Daily Chart Setups 08 Feb 2023

It is important to understand that the analysis is intended for educational purposes only. Traders are encouraged to use their own judgment and analysis when making trading decisions.


1. Identify the Balance Point on the chart – The Balance Point is a level on the chart that represents an equilibrium point between supply and demand. It can serve as a potential entry point for a trade. It’s important for the trader to determine whether the current price is above or below the Balance Point before making any trading decisions.

2. Wait for the price to approach potential profit levels – After entering a trade, it may be helpful to wait for the price to approach potential profit levels on the chart. These levels can be identified as areas where price reversals have occurred in the past. When the price approaches a potential profit level, it may be time to consider initiating further trades to test the next level of take profit limits.

3. Monitor the trade as the price hovers around the Balance Point – While the price is hovering around the Balance Point, it’s important to monitor the trade and make adjustments as necessary to ensure that it is still in line with market conditions. If market conditions change, it may be best to exit the trade.

4. Determine the market direction – Once a clear market direction has been established, the trader can set the trade with stop loss and take profit limits as they appear on the chart. It may also be helpful to consider using trailing stops to lock in profits and minimize potential losses. To determine the market direction, the trader may use technical analysis and other market indicators.

5. It’s important to remember that technical indicators, including the RSI, are not foolproof and can sometimes provide false signals. Therefore, it’s important to exercise caution when making trading decisions based solely on technical indicators. To make informed trading decisions, it’s recommended to use technical indicators in conjunction with other indicators and analysis

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