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7/30/2019 Develop a Daily Forex Chart 'Technical Analysis' Routine _ Learn to Trade http://slidepdf.com/reader/full/develop-a-daily-forex-chart-technical-analysis-routine-learn-to 1/16 5/25/13 D evel op A D ai ly F or ex C har t ' Techni cal Anal ysi s' R outi ne | Lear n T o T rade www.learntotradethemarket.com/forex-trading- strategies/how-to-forex-technical-analysis-charts-routine?awt_l=FOtQV&awt_m=I.hPdqdtIXwtMW 1 Learn To Trade Forex - Price Action Trading Members Login Home Forex Videos Trading Strategies Articles Trade Setups  Nial’s Forex Course Forex University Forum Archives Contact  Name Email Learn To Trade Price Action with Nial Fuller... PRICE ACTION FOREX TRADING COURSE Develop A Daily Routine For Analyzing Charts & Trade Setups Most of you know I publish a daily market commentary each day shortly after the daily Forex market close. What many of you probably do not know is that making these commentaries each day is part of my daily chart analysis and trading routine. I actually started writing down my thoughts about the markets each day well before I started this website, and it’s something I’ve done continuously every trading day for about the last decade. It’s literally a habitual part of my daily life…if I miss a day of commentary for some odd reason, like travel or a holiday, I literally feel ‘strange’, and like something is ‘missing’. My daily trading routine is the core foundation that all of my trades are built on, and it’s my opinion that all aspiring traders need such a foundation to  build their trading career on if they want to have a serious chance at making consistent money in the markets. In today’s lesson, I am going to show you how I personally analyze the charts each day and give you a ‘peak’ into my daily trading routine. Hopefully, after reading today’s lesson you will have a  better understanding of WHY you need a daily trading routine and HOW to develop one. The POWER of routine, discipline and habit…  News just came out over the last week that Bill Gates, founder of Microsoft, is once again the richest man in the world. The one thing that you will never hear anyone saying about ultra-successful people like Gates and others, is that they are ‘lazy’ or have ‘bad habits’. It’s pretty well understood that a man like Bill Gates must be a very disciplined individual to have gone from college drop-out to richest man in the world and founder of the bigge software company on earth. Most people would agree he has probably developed some very effective daily habits that have brought him to the point he is at now in his professional life. This leads me to my next point: How do YOU analyze your charts each day to find trades? Do you have a routine that you go through each day? Do you have any structure behind your trading method or do you basically just “trade on the fly”? Like success in any other field, trading success is the result of developing effective habits through discipline and proper procedure. What I mean is this; if you do not have the discipline to stick to your trading strategy and manage your risk properly, you will never attain the trading mindset and habits that you need to make consistent money in the

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PRICE ACTION FOREX TRADING COURSE

Develop A Daily Routine For Analyzing Charts & Trade Setups

Most of you know I publish a daily market commentary each day shortly after the daily Forex

market close. What many of you probably do not know is that making these commentaries each day is part of my daily chart analysis and trading

routine. I actually started writing down my thoughts about the markets each day well before I started this website, and it’s something I’ve done

continuously every trading day for about the last decade. It’s literally a habitual part of my daily life…if I miss a day of commentary for some odd

reason, like travel or a holiday, I literally feel ‘strange’, and like something is ‘missing’.

My daily trading routine is the core foundation that all of my trades are built on, and it’s my opinion that all aspiring traders need such a foundation to

 build their trading career on if they want to have a serious chance at making consistent money in the markets. In today’s lesson, I am going to show you

how I personally analyze the charts each day and give you a ‘peak’ into my daily trading routine. Hopefully, after reading today’s lesson you will have a

 better understanding of WHY you need a daily trading routine and HOW to develop one.

The POWER of routine, discipline and habit…

 News just came out over the last week that Bill Gates, founder of Microsoft, is once again the richest man in the world. The one thing that you will

never hear anyone saying about ultra-successful people like Gates and others, is that they are ‘lazy’ or have ‘bad habits’. It’s pretty well understood

that a man like Bill Gates must be a very disciplined individual to have gone from college drop-out to richest man in the world and founder of the bigge

software company on earth. Most people would agree he has probably developed some very effective daily habits that have brought him to the point he

is at now in his professional life.

