Hypothetical/practice.
4 hour Macro
15 min Micro
Chart orientation/coordinate awareness.
Its good to always know the dangers around you and what you plan to do if "x" happens.
Helps in target projection ( realistic / appropriate)
Appropriate Risk calibration
and just knowing where you are in the grand scheme of things (sub-trend).
most importantly-
IT ALLOWS YOU TO PAUSE AND THINK
(questions to consider in planning)
- is it worth the risk to go long right up against this 50% fib retracement zone, pivot point etc?
- am I walking right into a trap and allowing greed to over ride all analysis (winging it/hoping/CHASING)?
- am i buying right into new high ground? am I selling right into new low ground? (CHASING)
- Does the current supply/demand state/ location in the trading range (TR) justify my bias long or short?
- Are there any DIVERGENCES between price and volume?
- any miscellaneous considerations? (hype, twitter, trump.. etc)
.... Don't rush to failure.
“Patience is key to success not speed. Time is a cunning speculators best friend if he uses it right”
Jesse Livermore
Sources of education:
Tom Williams Volume spread analysis VSA/ Master the Markets
Richard Wyckoff
Pete Faders VSA
Read the ticker dot com
Dee Nixon
BTC trading challenge price action/volume techniques
Good luck
4 hour Macro
15 min Micro
Chart orientation/coordinate awareness.
Its good to always know the dangers around you and what you plan to do if "x" happens.
Helps in target projection ( realistic / appropriate)
Appropriate Risk calibration
and just knowing where you are in the grand scheme of things (sub-trend).
most importantly-
IT ALLOWS YOU TO PAUSE AND THINK
(questions to consider in planning)
- is it worth the risk to go long right up against this 50% fib retracement zone, pivot point etc?
- am I walking right into a trap and allowing greed to over ride all analysis (winging it/hoping/CHASING)?
- am i buying right into new high ground? am I selling right into new low ground? (CHASING)
- Does the current supply/demand state/ location in the trading range (TR) justify my bias long or short?
- Are there any DIVERGENCES between price and volume?
- any miscellaneous considerations? (hype, twitter, trump.. etc)
.... Don't rush to failure.
“Patience is key to success not speed. Time is a cunning speculators best friend if he uses it right”
Jesse Livermore
Sources of education:
Tom Williams Volume spread analysis VSA/ Master the Markets
Richard Wyckoff
Pete Faders VSA
Read the ticker dot com
Dee Nixon
BTC trading challenge price action/volume techniques
Good luck