Market Analysis-Where To Start First
Leave a CommentI hope you all enjoy this valuable tip and have a great weekend. Happy Friday!
When doing market analysis, be sure to determine the general trend of the market first. To do this I use the 4 hour chart. I heard early in my trading career to always trade in the direction of the trend on the 4 hour chart. Then you can time the entry on a smaller time frame.
If the 4 hour chart is trending up trade up and when it is going down trade down. When it is going sideways look on a smaller time frame and you will find some good channel trades. Then if the smaller time frames are going sideways look at a different currency pair or go do something else for a while. Just give it a rest. The market takes rests so why not the traders.
You will be more relaxed and enjoy your trading more. Just remember the market just does not care. So take care of yourself and trade with the trend.
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