Steemit Crypto Academy Contest / S16W5 [SUMMARY]: Market Analysis Before Trading
Traders who get consistent, positive results always start with careful analysis.
📊 Want to achieve stable results too?
These tips will help you do a proper trading analysis:
📌 Start your day by scanning for medium- and high-impact news affecting your selected currency pairs.
Pro tip: Keep an eye out for the US inflation rate, released in the middle of each month, as it can significantly influence EUR/USD and GBP/USD.
📌 Analyze higher timeframes to get a broader sense of the market sentiment. Even if your trades are only minutes long, understanding daily and weekly market news can be beneficial.
Pro tip: Identify trends on the daily and weekly charts to get insights into the long-term market direction.
📌 Study medium timeframes for more detailed analysis.
Pro tip: Mark areas where the price has reversed in the past — these are support and resistance zones — the price may react similarly again in the future. Using news analysis and charts, mark the price movements you predict.
📌 Analyze smaller timeframes to finetune your entry points based on current market dynamics and reactions to support and resistance levels.
📌 When waiting for setups, it can be tempting to act impulsively, but patience can significantly enhance your trading success.
Pro tip: Remember, investing time in market analysis increases your chance of making successful trades.
🔖 Repost this and apply the tips to your trading strategy in the future.
Being a new user for you and being an old and dedicated user at the platform by me this is my recommendation and advised to you to please share your introduction post in newcomer community and then start posting in other communities according to guidelines.