- Finding Market Direction is Imperative for Technical Traders
- Moving Averages, PSAR, Price Action, and Sentiment are all Convenient Tools
- OnceMarket Direction is Identified, Traders May Plan New Market Entries
- New to trading? You may enjoy our trading guides
Finding the trend is arguably one of the most important steps every technical trader must tackle in their trading. Unfortunately deciphering the market isn’t always as easy as saying “prices are rising or falling”. During today’s webinar event we worked on identifying the trend using a series of technical trading tools and tactics. This includes using readily available charting tools such as moving averages and Parabolic SAR. Traders not con comfortable with indicators may also use simple price action methodology or sentiment fugues like SSI in their analysis.
With so many options to choose from, it is imperative to pick a methodology that works for you. That means picking out a method that you will feel comfortable using repeatedly. Once this step is finalized, traders may then proceed to develop their trading plan by next planning their entries in the direction of the established trend!
--- Written by Walker, Analyst for DailyFX.com
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