Here is some idea where you can start your trading day with a confidence decision.
Daily Trade Planning
- Look into the big picture – Monthly & Weekly time frames
- Look into detail – 5 minutes to daily time frames
- Check support/resistance level – Bollinger Bands & Price History
- Check fundamental factors (Economic Calendar) – To avoid unnecessary volatile movement that defies the technical analysis i.e. non-farm payrolls, interest rates, CPI, etc.
- Dividing 24 hours time into 6 sections using the 4 hourly charts – Avoid rollover fees and make sure one day trade must end in one day.
- Be patience – setup at the right position
- Use little of your instinct and confidence based on the technical indicators situation
- Decide your trade.