Be sure to take a little time on the weekend to prepare yourself for the upcoming week in trading. I am an advocate for clearing your head on the weekends, so do not spend too much time in preparation. When you plan ahead, execution is much easier.

If you’re a swing trader, this really pertains to you. Scalpers, don’t concern yourself so much with this. There will be plenty of action for you during the week that does not require much analysis on a larger time frame.

Every Sunday, I will open up the charts. In all, there are 24 pairs that I will take a look at. I open it on the weekly chart and look at a naked chart without any indicators. I take not of trend direction and any other price action analyses that would assist me in determining overall price direction. I write down the bias I have on each pair.

After that I have a look at the daily charts for each currency pair. Likewise I will determine the bias simply by looking at overall price direction.

In most cases, the daily and the weekly will match up, unless there is some immediate price reversals that have not been shown apparent on the weekly chart.

The only time I ever pay much attention to the news is on the weekend. I will look to see when any major news announcements will occur and will look at the forecast. If the bias matches up with what is anticipated with the forecast, I take note of the correlation.

From there I am pretty much ready for the week. In determining the bias before the week begins, I am placing myself in a better position to enter into trades that tend to agree with that bias. In doing so, I am effectively increasing my chances for success.

Strategizing in general is a key to one’s success. It is so crucial that the FX Trading Network has even included such a topic in their Boot Camp.

In closing, enjoy your weekends. But be sure to just allow yourself ample opportunity to prepare yourself for the trading week ahead.

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