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Pro Forex > Day 1 > Flashcards

Day 1 Flashcards

1
Q

pip

A
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2
Q

lot

A
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3
Q

pip value

A
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4
Q

currency pairs

A
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5
Q

rollover

A
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6
Q

CURRENT crude oil correlations

A

can change over years

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7
Q

CURRENT GOLD correlations

A

can change over years

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8
Q

USD has inverse correlation with

A

Euros

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9
Q

how to use correlations as odds enhancers

A

when one side is approaching a S/D zone, the other side should approach the opposite S/D zone.

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10
Q

how to use cross pairs to see which major pair to trade

A

If EURGBP is medium uptrend, then EUR is stronger than GBPif EURUSD is strong uptrend, then EUR is a lot stronger than USDif GBPUSD is medium uptrend, then GBP is stronger than USDtherefore, EURUSD is the best case scenario to trading.

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11
Q

what is forex relative strength?

A

Example:To look at EUR as BASE and comparing to all major pairs such as EURUSD, EURGBP, EURJPY, EURNZD, EURAUD, EURCAD. if all are downtrend, then EUR is weak.Look at JPY as QUOTE, and comparing to all majors: GBPJPY, AUDJPY, NZDJPY, USDJPY, CADJPY, EURJPY. if all are downtrend, then JPY is strong.therefore, trade EURJPY and short.

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12
Q

where to put stop under distal line

A

stop should be about 2 times the spread

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13
Q

tips on trading times

A
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14
Q

forex time zones part 1

A
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15
Q

forex time zones part 2

A
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16
Q

4 forex time zone summary

A
17
Q

what is smallest timeframe you should look at for FOREX?

A

5 min is smallest. because of spread.

18
Q

multiple timeframe examplespositionswingintra dayscalping

A

scapling says 2 min, but min should be 5 min

19
Q

list of contracts that you should trade as futuresrest you should not trade due to low volume

A
20
Q

should only day trade forex that has 14 day ATR of ____ pips or above

A

80anything lower is swing trade

21
Q

want at least ____ pip risk

A

10 pipor else move on because does not have enough volatility

Pro Forex (1 decks)

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