1. Know the direction of the primary trend of a currency pair.
To determine this every day I analyze 22 currency pairs across 8-10 timeframes with simple trend indicators, by groups, i.e, USD pairs, EUR pairs, CHF pairs, JPY pairs, etc.
http://www.forexearlywarning.com/charts.cfm This is a link to the free trend indicators I use.
2. Then I set price alarms at critical support and resistance areas, usually S1 or R1 and check the larger timeframes for pip potential using the same indicators.
3. I monitor the news calendar for volatile news announcements, here is the calendar I use, its also free
http://www.forexfactory.com/
4. When the price alarms go off and the volatile news items hit, and generally after the London market open, I check The Forex Heatmap (tm) for entry verification.
Here is the latest version, Version 2.0, I only enter trades fully verified by the Forex Heatmap (tm).
http://www.flickr.com/photos/28210474@N03/4682647566/
This method works for very well for hundreds of traders in our community because you analyze the market thoroughly once per day and use almost no technical indicators, just simple trend indicators and entry verification using a real time visual map of the spot forex..
Hope this information is helpful, the method is becoming quite popular because of its effectiveness across so many pairs.
