Do you want to know how to create a Trading Plan using only Price Action?
Here's a breakdown of 11 simple yet powerful steps to create one: 🧵
Collaborated with @AdityaTodmal
1/ Know your type:
First and foremost, understand whether you are a Scalper or Intraday trader or Swing trader or Positional Trader.
Create an account in @tradingview
2/ Set the Time Frame (TF) of the Charts:
• Scalper: the TF you would use would be in the range of 1- 5min
• Intraday Trader: 5-15min TF
• Swing Trader: Hourly to Daily
• Positional Trader: Weekly
3/ Be aware of the trend at higher TF.
No matter which type of trader you are, its important to know the trend at higher TF.
Crucial to know whether its a buy on dip market or sell on rise market.
In my outlook for the week for #BANKNIFTY & #NIFTY I cover multi TF analysis.
4/ Identify the major Demand & Supply Zone:
• A supply zone is the price area where traders have the highest selling interest or potential.
• A demand zone is the price area where the traders have the highest buying interest or potential.