In our previous post, we discussed the Trade Selection Tool and the variables that it requires. To recap, these variables are divided into longer-term and shorter-term categories. The longer-term variables are:
The daily trend of US indices: Dow and Nasdaq
The weekly trend of Nifty
The daily trend of Nifty
The daily trend of sister indices: Bank Nifty, Nifty IT, and Nifty MidCap 100
The methodology for determining the longer-term trend on the charts is covered extensively in the post "Understanding Long Term Trend - A Comprehensive Guide," which is part of the Technical Tools section. This applies to both the daily and weekly trends of Indian and global indices.
Once you have identified the longer-term trend using the variables mentioned above, we will explore how to incorporate this information into the Trade Selection Tool in a subsequent post.
To continue enhancing your understanding, click on "Next Post" to discover the Setup Strength of each setup as determined by the Win Ratio.
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