Forex Trading Evaluation on Weekends
Evaluation of forex trading on weekends is important. The forex market is very open 5 days a week, 24 hours a day. The forex market provides thousands of opportunities that can benefit forex traders. So much price movement that week when the weekend arrives. Forex traders may not know what to do with themselves regarding forex trading activities.
If you don’t do certain activities on weekends, you should use your free time to benefit from forex trading. Plan targets, forex trade evaluation for the coming week.
When the market moves in a certain direction and trend for a week, it will be difficult for us to follow everything that happens. Therefore, the weekend is the ideal time to see any price movements that have occurred during the past week. This is the time to update your spreadsheet, to evaluate each forex trade during the past week. And this is to read and analyze every interesting news or article that can drive prices in the market. On the weekend you analyze how many forex traders take long or short positions. This report will be very valuable to make a buy or sell decision.
The next step is to look at the economic calendar for price movements for the next 1 week. Then make a note of the big economic data that will be released by the market. Some economic data will have little effect but some other data will cause the market to move large. Record what the market expects and make a position plan that involves details of how trading will take place before the data release. Plan how to react when the data is released.
Look at how prices react to certain economic events during the week and you must be able to determine market bias. For example, if there is a lot of positive news for EURUSD but the currency does not move up, the bias might be in a bearish condition. And if bad news comes out next week, the currency might move down.
Understanding every price movement in the market and how forex traders position the possibility of adjusting to the direction of the trend are important things that every forex trader must have. You can choose which markets are trending and find important technical price levels.
In this way, you can manage each trading plan every day. This variable will provide a framework where you will be easier to make trading decisions. In the end you can get the benefits as expected.