An update to the weekly HAL chart posted last year. This is a simple Modified Schiff Median Line drawn off key market structure. The Median Line set captures the rhythm or frequency of price and the sliding parallel uses that same frequency on the overshoot. Kinda like tuning those old FM radio dials when the frequency shifted. There is also a very simple line technique involved here which i will show in the next post using a weekly EUR/USD chart. which I need to update as well.
This is a video lesson in waiting with your market for something interesting and obvious to happen. If your patient, buyers/sellers will eventually show their hand and intentions in and obvious way.
A Trade Plan is a tool used for improvement, for learning about markets and learning about ourselves. We plan and document our trades in order to see what were really thinking and doing when we trade. Often we don't like to look back on what were doing and thinking but how can we improve something If we don't know what's there.
Reading Price action isn't about memorizing patterns and setups, Its about looking and seeing what is actually occurring with buyers and sellers. This is an exercise you can do when analyzing your own markets. Its purpose is to get you better connected to your market. To help you drop your opinions and biases and just SEE what's there.
A good exercise for traders is to record their live analysis and trades using some kind of video/audio software. It lets you go back and review what your were thinking and doing at the time. It also puts you in a different state of mind while trading by making you more accountable.
Trading happens as a process, so we should take it apart and learn the various components that we can train in.
This article is about the first step in the process of a trade. To take on all aspects of trading at once can be overwhelming so lets focus and start at the begriming. So what first?
