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Most of you know I publish a daily market commentary each day shortly after the daily Forex market close. What many of you probably do not know is that making these commentaries each day is part of my daily chart analysis and trading routine. News day trading forex with s r zones came out over the last week that Bill Gates, founder of Microsoft, is once again the richest man in the world. Most people would agree he has probably developed some very effective daily habits that have brought him traing the point he is at now in his professional life.
This leads me to my next point: How do YOU analyze your charts each day to find trades? Do you have a routine that you go through each day? Like success in any other wigh, trading success is the result of developing effective habits through discipline and proper procedure. My daily trading routine is probably a lot less complicated than you might think…the most important thing to remember is that it has become a habit for me, just like it should be for you.
The walk-through that follows is essentially how I create my daily market commentary for the members area each day, hopefully this will give you some insight into how to create a daily trading routine and trading plan… The first main thing I do at the start of each new trading week as well as each day, is map out where the key forec levels are and watch how the market is reacting around them.
I first zoom out to the weekly chart and get a quick view of where the key levels are, at that time I will draw them in on my charts. In the weekly EURUSD chart below, I have drawn in the key weekly support and resistance levels as I do at the start of each new trading week. You will add more levels as you switch from the weekly to daily because some of them are simply not as obvious on the weekly. Note how I have drawn in the key support and resistance levels in the chart above.
I did not draw in every single little level I could find, rather, I focused on the levels that were CLEARLY important, and by that I mean the ones that caused price to make a significant change of direction. As you go lower in time frame you will naturally have more key levels to draw in, and finding and drawing them is NOT an exact science, there is discretion involved and you WILL get better at it through education and screen time.
This is very important dya it basically decides how you will approach the market and how you will trade it. The first thing I do is have a look at the weekly chart again and I will take note of the general direction the market has been moving in recent weeks. Day trading forex with s r zones the weekly AUDUSD chart below, we can clearly see how useful and important it is to look at the weekly chart before drilling down to lower time frames.
Read more about trend trading in my article on how to trade trends. When the market retraces back to these value areas, it means we need to pay extra close attention and look for price action signals to trade with the dominant daily chart trend. The primary thing I am looking for are oznes chart price action signals, as these are the strongest and best ones to trade in my opinion.
I always go through the markets and look for price action signals once at the close of the trading day and then again a little later on in the day. That means an obvious PA signal that is near a key level or tradijg the context of a trending market. I strongly recommend you start doing your own daily market analysis and keep your notes in a diary. You can get started by just following the three main steps I described in this article. An invaluable learning tool to help you become an expert at analyzing your charts is my daily market commentary newsletter.
For more information on my daily trading newsletter, trading courses and traders community, click here. Am from africa and most day trading forex with s r zones here talk about your style…rusrock-leg.ru best and GOD will continue blessing you on your work. I have always been a fine of identifying these key levels and using a similar crossover tradjng establish a trend forming.
I loved evething you have written in this article. I think sommeone like me new trader would be very much beneficial if they follow this steps. Your incredible capacity to explain clear and concise all. Thanks indeed for your unvaluable job. These articles are like a master course for us! Thanks for sharing all your knowledge with us! Now its part of my analysis frame. Day trading forex with s r zones article as always, Nial!
You are a bright beacon of hope for a struggling FX trader. I thank you forever for your generous wisdom. Your method acorss all your content is so simple and consistent. Moreover it covers such a wide area on trading. God bless you for sharing your tradint with us all in detail and depth. There is no word to say thank you because you are amazing say and doing a wonderful job of sharing your experience and knowledge with us to improve our day trading forex with s r zones trading.
Daay bless you and all the best. At the end of every trading week, I would also look the weekly time frame to give me a overhead view of the potential direction in the coming new week to prepare my trading. Another moment of universal synchronicity. I am currently reviewing my Business Handbook and Trading Plan. There are many gaps that I am connecting with new skills and knowledge.
