Technical tools
Pivot Points
1) Todays Pivot above/below previous day pivot
2) Price open above or below todays pivot
3) Price action through Pivot levels
OHLC + Channels/trendlines
1) Use OHLC to identify key levels of possible S/R
2) Identify major/minor channels or trendlines
3) Watch price action through levels
MACD
1) Is it trending up or down
2) watch for breaks or bounces off Zero
3) Divergences between price action and MACD
Stochastics
1) Above 50 Buyers in control, below 50 Sellers
2) watch for breaks/bounces off the 50 level
Moving Averages(S/R levels)
200 EMA (Close)
50 EMA (Close)
21 EMA (Close)
8 SMA (Close)
5 EMA (Close)
Other tools
1) Chart Pattersn
2) Candlestick Patterns
3) Intermarket analysis (Crude, DJIA and Gold)
4) Check other time frame for key S/R levels
Pivot Points
1) Todays Pivot above/below previous day pivot
2) Price open above or below todays pivot
3) Price action through Pivot levels
OHLC + Channels/trendlines
1) Use OHLC to identify key levels of possible S/R
2) Identify major/minor channels or trendlines
3) Watch price action through levels
MACD
1) Is it trending up or down
2) watch for breaks or bounces off Zero
3) Divergences between price action and MACD
Stochastics
1) Above 50 Buyers in control, below 50 Sellers
2) watch for breaks/bounces off the 50 level
Moving Averages(S/R levels)
200 EMA (Close)
50 EMA (Close)
21 EMA (Close)
8 SMA (Close)
5 EMA (Close)
Other tools
1) Chart Pattersn
2) Candlestick Patterns
3) Intermarket analysis (Crude, DJIA and Gold)
4) Check other time frame for key S/R levels