How to keep track of many markets everyday? This is a useful method I learnt from Bill Williams' book Trading Chaos:
This is a daily worksheet that the trader has to fill out in order to keep himself in touch with the markets. The rows are the different markets he is trading. The columns are the different parameters he needs to fill in. Let's go through one by one.
1. Two bar reversal: This is a strange name, but to put it this way it is simple: this is a level where a two bar reveral has occured on a larger time frame (e.g. daily/weekly) not the one used in trading (e.g. hourly), so that the level is a very important one which can usually be used a catastrophic stop.
2. Rhythm: This is further divided into two. MACD is the value of Bill's MACD indicator with the settings of (5,34,5), which, actually, is the Awesome Oscillator. The other parameter, TWR, stands for Tide-Wave-Ripple and it just means whether the trend is going up or down. How to tell? In this book Bill does it by SMAs of 5, 13 and 34. If SMA 5 is below the other two, put a "v" downward arrow; if SMA 5 is above the other two, put a "^"; otherwise put a "0" down. However, in his later work, Bill replaced the three SMAs by the Alligator.
3. Hump: The last fractal opposite to the trading direction that serves as a stop.
4. Thumb: The entry level, which is usually the last fractal in the trading direction.
I think I am going to change the items a bit to make it suit my trading methodology.
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