This Video dicusses How to Plan for the trading week ahead, plotting the key horizontal levels for your market, identifying trends and price action signals in advance.
Video Synopsis – Forex Trading Plan, mapping the charts in advance.
In the above forex education video I discuss how to plot the key levels on the daily chart of the EURUSD. One of the foundations of a good trading plan is to start the week off by looking at the last 30 days of data and plotting the significant levels that formed. We then analyze how price has behaved around these significant levels.
This video is really not a trade setup commentary video but instead it is a discussion of how I look at the market and how I plot the key levels each week. I discuss the 50 day ema in this video and how it had performed as a resistance area during the time frame this video encompasses; I discuss the 50 day ema in my forex trading course as well.
In this video we are using the 50 day ema dynamic resistance area along with the pre-mapped resistance areas that I drew on this chart to watch for confluent areas to trade from and to watch for price action setups to form near. This is a good example of an important part of your forex trading plan for the week ahead, which is drawing in the key levels of support and resistance.