Set your Charts for Day Trading

Today I will discuss about enhancing Day Trading performance by adding some very essential markers to your charts..

No matter what time frame you trade, you should always be aware of the situations on the time frames superior than yours. E.g. in my case - if I trade on 5 min time frame, I must know what conditions are on 1 hour & Daily Time frames.

What kind of conditions am I referring to? I’m referring to major Decision Points (Support and Resistance levels) traders must, must and must know about. Therefore, the First & Foremost Aspect of trading is finding Decision Points (DP) & then planing your trade based on RR (Risk Reward)

In particular, mark the next price levels by drawing Horizontal lines:
- Monthly DP (if any, no need to draw them all, just nearest and most essential ones, for the current day)
- Weekly DP (same, only the nearest ones)
- Daily DP means High, Low and Close of the Previous day
- Big Round Numbers (BRN), close to ’00  E.g.- 6000, 6100
- Zoom out to draw DP based on latest major swing high/ low, or which looks like a Range for your main Trading chart. (I Preferably use Bollinger bands for defining Ranges)

Done!

I have additional levels for you.. Always remember to check out today’s economic news schedule, if any. Set vertical lines highlighting the time when fundamental news are due what may affect today.

Now we are done!

So, What to do with all that? Just, Look at them! & Believe me that you will like it, because you will see how predictably price bounces at all those levels you have drawn, and how well it accelerates after breaking through those levels.

The grid of levels will become your map. This Map will drive you to the Success...