Forex Trading Opportunities in ALL timeframes

Today I’m going to share how to use the forex trading market snapshot to find forex trading opportunities in any timeframe.  Once you master this skill, you’ll be able to go Forex Sailing, Forex Surfing, & Forex Swimming practically whenever you want to.

Which Forex Charts to Use?

When evaluating forex trading opportunities you need to use charts. Your broker will provide charts for you inside of your online forex trading account. Use the charts that your broker provides as a primary chart.
If your broker doesn’t provide all of the timeframes I discuss below, or doesn’t have fibonacci, please use the free web charts at forex-markets.com. You won’t need to login, just access the charts for free I’ll be sharing a video with you soon that shows oyu how to use these charts very easily.

Your Window into Forex Trading Opportunities

Your job each day before you trade is to update your forex trading market snapshot. Once you get used to doing this, it shouldn’t take you more than 15-25 minutes to do. If you don’t plan on trading in a given day, you won’t need to update the market snapshot worksheet.
I’ll be referring to the forex trading market snapshot worksheet throughout the rest of the 90 day bootcamp, so you’ll get used to this very soon

Opportunity Spotting on the Forex Trading Market Snapshot

There are a few criteria for seeing forex trading opportunities in the forex trading market snapshot.
Criteria #1: The daily charts determine trading direction (if o, then use 4-hour for direction).
Criteria #2: The timeframe above the one you want to trade MUST be the same as the daily.
Criteria #3: The timeframe above the one in criteria #2 must be either 1.) SAME as daily -OR- 2.) o (neutral)
Criteria #4: ALL timeframes above the timeframe you want to trade MUST have more symbols in the daily direction than o’s or in opposing direction. (i.e. more +’s than o’s or -’s in an uptrend -OR- more -’s than o’s or +’s in a downtrend).
This sounds more involved than it is. It’s actually really easy. What this criteria means is that if we look at a timeframe, we want to have more timeframes moving in our trend direction than against us AND the ones right above us are moving in our direction.
That’s all the 4 criteria above are looking at.
The only exception to this criteria is the 4-hour charts. With 4-hour charts it’s a lot simpler, just trade in the direction of the daily charts. Since we don’t look at higher timeframes, the 4 criteria all merge into looking at just the daily.

Forex Trading Market Snapshot Opportunity Examples

In the image below, I’ve highlighted the timeframes that should have good trading opportunities based on the forex trading market snapshot. The picture below is an example only, so don’t try to trade with this one
Look at the image below and notice the highlighted boxes. Every trading opportunity that fits the 4 criteria above is highlighted.
Look at each highlighted box below and notice how the 4 criteria are satisfied:

(click on image for full size view)

Waiting for an Opportunity

If you look at the example above, you will notice that in most cases, the symbol in the highlighted box is different than the trend direction. This is because we are only looking at higher timeframes to spot an opportunity. When we spot an opportunity, it doesn’t matter what the current timeframe is doing, we will wait for the next wave.

How Long to Wait for Opportunities

Every timeframe has a different period for a fibonacci wave to complete. If you’re waiting for a trade to develop in 15-minute timeframes it’ll take 6-10 hours. On 4-hour charts a wave lasts about 5-7 days.
If you find a cool trading opportunity on your forex trading market snapshot, here’s when you should come back and check your charts again (no sense waiting around when you could do other things):
4-hour charts: check every 2 days.
1-hour charts: check every 12 hours.
30-min charts: check every 6 hours.
15-min charts: check every 3 hours.
10-min charts: check every 2 hours.
5-min charts: check every 45 minutes.
1-min charts: check every 5 minutes.
You’re allowed to check a littler earlier than what I recommend above, but there’s really no need to. On average only about 1/3 to 1/2 of a wave will happen in that time, so you won’t miss much

Don’t Trade With This Yet

If you’re reading this post for the first time, you should know Forex Sailing pretty well. You can continue to sail the forex with what you know.
But you’ve only been introduced to Forex Surfing & Forex Swimming today. In a few days I’ll be showing you some examples of trades using timeframes shorter than 4-hours. Wait to see some examples first because there are just a few more things we’ll need to look at before trading in smaller timeframes.

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