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Jul 16, 2020 1:54 PM

Plan Your Trades BEFORE Market Open Education

E-mini S&P 500 Futures (Sep 2020)CME

Description

Before the trading day starts its imperative to have a plan. This will keep you from making decisions on-the-spot which are usually emotionally driven. We all suffer from our emotions affecting our trading, so we need to do everything we can to limit these affects.

Make sure you are taking into account support and resistance on the monthly, weekly, daily, and 4 hour chart. You can drill down further to using 1 hour and 5 minute, or even a 1 minute or 30 second chart, but first you must have the other time frames charted out.

Make sure you only draw support and resistance lines that will trade on. Anything else is just noise and a distraction. Many new traders draw trend lines and support lines everywhere they see them, which will later overwhelm the trader and make it impossible to trade.

When you draw a trend line or support/resistance line, Tradingview gives you the option to select which time frames they appear on. So if you don't want your 5 minute trend lines appearing on your monthly chart, I suggest creating a template called "5 Minute" for trend lines and unchecking the higher time frames. This will give you a much cleaner chart.

I use arrows to dictate where I will long and short. I move them later into the day if they happen to get in the way.

If this helped you in any way, please leave a like and follow!
Comments
eli9875
This is great! Thank you!
moonshot
Super helpful description for someone fairly new to trading. Helps you see the forest and not just the trees.
Question: The lines you drew all have an arrow next to them or are solid?
ttrending
@moonshot, All lines except the downward slanting green trendline, I used this as a zone for taking profit.
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