Harry Sanborne
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Hello guys.
I'm after some general and specific help in what I should be doing when watching the markets.
Until recently i was just staring at charts blindly, not knowing what to do and what I should be making a note of.
I contacted a member of this site and he gave me some advice. He said that at most prop firms they get the grads to concentrate on the Indices/Equities rather than Forex as it's easier to 'cut your teeth' on.
So I have chosen to look at these Indices:
S&P 500
Dax
FTSE
The advise I have been given is to make a note of what each market does in and around major levels of Support & Resistance.
Also been told to drop down from the hourly time-frame to the thirty minute and fifteen minute time-frame, because I am only watching three markets and I won't see a lot of patterns, setups and potential trades on the hourly.
In terms of what to look out for, I've been told to look for breakouts with a rounded re-test, bear & bull flags, double tops and bottoms, that sort of thing.
Does anyone have anything else to add to what I should be noting down when observing a market such as key times in the Europe and US sessions, morning trends or afternoon trends, correlations with other markets, carryover from the Asian session to the European session and from European session to the US Session.
Is there any specific tips like pre-lunch time rallies or significant turning points in the day whether in Europe or US session?
Periods of market rest, consolidation.
If you have any comments, or know of resources, websites on market observation/analysis and what you did or found helpful, please share with me and anyone else who may read this.
Thanks,
Harry.
I'm after some general and specific help in what I should be doing when watching the markets.
Until recently i was just staring at charts blindly, not knowing what to do and what I should be making a note of.
I contacted a member of this site and he gave me some advice. He said that at most prop firms they get the grads to concentrate on the Indices/Equities rather than Forex as it's easier to 'cut your teeth' on.
So I have chosen to look at these Indices:
S&P 500
Dax
FTSE
The advise I have been given is to make a note of what each market does in and around major levels of Support & Resistance.
Also been told to drop down from the hourly time-frame to the thirty minute and fifteen minute time-frame, because I am only watching three markets and I won't see a lot of patterns, setups and potential trades on the hourly.
In terms of what to look out for, I've been told to look for breakouts with a rounded re-test, bear & bull flags, double tops and bottoms, that sort of thing.
Does anyone have anything else to add to what I should be noting down when observing a market such as key times in the Europe and US sessions, morning trends or afternoon trends, correlations with other markets, carryover from the Asian session to the European session and from European session to the US Session.
Is there any specific tips like pre-lunch time rallies or significant turning points in the day whether in Europe or US session?
Periods of market rest, consolidation.
If you have any comments, or know of resources, websites on market observation/analysis and what you did or found helpful, please share with me and anyone else who may read this.
Thanks,
Harry.
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