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  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here:
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
Give Me a Break

Give Me a Break

Richard Krivo, Trading Instructor

Students Question:How reliable is it to enter the position after a break of support or resistance from a graph on a 1 hr or 4 hr in the direction of the daily trend?Instructors Response:In a trending market, when a trader is basing a trading decision on the overall Daily trend and then using a 1 hour or 4 hour chart to "fine tune" the entry in that direction, in my opinion, would be a higher probability trade…one with a greater likelihood of success.

As far as fine tuning the entry goes, a trader can use eitherRSI, MACD, CCI or Stochastics, for example, to insure that when the break occurs, momentum is behind the entry. While some traders will enter on the “break” itself, others will wait for the indicator to signal that there is some “follow through” based on momentum.While there are no hard numbers that can be put up as to reliability, as traders, what we try to do on a consistent, day in day out basis, is to only take trades that offer us a greater likelihood of success. Trading in the direction of the Daily trend based on Support and Resistance breaks on hourly charts will do that and provide with an added trading edge.Couple the above with good Money Management (such as trading with at least a 1:2 Risk Reward Ratio and never risking more than 5% of your account at any one time), will only enhance one's trading abilities.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.