- As a swing trader i do my analysis on the daily time frame and my entry on the 15 minutes chart .
- I draw my support and resistances on a two daily body candlestick minimum ( as shown above )
- My analysis go through 3 steps which are technical analysis, economic calendar release and inter market relationships .
For USD/JPY
1. technical analysis : we saw the break of the trend line on the daily chart . We take a short position on the last kiss (ref: naked forex ) on the resistance ( ligne in red) .
2. Economic calendar release : US interest rate release on Wednesday 21th . My pronostic is that the market already priced in the interest rate , so anything equal or below expectations will be very bearish for the USD . Ps: you can check what happen on the last US interest rate release on the USD/JPY.
3. Inter market relationship : - DXY is on a major resistance , and there are good chances that it will reverse .
My strategy is simple because the simpler it is , the easier it is to follow it with discipline.
And discipline is what make you rich in trading .
Have a wonderful day .