Tips for Making Daily Trading Analysis Routinely

Success in trading is certainly the desire of every trader. However, this success certainly did not come easily. Traders must continue to learn and make careful analysis of the current forex market situation in order to get the best results. One way to be able to prepare a trading strategy correctly is to do a daily analysis. Getting used to making routine daily analyzes can make traders understand patterns of price movements from time to time. The following are tips for making daily analysis routine, simple and effective.

Determining Support and Resistance

Prices will generally react around support and resistance levels, therefore it is very important to determine support and resistance levels. Traders need to pay attention to the weekly chart and then determine the key levels of resistance and support. Next, draw a horizontal line at these levels and watch the price movement from the lower time frame. These key levels are determined through obvious price reversal points. When determining support and resistance levels, pay attention to three main lines, namely the horizontal support line, the uptrend line, and the dynamic moving average line.


Paying Attention to Market Conditions

In daily analysis, traders must understand all current market conditions, including those that are sideways, trending, or have no movement. This is to make it easier to take steps that must be taken, open new positions, modify positions that have been opened, and even close current positions. Traders need to pay attention to high time frames to find out the long term trend. Then, the information obtained from the weekly chart is used to view the lower time frame information.

After knowing the market conditions, the trader can then determine the support resistance levels. Then wait for the most appropriate signal to take action, whether to open, modify, or close a position.

Observing Trading Signals

Probability signals and the best timing to enter the market depend on the trading method and strategy used. Determining the trading signal can be done through the price action setup at the support resistance level.


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