How To Find Intraday Bias Simplified

Introduction

This tutorial explains how to find intraday bias in trading, focusing on practical approaches and tips from the "How To Find Intraday Bias Simplified" video by Photon Trading. Understanding intraday bias can significantly enhance your trading strategy, allowing you to make more informed decisions throughout the trading day.

Step 1: Understand the Bias Cheatsheet

• Familiarize yourself with the Bias Cheatsheet, which is a tool that helps identify market trends and potential price movements.
• The cheatsheet categorizes market conditions into different biases:
  • Bullish Bias: Expect price to rise.
  • Bearish Bias: Expect price to fall.
  • Neutral Bias: Price may move sideways.
• Use the cheatsheet to determine the prevailing market condition before entering any trades.

Step 2: Conduct Multi-Timeframe (MTF) Analysis

• Perform MTF analysis to gain insights from different timeframes:
  • Start with a higher timeframe (e.g., daily or 4-hour) to identify the overall market trend.
  • Move to a lower timeframe (e.g., 1-hour or 15-minute) for precise entry points.
• Compare the trends across timeframes to ensure alignment:
  • If the higher timeframe shows a bullish trend, look for buying opportunities on the lower timeframe.
  • Conversely, if the higher timeframe is bearish, focus on selling opportunities.

Step 3: Analyze Key Support and Resistance Levels

• Identify significant support and resistance levels on your charts:
  • Support levels indicate where the price may bounce up.
  • Resistance levels show where the price might reverse downward.
• Use these levels in conjunction with your bias to make informed trading decisions:
  • Plan entries near support levels when you have a bullish bias.
  • Look for exits or reversals near resistance levels for bearish bias.

Step 4: Review Real-World Examples

• Analyze practical examples presented in the video:
  • Example 1 demonstrates how to apply bias and MTF analysis in real scenarios.
  • Example 2 provides insights on adjusting your strategy based on market conditions.
• Take notes on the outcomes of each example to improve your understanding of bias application.

Conclusion

Finding intraday bias is a crucial skill for traders looking to enhance their decision-making process. By utilizing the Bias Cheatsheet, conducting MTF analysis, and recognizing key support and resistance levels, you can improve your trading strategy. Remember to practice these steps with real market data and refine your approach based on ongoing analysis. For further learning, consider exploring the free Photon Trading course and joining their Telegram channel for community insights and updates.