I have been trading using indicators for a good deal of my previous trades, with tragic losses! Should have just changed the labels on the BUY and SELL buttons to their opposites. I have blown up account after account, and well, I guess perseverance is important in this field.
Check out the horror:
Now, I trade naked, no indicator at all on the chart. It feels a whole lot better. Your eyes aren't tired of staring at all the indicator signals, no conflicts of signals, and it seems my trades are better off so far.
Isn't this a whole lot more peaceful (Can you see the support and resistant areas on this?):
Buy when price reaches support zones, sell when price reaches resistance zones. Don't FIX a price where support or resistance is at. These are ZONES, AREAS, not a precise point as many trades are going on at these areas, price will move up and down within these areas probably 15 to 20 pips, maybe even more only to return.
I will write on how I come up with my support and resistant zones in an upcoming post, in the mean time, check out your charts naked! You'll like the curves!
2 comments:
I looked on a proact daily chart then came down to a 4 hour and visually I seen these areas (keep in mind you have an apprentice here) R 1st, 1.5820, 1.5878, 1.5905, 1.5960 and S as 1.5728, 1.5680, 1.5611 and 1.5529. using a calculator on the daily candle I get these pivot=1.5736 s = 1.5726, 1.5118, r = 1.5744, 1,5754.
Darrell
LOL! My apologies, I totally missed your comment here young padawan... :D
Anyway, well, some of your levels would agree with mine, but I don't go lower than the daily charts. I'd say sell around 1.5800 and buy at 1.5300, also a sell opportunity at 1.5900. This way I only see the major points.
And by the way, the EUR/USD trade opportunity for 1.58 seems to be on as of this writing. I am not in it as I already have 3 other open positions. Cheers!
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