This leads me to my next point: How do YOU analyze your charts each day to find trades? Do you have a routine that you go through each day? Do

you have any structure behind your trading method or do you basically just “trade on the fly”? Like success in any other field, trading success is the

result of developing effective habits through discipline and proper procedure. What I mean is this; if you do not have the discipline to stick to your 

trading strategy and manage your risk properly, you will never attain the trading mindset and habits that you need to make consistent money in the

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markets.

At this point in my trading career, I am very set in my daily routine, yes it’s a little ‘boring’ at times, and repetitive, but I still do it because it’s a habit,

and a very effective one at that. Each day, I go through my ‘ritual’ of checking the markets, making notes, placing trades if there any, wash and repeat. I

got an email recently from someone who insisted that there was some “secret to trading” that I was not telling them, they actually didn’t believe me the

first time I responded saying that there really is no “secret” besides discipline and  proper money management. The real “secret” to trading success, if 

there is one, is that YOU need to develop yourself into a successful trader by learning to trade effectively and being disciplined long enough to follow a

trading routine until it becomes a habit that you don’t even have to think about anymore.

Here’s how I do it…

The foundation of my daily trading routine

My daily trading routine is probably a lot less complicated than you might think…the most important thing to remember is that it has become a habit for

me, just like it should be for you. The walk-through that follows is essentially how I create my daily members commentary each day, hopefully this will

give you some insight into how to create a daily trading routine and trading plan…

Levels

The first main thing I do at the start of each new trading week as well as each day, is map out where the key chart levels are and watch how the marke

is reacting around them. I first zoom out to the weekly chart and get a quick view of where the key levels are, at that time I will draw them in on my

charts.

In the weekly EURUSD chart below, I have drawn in the key weekly support and resistance levels as I do at the start of each new trading week. I amlooking for levels that were key turning points in the market and then drawing a horizontal line across those levels, this is essentially how to draw suppo

and resistance levels:

After I’ve drawn in the key weekly chart levels I will move down to the daily chart time frame. Here, I will probably see some of the same key levels I

drew in on the weekly, but because I am not looking at as much data (time), some of the weekly levels won’t be relevant on the daily. There will be

other levels to draw in on the daily chart; shorter-term levels.

In the daily EURUSD chart below, you can see the most relevant key support and resistance levels that I’ve drawn in. Note that I actually adjusted the

weekly level that was at 1.3172 in the chart above, up to about 1.3193 on the daily chart, because it’s a little more obvious that the ‘actual’ level is up a

little more once you drill down to the daily chart. Also note that I added in a level on the daily chart at 1.2955 that was not really obvious on the weekly

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chart. You will add more levels as you switch from the weekly to daily because some of them are simply not as obvious on the weekly.

 Note how I have drawn in the key support and resistance levels in the chart above. I did not draw in every single little level I could find, rather, I

focused on the levels that were CLEARLY important, and by that I mean the ones that caused price to make a significant change of direction. As you

go lower in time frame you will naturally have more key levels to draw in, and finding and drawing them is NOT an exact science, there is discretion

involved and you WILL get better at it through education and screen time.

Here are some of the key things I am looking for at these levels:

How is the market reacting around the level…what is the price action doing at the level?

Which levels broke and which ones held?

Were there any false breaks or failures at levels?

Most importantly, did any obvious price action trading setups form at the key level?

Determining market condition

The next I do after finding the key chart levels and analyzing what’s happening around them, is determine the condition of the market; is it a trending

market, range-bound, or chopping sideways with no direction? This is very important because it basically decides how you will approach the market

and how you will trade it.

The first thing I do is have a look at the weekly chart again and I will take note of the general direction the market has been moving in recent weeks.

