bbmac
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Best advice
Before you start your trading session - get 'in the zone;'
a. What was y/day's Hi/Lo?
b. What was last session hi/Lo, ie London/European, U.s, or Asian. (Depending which session you trade..ie I trade the London/European so I note the Asian session Hi/Lo)
c. What was yesterday's candle (Bullish or bearish or neutral?)
d. What are the fundamental announcements due during your trading session?
e. What is the average daily pip range?
then specifically,
f. Note the conditions (range/consolidation or trend) on your trend and intermediate t/f's re overall price action-classic peak/valley analysis
g. Is the trend that may exist on your trend t/f co-existent or contra any trend on the time frames above that?
h. On trend t/f...Note the potential supp/res/sbr/rbs zones re previous obvious price swing hi/lo's and see whether any confluence exists with the other potential supp/res/sbr/rbs factors......Repeat for the most immediate zone (s) on your intermediate t/f.
You are now informed and ready to identify an individual price action trigger within repeating set-ups/patterns at these zones that add to the confluence of technical factors that may indicate a high probability trading opportunity.
Shortcut/don't complete any of these steps or otherwise comprimise your active engagement with this market analysis before or during your trading session and you handicap your chances of making the most informed decisions about the trades you entering, ...this information leads to the highest probability trading opportunities, and there is a positive relationship between this and long term consistent profitability.
G/L.
Before you start your trading session - get 'in the zone;'
a. What was y/day's Hi/Lo?
b. What was last session hi/Lo, ie London/European, U.s, or Asian. (Depending which session you trade..ie I trade the London/European so I note the Asian session Hi/Lo)
c. What was yesterday's candle (Bullish or bearish or neutral?)
d. What are the fundamental announcements due during your trading session?
e. What is the average daily pip range?
then specifically,
f. Note the conditions (range/consolidation or trend) on your trend and intermediate t/f's re overall price action-classic peak/valley analysis
g. Is the trend that may exist on your trend t/f co-existent or contra any trend on the time frames above that?
h. On trend t/f...Note the potential supp/res/sbr/rbs zones re previous obvious price swing hi/lo's and see whether any confluence exists with the other potential supp/res/sbr/rbs factors......Repeat for the most immediate zone (s) on your intermediate t/f.
You are now informed and ready to identify an individual price action trigger within repeating set-ups/patterns at these zones that add to the confluence of technical factors that may indicate a high probability trading opportunity.
Shortcut/don't complete any of these steps or otherwise comprimise your active engagement with this market analysis before or during your trading session and you handicap your chances of making the most informed decisions about the trades you entering, ...this information leads to the highest probability trading opportunities, and there is a positive relationship between this and long term consistent profitability.
G/L.
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