I wouldn't put the Fib at the point you have...
153.55.
153.55.
Why do indicators not work/work? Why is Forex not truly random? 129 replies
If most indicators are made to fail.. 4 replies
Why Indicators will help you 43 replies
Why You May Fail Going From Demo to Real 4 replies
Why technical indicators and MTS fail... 14 replies
Disliked1. trader does a decision (long or short)
2. indicator gives confirmation
3. trade
not:
1. indicator does decision
2. trader react on indicator
3. tradeIgnored
DislikedTrading someone else's opinion is the least successful way to trade.Ignored
DislikedExactly and most folks never bother to learn enough about the indicator to understand what it is saying. They just trade on the basis of lines crossing lines, or price crossing lines totally unaware of how to judge whether that cross is valid or not. They are for reference not trading signals. They are not better nor worse than price action or candle patterns, both of which are quite fallible. As for Elliott Wave that isn't an indicator, and if you look at a chart, you will see impulse and corrective patterns that are just as tradeable as candle patterns. Every trader must trade what works for them to be successful. Trading someone else's opinion is the least successful way to trade.Ignored
DislikedI was also at a meeting where they were drawing fibo's on a one and five minute chart. that is just crazy. Again just cause a currency hits a 61.8% level does not mean there is a setup.
There still have to be buyers or sellers coming into the market or else those levels won't mean anythingIgnored
DislikedThere are buyers and sellers in the market or the charts would be a flat line.Ignored
DislikedGood question devil. the tools are learning what is going on behind price. Learning how to spot professional trading activity.
You do this by reading the charts candle patterns and such. Get rid of the clutter it frees things up for you, so you can see the market more clearly.Ignored
DislikedThe title of your 1st post is "Why indicators will fail you". Then later you suggested using candlesticks. However, candlesticks are indicators! I think candlesticks do not provide good trading signals. I challenge you to post some charts and show which direction you think the price will move based on candlesticks and whatever your "and such" is.Ignored
DislikedThere are a few universal truths that I have found:
1) Indicators are crap. However, if it works for someone, that's all that matters.
2) Most people are so worried about micro-movements that none of this will help. Let me ask you this: "Can you be patient enough to wait for action at S/R lines? And I am talking the real ones.....not the ones on the 15 minute charts."
Think of this....if you went long the EUR/USD pair at 1.4300, and got out at 1.4320 - you'd be happy. Your homework is to figure out how much the price changed in percentage terms in that "move". Not much huh?
Just because you have the ability to trade off of a 5 minute chart, doesn't mean you should. I can tell you that a S/R line on a 5 minute charts means almost nothing. One that's on a weekly chart carries real weight.
3) If you cannot find the S/R line, you have two choices: 1) Zoom out farther and drop your leverage, or 2) Move on to the next pair.
Too many people think that they have to be in a trade. I have been too busy to trade for the last 5 weeks. Until then I was up about 40% for the year. Guess what? I'm still up 40%. A lot easier than sweating all of this full blown panic we are seeing in the markets in general. And yes, I missed that massive drop in the EUR/USD lately. Sucks, but there are more important things in life than some imagined value of an imagined currency.
Support and Resistance are the only things I have found to be reliable and universal. It doesn't matter what pair or market. To give you and idea, I even go into S/R lines on the MXN/JPY pair in one of my videos. (I am an instructor at James16) It really can be found......on the weekly chart. It's not a liquid pair, but it can be traded. (Although there are certainly easier pairs.)
I have found this question is what decides how you will do:
"You just had a losing trade. Now what are you going to do?" The answer to that question is what separates the winners and losers. You gotta keep money in that account, no matter how pissed off you get.
I know that question is probably the most important thing, because any idiot can read a chart. Even me.
Clockwork
PS - The more I hear these idiots talk during the campaign, the more I really think I should write in Flav for Prez!Ignored
DislikedI understand that eagle, but in order for there to be big moves the timing has to be right.
20-30 pips in just random noise created by professionals to get you on the wrongside of the trade.
I got stopped out of a trade today cause i didnt follow my rules. -70 pips no big deal but i didnt follow my rules.Ignored
DislikedWhy do you say professionals what to get us on the wrong side of the trade? What do they have to gain by us losing?Ignored
DislikedEagle again thanks for your reply. I can post several charts where the candle shows the direction. Are you talking about posting a trade direction based on candles before it happens?Ignored
DislikedThere are a few universal truths that I have found:
1) Indicators are crap. However, if it works for someone, that's all that matters.
2) Most people are so worried about micro-movements that none of this will help. Let me ask you this: "Can you be patient enough to wait for action at S/R lines? And I am talking the real ones.....not the ones on the 15 minute charts."
Think of this....if you went long the EUR/USD pair at 1.4300, and got out at 1.4320 - you'd be happy. Your homework is to figure out how much the price changed in percentage terms in that "move". Not much huh?
Just because you have the ability to trade off of a 5 minute chart, doesn't mean you should. I can tell you that a S/R line on a 5 minute charts means almost nothing. One that's on a weekly chart carries real weight.
3) If you cannot find the S/R line, you have two choices: 1) Zoom out farther and drop your leverage, or 2) Move on to the next pair.
Too many people think that they have to be in a trade. I have been too busy to trade for the last 5 weeks. Until then I was up about 40% for the year. Guess what? I'm still up 40%. A lot easier than sweating all of this full blown panic we are seeing in the markets in general. And yes, I missed that massive drop in the EUR/USD lately. Sucks, but there are more important things in life than some imagined value of an imagined currency.
Support and Resistance are the only things I have found to be reliable and universal. It doesn't matter what pair or market. To give you and idea, I even go into S/R lines on the MXN/JPY pair in one of my videos. (I am an instructor at James16) It really can be found......on the weekly chart. It's not a liquid pair, but it can be traded. (Although there are certainly easier pairs.)
I have found this question is what decides how you will do:
"You just had a losing trade. Now what are you going to do?" The answer to that question is what separates the winners and losers. You gotta keep money in that account, no matter how pissed off you get.
I know that question is probably the most important thing, because any idiot can read a chart. Even me.
Clockwork
PS - The more I hear these idiots talk during the campaign, the more I really think I should write in Flav for Prez!Ignored