5 – Analyze the Chart as Your Order Placement
This is not a bookish formula, it is my personal experiment, always analyze the trading chart in order what size and how much long trade you are going to place. For example, if you want hourly trade, analyze the 4 hours chart, daily chart, if you want daily base trade; analyze the daily chart, weekly chart and monthly chart too.
Considered your timeframe, whether you are going to short term trade or long term trade, you must analyze forex trading history relevantly. This is a practical formula and it will surely help you to determine the market trend and entry/exit level.
Mostly people have to bear losses due to lake and poor skills of forex trading history analysis. If you just focus on current chart history and ignore the past, you can never determine the market behaves and it may be or may not be, you earn a profit. This attitude of trading entirely bases on your luck or bad luck.