The support forum is built with (1) General and FAQ forums for common trading queries received from aspiring and experienced traders, and (2) forums for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
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How many bars to the left should be looked at to judge context?
That's a general question because the e-mini has special rules regarding the open which are covered in part 2 of BTC.
The first hour of the session is often influenced by the previous day's closing price action, especially if it's a TR. Otherwise, all the bars to the left matter. For example, assume the last 10 bars on a chart are in a bull trend, but the overall day up to that point is a TRD, and you're in the upper 1/3rd. This will affect your buying strategy versus if the 10 bar bull trend were the only bars on today's chart.
all the bars to the left matter.
Definitely agree.
What is the pre-market context planning for the 5 min chart?
* Look for prior day/week/month/year HLOC that are close in price for S&R.
* Find trend lines & patterns on day chart for Big picture.
* Condense bars on 5 min chart and find trend lines & patterns for last few days for medium overview.
* Find yesterday's HLOC, lines & patterns for imminent PA.
You can learn about pre-market planning by watching Al's recorded webinars. He goes over what to expect for the day based on different timeframes at the beginning of every session.
How many bars to the left should be looked at to judge context?
That's a general question because the e-mini has special rules regarding the open which are covered in part 2 of BTC.
I view only the last ~100 bars as relevant on whatever timeframe I am looking at; whether it is the 1-2 minute, 5 minute or daily. As a rule, I never scroll left or scrunch the chart to see more. If I want to see further back I increase the timeframe. Increasing the timeframe causes the less-significant price action structures & patterns to vanish and the more significant ones remain visible which gives better perspective if I want to see a bigger picture. I mark yesterdays H/L but aside from that I'm not interested in anything I can't see in the last 100 bars - even if I'm trading the 1 minute chart which I often do.
