The Authority’ on Price Action Trading. In 2016, Nial won the Million Knowledge to action forex seminar review Trader Competition.
When I get home about 15 minutes later, I will usually turn on CNBC or Bloomberg for a quick recap of what happened overnight in the markets. I am not a big fan of the news, so unlike most, I do not waste my time reading the paper or visiting any news blogs. After breakfast I go into my office and chuck on the computer screens and my laptop. The first thing I do is get my pen and paper ready to take down some notes.
I do not type my notes on the computer, instead I prefer to hand write them, it’s a routine and a habit and I feel it helps to cement my objective thoughts on the market into my mindset. Luckily, I live in OZ, so the New York market close falls around the same time as the start of the business day in Australia. This works out nicely for me because I can open my charts in the morning and go through the daily charts, and like I said, since I live in Australia the new Forex trading day begins at 8 am for me, which is 5 pm in New York. As I analyze my favorite markets, I will plot key chart levels, breakouts, or false breaks on my charts with lines. Market condition: is the market trending or consolidating? Where are the key horizontal support and resistance levels on the daily and weekly charts? What is price action doing in relation to the key support or resistance levels?
What are the daily 8 and 21 EMA’s doing? What is price doing in relation to the EMAs? Are there any obvious price action setups? If so, do they have confluence of multiple supporting factors and agree with my trading plan?