MID-DAY Review {Thought process of a trade} Day 2
Hello everyone! sorry for the background noise haha.
First things first make sure to have your weekly research done (fundamental and sentiments).
Today we went over my thought process of the day and that involves first moving from the higher timeframe to the lower timeframe chart. You have to first understand the overall trend and zones, you can do this with trendlines and zones.
Once you have done that you can further move into getting into a trade, primarily based around momentum, you want to be able to understand what trade to get into and when is also important.
Next, you make sure you have your zones laid out, you have to determine what kind of trade you're getting into as well (Counter-trend or a trend favored trade).
Lastly, you want to get your entry on the lower timeframe but once you're in the trade, monitor both charts but focus on the higher timeframe chart more (ONCE YOU'RE IN THE TRADE). This should allow you to understand the broad view of the market.
Have a wonderful day! peace and love!!
First things first make sure to have your weekly research done (fundamental and sentiments).
Today we went over my thought process of the day and that involves first moving from the higher timeframe to the lower timeframe chart. You have to first understand the overall trend and zones, you can do this with trendlines and zones.
Once you have done that you can further move into getting into a trade, primarily based around momentum, you want to be able to understand what trade to get into and when is also important.
Next, you make sure you have your zones laid out, you have to determine what kind of trade you're getting into as well (Counter-trend or a trend favored trade).
Lastly, you want to get your entry on the lower timeframe but once you're in the trade, monitor both charts but focus on the higher timeframe chart more (ONCE YOU'RE IN THE TRADE). This should allow you to understand the broad view of the market.
Have a wonderful day! peace and love!!