Terms
What is iPDA?
Inner bank price delivery ag.
What does 20,40,60 stand for?
Long term trend
What does 3 day, last week, and yesterday stand for?
Short term trend
Person who believes price will decline
Bearish
Price where you sell currency pair
Bid price
What is a currency pair?
One currency unit against another
Exchange rate
Market price that always consists of 2 figures
Quote
What Dow’s pip stand for
Price in point
Extra decimals also known as fractional pip
Pipett
Minimum amount of funds expressed as a percentage
Margin
Total amount of money in your trade account includes profit/loss
Equity
Amount of money kept aside by your broker
Used margin
Notify you to deposit more money if you want to maintain your position
Margin call
When you enter a long position you buy
Long position
Buy/sell like stocks etc.
Open order
Placed away from the current market price
Limit order
Process of completing an order and will be sent to your broker who decides whether to reject, fill it or re quote
Order placed above price and price keeps going up
Buy stop
Order placed below price and price then goes up
Buy limit
Order placed below price and price keeps going down
Sell stop
Order placed above price and then goes down
Sell limit
Best Time to trade
London and New York
What to look for between 7-12 with Asia session?
Look for consolidation
What to look for in London session between 1am-4:30
And what to look for in New York session?
London session- stop hunt high of day forms
New York- continuation and low of day formed