Starting your Trading Day

Alan Farley of Hard Right Edge has an interesting post entitled “15 Steps to Get Ready for the Market Day” which should be useful for all traders.

I’ve listed 10 of his comments:

1. Check CME index futures

2. Review macro forces

3. Filter the news flood

4. Watch other players

5. Note levels

6. Watch support-resistance

7. Look for safe exits

8. Establish a first bias

9. Respect daily seasonality

10. Find the day’s theme

We believe there’s no better tool in the marketplace than MarketDelta’s footprint and Market Profile® charts for quickly identifying overnight ranges, important support & resistance levels, high and low volume areas and understanding what the big “players” are doing (are they stepping up to buy at support or capping rallies at resistance). Understanding the market’s “context” each day will help you see and act on the low risk/high probability trades that will make you a successful trader.

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