Quote:
Originally Posted by JimmyMac
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.
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Hi Art,
Hey thanks for taking on the void Jimmy has left.
One quick thought of other traders I'd like to echo, is the big thank you to Jimmy, Jocelyn and Tess for what they've passed on in this thread. There are people out there that would charged thousands for this kind of instruction and to have it all here on a public forum is something else really.
Art! What a way to make an entrance! Thankyou very very much. As you may have read I am only at page 60 of this thread working my way through it slowly for the first of what I'm sure will be many times.
A lot of what you posted you are right has been explained before but what made these 2posts great is that you've given me an clearly defined daily structure to go through.
Info on a thread is often a little all over the place simply because people have questions and responses to various posts.
I am in the process of collating the information and understanding it but what was frazzling my brain a little was what is the best order to put it all together.
You can sometimes end up with a 'collage' of information and while you may understand parts of it oftentimes the hardest part is bringing it into a clear cohevise structual daily plan that you can follow time after time after time until you can eat, drink and recite it in your sleep.
Now that might seem like a no brainer to you but when you're starting out with so much info going in, the hardest for me thus far has been putting that identifiable 1-2-3 step plan together. Is repitition not the master of skill?
That's why your two posts are so important to me. I now have a nice easy to follow template through which to desciminate and filter my information and a basis from which to action my decisions, the rest is now up to me.
I'm pretty determined I would have got there in the end but this has cut through a lot of the fog for me on how to put the info together and thus saved me a heap of time.
Now as I go through this thread and if I see a particularly interesting post from Tess for instance I'll understand exactly where in my daily trading plan that piece of info is best utilized, cool.
Thanks again.
Bryce (bhops)