A Traders daily plan 10
great-lets now go back to our principle work in regards to stacking odds through various Technical Analysis tools
You find under setup on the mind map above as a first topic to be "daily high lows" and "weekly high lows"
regardless what time frame trader you are those major levels of interest are always important
it doesn't matter whether you work with the actual highs and lows of the prior days sessions or with derivatives like f.e.: drawing support resistance lines on the bodies rather than the wicks which can be very conducive to Forex trading for example or if you use VWAP and fractles to pinpoint accumulation distribution zones or if you prefer supply and demand zones or non time line related price levels but it is imperative to have a solid approach that is top down and has major levels as a guideline where the large players are to be expected to step in and participate.
this is mainly of use to formulate an idea premarket of where the market might be heading in today's session
one must be flexible with ones opinion about what the market might be doing for the day and be nimble in changing ones mind accordingly to what it actually does.
Some use internals like f.e.: for index trading the Tick or Trin or Advanced/Decline Line,I prefer looking for inflection points between markets and the Vix as a volatility index with possible divergences there and I view my market analysis much through the various time frame participants and measuring their psychology through cand
lestick interpretation-So basically i am looking for stacked odds through stacked time frames.
Many ways lead to Rome but i find it helpful to have major levels market on my chart where participation is to be expected and leave you your tools of choice
I will provide examples of how i approach the premarket analysis with a following post
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