Daily Charting Process
The daily charting process involves a detailed analysis across multiple timeframes to accurately identify market trends and potential trading setups. Here are the steps involved:
- Weekly: Start by examining the weekly chart to determine the major trend direction. Look for significant support and resistance levels and overall market sentiment.
- Daily: Analyze the daily chart to confirm the trend direction observed on the weekly chart. Identify potential reversal points and areas of interest for trades.
- 4 Hour: Zoom into the 4-hour chart to find intermediate trends and consolidation areas. This timeframe helps in refining the analysis and finding more precise entry zones.
- Hourly: Use the hourly chart to further refine your analysis. Look for detailed price action and volume analysis to pinpoint exact entry and exit points.
- 30 Minute: The 30-minute chart provides a closer look at price movements. It is useful for identifying short-term trends and consolidation areas.
- 15 Minute: Fine-tune entry points by analyzing the 15-minute chart. This timeframe is helpful for observing short-term price patterns and market behavior.
- 5 Minute: Finally, use the 5-minute chart to define exact entry parameters and triggers. This chart helps in executing trades with precision.