Step 1 - Patience. If you think you are patient in the market. You can probably assert more patience. How many FOMO's have you jumped into? Be patient!
Step 2 - With patience comes preparation. View the market at open. View only, do not act. Let the Initial Balance form then look at the market at 3:30pm (GMT). Have a look at the market and contemplate the following:
a) What is the general trend, if any?
b) What is previous high/low of the session? This acts as a gauge for you, not just S/R lines. Nothing is an exact science
c) News - what were the results of news and how is the market reacting to news recently? If there is no news will it be a rotational day, one for shorter time frame traders to counter trade? Is there big news out in the week? For example, FOMC statements usually have dead movement leading up to speeches and will see a lot of market maker action moving price
d) Did price gap up/down from previous session? Or has it opened in previous range?
e) What does the daily chart show you? Are we in a large volume area and has a base formed in price? This does not form a strong part of your analysis, it merely acts as an awareness like you notice someone drinking a coffee in a shop window, awareness but in a sense irrelevant.
Step 3 - Around 5pm onward - the profile begins to form; what kind of profile is it? Where is price clustering? Is there an area of profile which looks like it can be filled?
Step 4 - Have you spilled some blood? - Giving a couple of hundred dollars back to market is not a bad thing. You know you are able to pull the trigger even if the trade is going against you. Just don't revenge trade. that opportunity is probably over. \Look away and look for another opportunity an hour or two later.
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