What happened the previous day- where we had traded, what the action was and where it was
overnight trading - what had happened in other similar markets in other parts of the world
any significant news was out that day
began trading with this info and then watched carefully everything that happened in the pit
into modern electronic trading jargon
• What sort of day was the previous day – trend, normal, range bound, what was the trend AND where was the support and resistance
• What happened in the news overnight that might affect the trend or the support and resistance. I now read all my news on line and look at the calendars to see what announcements are due during the day.
• What numbers – numbers are what locals call the government statistics that are announced - these may change the trend or day type during the day and when could they appear
• What was the order flow?
Order flow is exactly what it says on the box: the flow of orders from external parties into the pit. Relevant information is the balance – more buying or more selling, size and volume, commercial or retail (we knew which brokers represented which type of customer
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