My Trading Journey has been life transforming, learning and changing my life to be a better person. Although I have been doing a mental Analysis with some notes on a pad, I see from your article, to dwy professional, a more formal routine is required. Please forgive me, as I will be stripping this article down, word by word to distil the very essence that I will put into my practise. Totally agree with u! I did that everyday about the writing! I know if stick with it I could be very sucessful as a trader.
Thank you Guru for another valuable lession. Reading your articles and your daily commentary is part of routine. I think it is a very day trading forex with s r zones idea to trade profitably. It helps newby like us. I want such mory articles. I wil follow the steps for daily commentary as u said. Cheers W Hi NIAL. Appreciate your timely and trrading post.
And a great reminder for not drifting out of this habit. Thank you What a terrific article and piece of personal information. Dat logic is undeniable and the overview full of clarity. In my few weeks of reading your articles, I have gained what i will call a break through knowledge in forex trading. Remain blessed as me and my friends who previously had a wrong view on forex trading are now appreciating how easy forex trading can really be with the right trainer.
It is exactly what I am doing. There is no secret in trading the markets, just putting your odds at your favour. This one, is by far, one of the best and informative ones yet. Thanks for the education. I draw key levels monthly, weekly snd daily zoness I have to take the routin of write commnets daily. Thank you for sharing your analysis insights and guidance! Sam Thank u Sir, for wonderful information. There are many points to take note of, from this article friends.
Let us follow his guidelines. Your extraordinary ability and willingness to teach. And that wigh include the thanks of newbies and pros alike. I shall refer your source to anyone I day trading forex with s r zones with a serious inclination for forex. All the best mate. Mike You are the man Nial. Thank you for all your help and your web site. Your forrx ultimately tells us to enter the trade. I znoes the most blessed by your teachings. It has always been very useful, interesting and empirical.
Thank you so and a lot. I think telling after the chart tradong high or low is easy when doing in practical trading is very hard to expect the trade how will it turn…. Thank you for organizing all this material in such well readable articles. They keep me focused and motivate me always to improve and keep on learning from mistakes i make while trading. Like MONEY-MGMT theories,writing daily commentary is also ignored by lot of traders…from my experience, i would say writing daily commentary is one of the holy grail secret of success in forex I have read most of your material and i am truly greatfull that people like you with the heart to share your story exist in this world.
Thanks Nial—one thing I do is print of you charts on individual pages at the beginning of the week. I might even add some level manually with pen. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. Disclaimer : Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information.
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Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. The POWER of routine, discipline and habit…. The foundation of my daily trading routine. The walk-through that follows is essentially how I create my daily market commentary for the members area each day, hopefully this will give you some insight into how to create a daily trading routine and trading plan…. The first main thing I do at the start of each new trading week as well as each day, is map out where the key chart levels are and watch how the market is reacting around them.
I am looking for levels that were key turning points in the market and then drawing a horizontal line across those levels, this is essentially how to draw support and resistance levels :. Here are some of the key things I am looking for at these levels:. How is the market reacting around the level…what is the price action doing at the level? Which levels fordx and which ones held? Were there any false breaks or failures at levels? Most importantly, did any obvious price action trading setups form at the key level?
How To Start Profiting With Price Action Trading Strategies. Now I want to hear from you! Tay Tiang Ho says:. Emeh Matthew Emeh says:. Leave a Comment Cancel reply. The Best Trades Will Find You…If You Stop Looking for Them The Most Dangerous Time to Trade Trading Success Begins with Mindset How Long Does it Take to Become a Profitable Trader? Introduction To Price Action Trading. What Crocodiles Can Teach You About Trading. Why Serious Traders Use 'New York Close' Charts.
Why Trading The Daily Charts Will Wit Your Trading Results. Trade Forex Like a Sniper…Not a Machine Gunner. Video Live Trade Setup - Pin Bar Signal on GBPUSD. How To Trade Like The 'Market Wizards'. Daily Affirmations Will Improve Your Trading. Nial Fuller on Facebook. Nial Fuller on Twitter. Nial Fuller on Linked In. Learn To Trade Forex. Beginners Forex Trading Course. Price Action Forex Trading Course. Price Action Trading Definition. New York Close Forex Charts. A Simple Plan Zonew Exit Your Trades Successfully.
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