This can be called the “long-term trend”, and I am really just trying to get a general feel here for what the market has been doing over the last year andwhether or not there is a clear trend.

In the weekly AUDUSD chart below, we can clearly see how useful and important it is to look at the weekly chart before drilling down to lower time

frames. The AUDUSD weekly chart shows us that the market was recently trading within a very long 9-month trading range and no real long-term

trend was in place. However, when the market finally broke down and out from this trading range it essentially ‘confirmed’ that a new downtrend was

getting started, and this is a very important piece of information to know as we drill-down and look for  price action trading strategies on the daily, 4

hour charts and 1 hour charts…

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 Now, let’s look at the AUDUSD again but this time we are looking at the daily chart time frame. In the chart below, we can clearly see that the 8 and

21 day EMAs show a potential trend change a lot earlier than you can detect it on a weekly chart. When we see the EMAs (red is 8, blue is 21) cross

each other, it’s an indication the trend might be changing and is something to take note of. You generally need to see a pattern of lower highs and lower

lows or higher highs and higher lows to “confirm” the trend change, but the EMAs are a good “early-warning” system that the trend might be changing.

Read more about trend trading in my article on how to trade trends.

It’s important to note the retraces back to “value” in the chart below. In a downtrend, “value” means resistance, in an uptrend it means support. These

do not have to be strict levels, they can be “zones” or even the “layer” between the 8 and 21 day EMAs, like we see in the chart below. When the

market retraces back to these value areas, it means we need to pay extra close attention and look for price action signals to trade with the dominant

daily chart trend. I look for signals on the 1 hour, 4 hour and daily charts.

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Price action signals

Finally, after I’ve drawn in and analyzed the key chart levels and determined the current market condition, I will look for price action entry signals. A

 price action pattern is my main entry trigger and I will not typically trade if there is not a price pattern ‘confirming’ a high-probability entry into the

market.

The primary thing I am looking for are daily chart price action signals, as these are the strongest and best ones to trade in my opinion. I always go

through the markets and look for price action signals once at the close of the trading day and then again a little later on in the day.

I am basically just looking for obvious PA signals that are well-formed and that ‘agree’ with the current market dynamics. That means an obvious PA

signal that is near a key level or in the context of a trending market. I am also looking for price action rejection / reversal signals at key chart levels or at

“value” as described previously.

In the daily Spot Gold chart below, we are looking at an example of a fakey signal that formed after a retrace and subsequent false-break of value /

resistance near $1,480.00. We discussed this setup recently in our May 7th Commentary and it shows a good example of how to trade in-line with a

trend (downtrend in this case) after the market has made a retrace back to a key level of resistance as well as the 8 / 21 day EMA resistance layer.

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Conclusion:

Hopefully, you have learned a few things from today’s lesson. The primary things you should have learned are that: 1) You NEED a habitual daily

trading routine that is simple yet logical and effective, and 2) Creating a daily trading routine is not difficult, the guidelines I discussed above are really

about all you need each day to analyze the charts.

I really recommend you create your own daily market commentary like the one I create for my members each day. You can get started by just

following the three main steps I described in this article. This is my daily market diary of sorts and it’s benefited me greatly over the years because it

allows me to track the market each day and remain “in the zone” as the market ebbs and flows.

An invaluable learning tool to help you become an expert at analyzing your charts is my daily market newsletter. You can check out my daily chart

analysis newsletter in the members’ area and follow along each day as I discuss key levels, market conditions and price action setups that may have

formed that day. For more information on my daily trading newsletter, trading courses and traders community, click here.

Please Leave Your Comments Below & Click The Like/Share Buttons

Related Articles:

A Day In The Life Of a Professional Forex Trader How to Start Profiting With Price Action Trading Strategies

The Minimalist Guide to Forex Trading & Life

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MAY Special Membership Promotion: This month I’m offering a Special Discount on Lifetime Membership to my Forex Courses, Live Trade

Setups Forum, Daily Trade Setups Newsletter, Email support line & more. For more information Click Here.

