is the basic tool which we’ll be using to look for forex trading opportunities in all timeframes. I’ll be explaining how to interpret this worksheet tomorrow. Between now & then, see if you can fill it out (the one above isn’t current, it’s just a template)…

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