Market Analysis … The Big Picture

Looking at the Markets Through a Big Picture Lens The first step to good market analysis is the easiest of the steps to do, yet it is surprising how few traders actually do it. The first step to analyzing a market is to determine where the market is relative to where it has been. In other words you need to get a “feel” for where the market is right now. Trying to use your trading software without doing this first step is equivalent to trading in a vacuum. When most traders analyze a chart, they begin by devoting the majority of their attention to the daily chart. A few of them might occasionally consult a long term chart out of curiosity without paying too much attention to the information presented therein. Their reasoning is that the information from the daily charts eventually makes up the data on the weekly and monthly charts anyway; therefore the daily chart is where their attention should be. While it is true that the data on the daily chart does eventually make up the wee
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