Start with the Monthly chart. (Whatever markets/assets you trade)
Look for the current trend;
Is it Up? Making higher highs and higher lows.
Down? Making lower highs and lower lows.
Balancing? Bouncing around within a range.
Up and Balancing?
Down and Balancing?
Is it a new or aging trend? Newer trends will be cleaner or easier to recognize with more space between balance areas. Aging trends will have more overlapping trading ranges or balance area’s and be less clear to recognize.
Open the weekly chart
Look for the current trend; Is it Up? Down? Balancing? Up and Balancing? or down and Balancing?
Is it a new or aging trend?
Take note of any important recent references or benchmarks on the weekly chart. High’s, low’s, balance, or excess, etc.
Ask yourself if there’s a ruling reason for these references?
Open the daily chart
Look for the current trend; Is it Up? Down? Balancing? Up and Balancing? or down and Balancing?
Look for common areas with high’s and low’s. Make note of the previous day’s settle in comparison to references found on Monthly/Weekly charts.
Look for excess on the daily bars, remember that gaps are a form of excess.
Take a look at the 20, 50, and 200 daily Simple Moving Averages.
Open the market profile chart.
Start by looking at the previous trading day’s profile and ask yourself these questions:
What was the market trying to do yesterday?
How good of a job did it do of achieving that?
Who was in control?
If the market was trending in a certain direction, how was the volume?
Where was value?
What was the profile’s structure?
Do any profile references stand out to you?
Was there a late day Spike?
Then look at the overnight activity. (note: overnight activity from the perspective of US traders)
Is the overnight inventory net long, net short, or more balanced?
Is there a double distribution on the overnight profile?
How protonate is the overnight POC? Are we opening above or below it?
Is the market opening in or out of balance? (In or out of the previous day’s range.)
If the previous trading day created a Spike, are we opening inside or outside the Spike?
Is there a gap in play?