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About The Author:  Nial Fuller is considered a leading ‘Authority’ on Price Action Forex trading. If you want to learn more about harnessing the

 power and simplicity of Price Action Trading Strategies please visit Nial Fuller’s Forex Trading Course & Traders Community Page Here. Nial’s

Students get lifetime access to all of his advanced price action Forex Courses, video lessons, webinar tutorials, daily trade setups newsletter, live

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trade setups discussion forum, traders support line & free ongoing course updates. For more info, visit the Price Action Course page.

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Copyright 2013 – Learn To Trade The Market – Author  Nial Fuller 

Forex Trading Strategies by Nial Fuller  39 Comments

giorgio said,

 May 24, 2013 @ 8:40 pm

Thank you Nial! Great article.

I think newbie traders can learn a lot on your site.

MattK said,

 May 24, 2013 @ 8:54 pm

Thanks Nial–one thing I do is print of you charts on individual pages at the beginning of the week. I might even add some level manually with pen.

The chart takes up the top 1/3rd of the page and leaves me room to make notes beneath each day of the week.

VOILA–mkt diary

Muthu said,

 May 24, 2013 @ 9:08 pm

You are rocking Nial.Thanks for sharing your Knowledge

Cyrus said,

 May 24, 2013 @ 9:26 pm

Thank you Nial!

You have made such a huge difference in my forex trading journey.

I have read most of your material and i am truly greatfull that people like you with the heart to share your story exist in this world.

My very best wishes to you always.

RAJIB said,

 May 24, 2013 @ 9:52 pm

SUPERB article nial. Like MONEY-MGMT theories,writing daily commentary is also ignored by lot of traders…from my experience, i would say

writing daily commentary is one of the holy grail secret of success in forex

Tunde said,

 May 24, 2013 @ 10:08 pm

So rich and freely given makes it even richer!

Once again, thanks.

Mani said,

2.5k 

Like

1

ShareShare

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 May 24, 2013 @ 10:08 pm

Thank you for organizing all this material in such well readable articles. They keep me focused and motivate me always to improve and keep on learning

from mistakes i make while trading.

palli said,

 May 24, 2013 @ 10:11 pm

Hi Nial,

I think telling after the chart made high or low is easy when doing in practical trading is very hard to expect the trade how will it turn….

good knowledge you give

thanks

 palli

Dodi said,

 May 24, 2013 @ 10:18 pm

Great article and website. Lucky to know you !

ales said,

 May 24, 2013 @ 10:19 pm

simple, clear,easy = BEST

is that really simple like that ?

great article !!!

well,

i will start to focus on all your comments about trading

i love it

thank you

Ales

Ramli M.S said,

 May 24, 2013 @ 10:24 pm

Thanks Nial

great article.

cheers

Abok said,

 May 24, 2013 @ 10:30 pm

very helpful indeed.

KRISTOFA OKENTA said,

 May 24, 2013 @ 10:46 pm

Hi ‘Prof’,

I am the most blessed by your teachings. It has always been very useful, interesting and empirical.

Thank you so and a lot.

salvatore said,

 May 24, 2013 @ 10:50 pm

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thanks nial, great lesson, this is the essence of trading!!!

Peri said,

 May 24, 2013 @ 10:59 pm

Thanks for your educative article !

Your article ultimately tells us to enter the trade

after full analysis with perfect PA set up and not during

the course of the trading day like a blind man who knows nothing where the market will go !

Learning a lot !

Keep it up !

Waiting for many more articles please.

lucas said,

 May 24, 2013 @ 11:14 pm

You are the man Nial. Thank you for all your help and your web site. wish everyone the very best in there future trading.

mike said,

 May 24, 2013 @ 11:33 pm

Hello again Mate,

Your extraordinary ability and willingness to teach

go beyond the limits of mere generousity.

And that would include the thanks of newbies and pros alike.

I shall refer your source to anyone I know with a serious inclination for forex.

All the best mate,

Mike

Henry said,

 May 25, 2013 @ 12:37 am

Thank you, great!

