{"id":90510,"date":"2016-06-06T07:28:01","date_gmt":"2016-06-06T11:28:01","guid":{"rendered":"http:\/\/countingpips.com\/?p=90510"},"modified":"2016-06-01T07:28:31","modified_gmt":"2016-06-01T11:28:31","slug":"cherry-picking-forex-information","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/06\/cherry-picking-forex-information\/","title":{"rendered":"Cherry-picking Forex information"},"content":{"rendered":"<div id=\"inves-2618300564\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">June 6, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><b>By Admiral Markets<\/b><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/fxmedia.s3.amazonaws.com\/articles\/Mt4_Supremeedit.jpg\" \/><\/p>\n<p>Dear Traders,<\/p>\n<p>It is critically important to know what information you should be focused on, when you are trading.<\/p>\n<p>Cherry picking by definition means to &#8220;select the best or most desirable&#8221;.<\/p>\n<p>In Forex terms, traders who cherry pick are taking the very best trades from <a href=\"http:\/\/www.admiralmarkets.com\/products\/\" target=\"_blank\">all the currency pairs<\/a>, rather than just a few.<\/p>\n<p>I personally trade most available pairs, with a focus on every USD and YEN pair.<\/p><div id=\"inves-2980140180\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>And the cherry picking methods I&#8217;m about to share:<\/p>\n<p>&#8230;have been successful in day-trading for me\u2026<\/p>\n<p>&#8230;so they may work for you too.<\/p>\n<h2>Multiple time-frame trading<\/h2>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/R2gSHVnrgos\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Most traders pick their one time-frame and almost never leave it.<\/p>\n<p>Instead they simply:<\/p>\n<ol>\n<li>leave their time-frame to go down to lower time-frames; to<\/li>\n<li>find more trading opportunities; meaning<\/li>\n<li>they are recklessly hunting for signals on time-frames that they shouldn&#8217;t be on.<\/li>\n<\/ol>\n<p>If you don&#8217;t see any success with your current chosen method, why not cherry pick the best time-frame for an entry via the multiple time-frame approach?<\/p>\n<p>Why not indeed.<\/p>\n<p>Multiple time-frame analysis is highly advantageous.<\/p>\n<p>For one thing, it helps you synchronize the market movements.<\/p>\n<p>And by aligning different time-frames, we can efficiently make use of three things:<\/p>\n<ol>\n<li>trend<\/li>\n<li>momentum<\/li>\n<li>selective entry.<\/li>\n<\/ol>\n<h2>Confluence<\/h2>\n<p>For many trend traders, having a structure point or some other pullback measurement tool can make a big difference.<\/p>\n<p>Looking for a confluence will:<\/p>\n<ol>\n<li>keep you out of the weak trades; and<\/li>\n<li>ensure you only take planned trading opportunities.<\/li>\n<\/ol>\n<p>You can find so many examples of using confluence in our <a href=\"https:\/\/www.youtube.com\/watch?v=gZCN68EWjuU\" target=\"_blank\">session recap webinars<\/a> and the <a href=\"http:\/\/www.admiralmarkets.com\/analytics\/technical-analysis\/\" target=\"_blank\">Admiral Markets technical analysis page<\/a>.<\/p>\n<p>Confluence zones are cherry-picked by analyzing:<\/p>\n<ol>\n<li>trend<\/li>\n<li>support and resistance<\/li>\n<li>patterns<\/li>\n<li>historical buyers and sellers<\/li>\n<li>previous swings.<\/li>\n<\/ol>\n<p>All these things can influence present and future price action.<\/p>\n<p>A quick tip is::<\/p>\n<p>&#8230;whenever you are not sure what to look into&#8230;<\/p>\n<p>&#8230;try to cherry-pick the confluence.<\/p>\n<h2>Trading hours<\/h2>\n<p>Cherry picking the trading hours is another edge you can use use to trade the Forex market.<\/p>\n<p>But remember &#8211; you need to pick the pair that is most suitable for trading, during the exact session.<\/p>\n<p>I prefer to trade:<\/p>\n<ol>\n<li>EUR and USD crosses during the London session; and<\/li>\n<li>New York Session and JPY pairs during the Tokyo session.<\/li>\n<\/ol>\n<p>If you are having difficulties finding options, I heartily recommend downloading Admiral Markets Supreme Edition to vastly improve your choices.<\/p>\n<p><a href=\"http:\/\/www.admiralmarkets.com\/trading-platforms\/metatrader4-se\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/IInCIyDo9nRuTkRuJ4QsSeZg-EJeX0RUA1qPLCBjOgx0rSiACZfQoi_ZtyZZ8sTvsLyaZzNfGk2aufItxApZku9Dq3v5RIISTdQzy8m_Q8tQqX-n5ONc3uY5uTeBp_HXGp3TZtX2\" alt=\"Demo_Account-MT4SE.jpg\" \/><\/a><\/p>\n<p>A great tip is that the best movements, can be captured during the <em>first three hours <\/em>of each major session.