A Traders daily plan 12
lets do some quick review
trading starts the prior day with a certain routine and than on the actual trading day we have certain things to attend do before we start scanning the market before the open
review prior posts for detailed routine instruction or simply ask questions and I will answer in detail
here are a few examples for some web resources of checking news asf:
http://www.marketwatch.com/newsviewer https://individuals.interactivebrokers.com/en/?f=%2Fen%2Ftrading%2FholidayAndExpirationCalendar.php http://online.wsj.com/public/resources/documents/b-econoday.htm https://www.google.com/finance http://www.kitco.com/charts/livegold.html https://www.google.com/finance?q=INDEXSP:.INX&ei=ReA0V4GFKIfGsAHL5r2gAg http://www.cmegroup.com/tools-information/holiday-calendar.html
http://money.cnn.com/data/premarket/ http://www.freestockcharts.com/platform/v1 https://biz.yahoo.com/research/earncal/today.html http://www.cmegroup.com/tools-information/holiday-calendar.html http://etf.stock-encyclopedia.com/category/triple-leveraged-etfs.html http://www.abg-analytics.com/stock-betas.shtml#.V4VeCjXj8fZ
after that you want to get a sense for the highest probable market day that you can expect by being very nimble to allow to change that view in aspect to how the market is actually trading on that day
1.) Scan: evaluate weekly or daily trend - are we long/sideways/short
2.) Scan: evaluate pre market to determine a high probability of a daily condition:
Trend day (TD) directional sideways directional sideways sideways counter directional
from here on forward we will introduce various setups that are conducive to the various day conditions
in the prior post I already showed a high likely simple entry pattern for the "sideways directional" day condition
which is fading an extreme in the direction of the trend
to build a complete system we need for each market condition various high probability setups and than within those stack able odds in form of filters and other tools to again stack our odds for favorable outcomes
a second profitable setup for the day condition of "sideways directional" is the "V" formation which provides a low risk entry point for a continuation entry in the direction of the trend (I will provide details for this setup in an extra post)
a third profitable setup for the day condition of "sideways directional" is the "Inflection Point" ; a related market synchronicity that is a very powerful filter for fades in the direction of the trend-It basically stacks odd by looking for validation or dis-validation in a related market at the time of entry and also synchronizes target exits by taking exits at support/resistance zones from the related market when needed (I will provide details for this setup in an extra post)
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