Chart Review Checklist: A Four-Pass Read Before the Open

Use this checklist before every session. It is designed to be completed in 10–15 minutes and to produce a structured read, not a prediction. It works for any liquid instrument and any timeframe pair; the example uses a higher timeframe and a lower timeframe.

The checklist is deliberately mechanical. The point is to apply the same passes in the same order, so that today’s read can be compared with yesterday’s.

A chart review is not a forecast. It is a description of structure, character and context, followed by conditional scenarios.


Before You Start

  • [ ] Instrument, contract and timeframe are visible.
  • [ ] The screenshot has a timestamp.
  • [ ] The chart is not stale; the last bar is recent.
  • [ ] The higher timeframe and lower timeframe are both included.
  • [ ] Account numbers, balances and order quantities are cropped or redacted.
  • [ ] The economic calendar for the session is open.

Pass 1 — Clean Price And Structure

Ignore the indicators for a moment.

  • [ ] What is the swing structure? Rising / falling / range.
  • [ ] Are the highs and lows making higher highs and higher lows, lower highs and lower lows, or overlapping?
  • [ ] Where is price in the visible range? Upper third / middle / lower third.
  • [ ] Has the market broken a range? If so, was the break accepted or rejected?
  • [ ] What is the most recent swing high?
  • [ ] What is the most recent swing low?
  • [ ] Is price above or below the prior session high, low and close?
  • [ ] Is there a clear line in the sand?

Write one sentence: ____________________________________________________________

Evidence grade: A (measured) / B (observed) / C (interpreted) / D (predicted)


Pass 2 — Character And Volume

Now look at the bars.

  • [ ] Is the spread typical, wide or narrow?
  • [ ] Is volume typical, high or low?
  • [ ] Where do the bars close relative to their range? Near the high / middle / near the low.
  • [ ] Is there overlap between bars, or clean separation?
  • [ ] Are tails frequent? Where are they?
  • [ ] Are there gaps between bars?
  • [ ] Is there follow-through after a break, or does the break fail?
  • [ ] Does the character suggest trend or chop?

Character call: Trend / chop / two-sided / unclear.

What it means for risk: In chop, demand cleaner triggers and smaller size. In a trend, pullback entries work better than breakouts.

Evidence grade: A / B / C / D


Pass 3 — Context

Zoom out.

  • [ ] Is the higher timeframe above or below its 20-bar mean (or your chosen reference)?
  • [ ] Is the higher timeframe inside a range or outside it?
  • [ ] Is the higher timeframe trend accelerating, flattening or reversing?
  • [ ] Does the lower-timeframe read agree or conflict?
  • [ ] If it conflicts, which timeframe should govern the trade?
  • [ ] Is there a major level overhead or underneath?
  • [ ] Is the session context unusual (holiday, news, contract roll, gap)?

Context call: Supportive / conflicting / neutral.

Evidence grade: A / B / C / D


Pass 4 — Conditional Scenarios

Write three branches, not one.

Bullish Branch

  • [ ] Trigger: __________________________________________________
  • [ ] Entry: __________________________________________________
  • [ ] Stop: __________________________________________________
  • [ ] First target: __________________________________________________
  • [ ] Invalidation: __________________________________________________

Bearish Branch

  • [ ] Trigger: __________________________________________________
  • [ ] Entry: __________________________________________________
  • [ ] Stop: __________________________________________________
  • [ ] First target: __________________________________________________
  • [ ] Invalidation: __________________________________________________

No-Trade Branch

  • [ ] Condition: __________________________________________________
  • [ ] Action: stand aside / wait for the next boundary

Which branch is live right now? ______________________________

What would change it? ______________________________


Level Checklist

Mark only the levels that matter. For each, record the source and whether it is a line or a zone.

Level Price / zone Source Line or zone Why it matters
Prior day high
Prior day low
Prior day close
Overnight high
Overnight low
Prior session high
Prior session low
Initial balance high
Initial balance low
VWAP
Swing high
Swing low
Volume shelf
Round number

Line in the sand: ______________________________

Above it: ______________________________

Below it: ______________________________


Evidence Grading

Not every sentence in a chart read is equal. Grade it before you use it.

Grade Meaning Example Use
A Measured “5-minute close at 29,505.75” Can be used in a plan
B Observed “Lower highs since the open” Can support a scenario
C Interpreted “Sellers are in control” Useful, not a fact
D Predicted “Price will bounce here” Hypothesis, not a plan
X Unverified A level not visible on the chart Discard

If a statement is a C or a D, label it. If it is an X, delete it.


Red Flags

Stop and re-check if any of these are true:

  • [ ] The chart is stale or the timestamp is missing.
  • [ ] The instrument or contract month is unclear.
  • [ ] The higher timeframe is missing.
  • [ ] The chart is cropped so that key levels are not visible.
  • [ ] A level in your notes does not appear on the chart.
  • [ ] Two indicators disagree on the same level; you have not treated the gap as a zone.
  • [ ] You have already decided the bias and are looking for confirmation.
  • [ ] You cannot write the no-trade branch.

The One-Page Summary

At the end of the review, write five lines:

  1. Structure: __________________________________________________
  2. Character: __________________________________________________
  3. Context: __________________________________________________
  4. Line in the sand: __________________________________________________
  5. Live branch: __________________________________________________

If you cannot fill in all five, the review is not finished.


How To Use This With AI

AI can transcribe the passes and check for omissions. Use it in this order:

  1. Ask for observations only: structure, levels, indicator values, timestamp.
  2. Check every observation against the chart.
  3. Ask for the three scenarios, each with an invalidation.
  4. Check that no level is invented and no scenario lacks an invalidation.
  5. Write the final read yourself.

Do not ask AI to “analyze the chart and tell me what to do.” That is the wrong task, and it produces the wrong kind of confidence.



Disclaimer

This checklist is educational. It is not financial, investment, legal or tax advice, and it is not a recommendation or solicitation. Trading involves substantial risk of loss. AI output can be inaccurate or incomplete; verify every level and figure on the chart and in the broker platform. Past performance and backtests do not guarantee future results.

Start With a Quick Brief

Book a 30-minute strategy call. We'll diagnose your challenge and map the right AI-powered skill set for your goals.

Book the Call