Tutorial On How I Look For Entries/Exits Each Day - ATOMUSD - 1DHello traders,
I meant to publish this in the morning but I got pulled away on something else. It seems my analysis would have been correct, so I'll share this now.
This method is just one of many ways a trader can identify trend direction and entry/exit points at the beginning of each day.
To start...
I identify all patterns and indicator setups that indicate something bearish (the ones in red) or bullish (the ones in green).
I put a +1 tally next to each of them. After identifying all the setups I can, I count the tallies for bullish/bearish bias.
Today, even though the immediate term was looking bullish, there were more bearish signals than bullish ones.
For good measure I then like to do a left to right scan across the chart to see which ones are most prominent to the right (i.e. currently).
I saw the breakdown of the trendline on the right side of the chart, and paired with the bearish signals outnumbering the bullish signals.. I opened a short which was very profitable.
