Art Krantz again:
Whenever you open up your platform ready for a days work there are key prompts you need to be very aware of.
1) Your downside potential reaction zones.
2) Your upside potential reaction zones.
3) Is price adhering to an obvious trending rhythm on your normal working timeframe template & at least one timeframe higher, or is price contained within clearly identifiable range parameters.
4) Are there any potential market moving economic releases due for release, which could affect the price action on your favored pair(s).
Repeat this procedure every day
To check your near term & further out downside potential reaction zones you’re going to require to take a look at the Weekly chart to reference that criteria on the GBPUSD pair. Once you got them identified, you can leave them on your chart for future reference.
Now you need to reference your close quarter or most recent upside potential reaction zones. You don’t need to go too far up the ladder. Just take it easy & mark up the next couple levels. If price penetrates & consolidates those zones, you can mark up the next tiers & so forth.
Don’t clutter up your charts unnecessarily. You’ll only confuse yourself.
These are the potential reaction points you’re most interested in to begin setting up your specific triggers on.
Remember to pay attention to your nearest swing points (up & down from the current price) as these will offer you your first indication of the price potential (continuation or reversal) as it tests out the supply & demand.
If you’re a rookie then I’d strongly advise you pay
very close attention to any
data releases which print during the London & New York data runs & stay out of the market until you’re more familiar with their behavior. Get caught on the wrong side of one of those left hooks & you’ll be nursing a sore account for many a month.