<\/p>\n<h2>Watch the equities<\/h2>\n<p>The JPY pairs seem to correlate strongly with equities &#8211; particularly AUD\/JPY plus USD\/JPY with Dax30, Nikkei and SP500 Indices.<\/p>\n<p>Why?<\/p>\n<p>Basically, the JPY is seen as a reserve currency and is linked to the risk-on\/risk-off sentiment in volatile markets like equities.<\/p>\n<p>You should look at equities each day, to see which direction they are heading.<\/p>\n<p>General consensus is that if equities are:<\/p>\n<ol>\n<li>bullish, you go Long on the JPY pairs mentioned above<\/li>\n<li>bearish, you go Short on those pairs.<\/li>\n<\/ol>\n<p>With equities, you must also consider:<\/p>\n<ol>\n<li>whether they are at key supports or key resistance<\/li>\n<li>the overall direction; and<\/li>\n<li>be aware of the equities market&#8217;s open times.<\/li>\n<\/ol>\n<p>Why are opening times so important?<\/p>\n<p>Simple &#8211; the equity market&#8217;s open times will throw a movement into JPY pairs at the same time.<\/p>\n<p>Three opening times to note are:<\/p>\n<ol>\n<li>Dax &#8211; Xetra opens 09:00 CET<\/li>\n<li>SP500\/Dow Jones &#8211; NYSE opens 09:30 NYET<\/li>\n<li>Nikkei &#8211; opens 09:00 Tokyo time.<\/li>\n<\/ol>\n<p>Most importantly,<\/p>\n<p>&#8230;remember that the big moves in equities usually occur in the first hour of trading\u2026<\/p>\n<p>&#8230;so watch JPY pairs extra carefully during this time.<\/p>\n<h2>Major news announcements<\/h2>\n<p>There&#8217;s numerous fundamental events that affect the short term and long term price movements.<\/p>\n<p>Especially during the day.<\/p>\n<p>In fact, most days there are key events that offer potential trading opportunities.<\/p>\n<p>Some traders (such as myself), prefer to take trades after the news.<\/p>\n<p>Very often we will see a good trend pattern, that will be reversed by a news spike.<\/p>\n<p>If that happens, I use the reverse spike to get into a better price &#8211; as discussed in <a href=\"https:\/\/www.youtube.com\/watch?v=1d4dWuQnSWY\" target=\"_blank\">this video.<\/a><\/p>\n<p>Be smart.<\/p>\n<p>Try to cherry-pick the important event and make a trade with a better price.<\/p>\n<h2>Broker<\/h2>\n<p>You also need to cherry-pick your broker.<\/p>\n<p>And in doing so, there&#8217;s several questions you should be asking.<\/p>\n<ol>\n<li>What kind of client profile does the Forex broker target?<\/li>\n<li>Does the trading software suit your expectations?<\/li>\n<li>How efficient is the broker&#8217;s customer service?<\/li>\n<li>Do they offer any technical and fundamental analysis or help?<\/li>\n<\/ol>\n<p>The following video can help you answer these questions.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/JARFiipX0fg\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>I hope this article explained what information you should cherry-pick and exploit to your advantage.<\/p>\n<p>And remember that if you want to trade profitably over the long term:<\/p>\n<p>&#8230;you need to do what the pros do\u2026<\/p>\n<p>&#8230;cherry-pick, apply, revise and repeat until you have what works best for you.<\/p>\n<p>Cheers and safe trading,<\/p>\n<p>Nenad<br \/>\n<b>Article by Admiral Markets<\/b><\/p>\n<p>Source: <a href=\"http:\/\/www.admiralmarkets.com\/analytics\/traders-blog\/cherry-picking-forex-information\" target=\"_blank\">Cherry-picking Forex information<\/a><\/p>\n<hr style=\"border: 1px dotted #eee;\" \/>\n<p><a href=\"http:\/\/www.admiralmarkets.com\/\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/countingpips.com\/articles-analysis\/wp-content\/uploads\/2016\/03\/AdmiralMarkets-sig-1.png\" width=\"141\" height=\"87\" align=\"left\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Admiral Markets Dear Traders, It is critically important to know what information you should be focused on, when you are trading. Cherry picking by definition means to &#8220;select the best or most desirable&#8221;. In Forex terms, traders who cherry pick are taking the very best trades from all the currency pairs, rather than just [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-90510","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/90510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=90510"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/90510\/revisions"}],"predecessor-version":[{"id":90638,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/90510\/revisions\/90638"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=90510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=90510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=90510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}