Geetha said,

 May 25, 2013 @ 12:41 am

Thank u Sir, for wonderful information.

There are many points to take note of, from this article friends. Let us follow his guidelines.

Nazmul said,

 May 25, 2013 @ 1:10 am

very effective and useful guideline. Thanks a lot Nial.

Sam Law said,

 May 25, 2013 @ 1:11 am

Hello Coach,

Thank you for sharing your analysis insights and guidance !

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Couldn’t have been more timely for studying volatile markets like now.

Best Wishes,

Sam

Adriano Peña said,

 May 25, 2013 @ 1:13 am

An other very interesting article like of your´s, Nial. I draw key levels monthly, weekly snd daily but I have to take the routin of write commnets daily.

Thanks a lot.

Jack Kerouac said,

 May 25, 2013 @ 1:44 am

Although I’m not a subscriber to your site I do frequent it often and read most of your articles. This one, is by far, one of the best and informative ones

yet. Thanks for the education.

Raj said,

 May 25, 2013 @ 2:45 am

Hi Nial,

When you draw S/R lines on weekly chart, how far you go back on the chart to draw the lines ? Is it 1yr – 2yr – 3yr 

Thx

Raj

Felix said,

 May 25, 2013 @ 3:16 am

Thank you Nial,

Great Article

Oscar said,

 May 25, 2013 @ 3:42 am

It is exactly what I am doing. There is no secret in trading the markets, just putting your odds at your favour.

Swede said,

 May 25, 2013 @ 4:08 am

outstanding as always…

dev said,

 May 25, 2013 @ 4:37 am

Thanks Nial …

i really thank you to be a supporting leader and trader for all the newbie and to your follower’s….this article will really change my daily habit and also

my mindset thanks a lot……good article……..

 john said,

 May 25, 2013 @ 5:50 am

i know nial you are the master of market and you know every thing about it and your every article have contain many amazing and new thing new as

well as old traders

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thankx to guide everyone

Rahwa said,

 May 25, 2013 @ 6:22 am

Your article is constructive as usual.May God bless you and your whole family.

Emeh Matthew Emeh said,

 May 25, 2013 @ 6:52 am

In my few weeks of reading your articles, I have gained what i will call a break through knowledge in forex trading. Remain blessed as me and my

friends who previously had a wrong view on forex trading are now appreciating how easy forex trading can really be with the right trainer. keep up the

good work.

PeterB said,

 May 25, 2013 @ 11:20 am

What a terrific article and piece of personal information.

The logic is undeniable and the overview full of clarity.

Thx again Niall.

 jaykay said,

 May 25, 2013 @ 12:38 pm

Appreciate your timely and candid post.

And a great reminder for not drifting out of this habit

Thank you

paul said,

 May 25, 2013 @ 12:58 pm

Hi NIAL,

your are doing a wonderful job here and its has change the way I look at the market this time around In the past when ever I enter trade its will become

support or resistant until i gat stop out due to coloures indicators but trading nakad open my eyes about forex hope to join your membership soon hope

you still have more instock to share there?

alanw said,

 May 25, 2013 @ 1:02 pm

Hi Nials this would have to be the most informative info in set up’s , for newbies , I have ever come across. Excellent article

Cheers W

Mario said,

 May 25, 2013 @ 1:04 pm

Also I feel a bit strange when I don’t read your commentaries…..Great Nial!!

gowthama said,

 May 25, 2013 @ 2:32 pm

HEY GURU ,

you hit the nail “trade on the fly” , yes this the mistake i repeatedly do . I wil follow the steps for daily commentary as u said . thanks for sharing, how

the way to look the market like pro”s . with no tense and panic. thanks a lot nial ……..

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Rafique said,

 May 25, 2013 @ 2:44 pm

Thanks Nial. It’s a rocking article. I think it is a very good idea to trade profitably. It helps newby like us.

I want such mory articles.

Many Many thanks.

Robert said,

 May 25, 2013 @ 4:06 pm

Excellent technique for detailing the depths of the market. Thank you for disclosing wisdom.

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