Can I trade mostly based on technical analysis?

This is a discussion on Can I trade mostly based on technical analysis? within the Forex forums, part of the Markets category; I think it's very hard to learn fundamental analysis because I just got started with Forex. Also, I need to ...

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Old Mar 13, 2016, 11:46am   #1
Joined Mar 2016
Can I trade mostly based on technical analysis?

I think it's very hard to learn fundamental analysis because I just got started with Forex. Also, I need to use 1h chart because most of the day, I can't check the chart very often. Is it good idea to use 1h chart based on 90% technical analysis?
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Old Mar 13, 2016, 12:15pm   #2
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Yep. Nothing wrong with that.
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Old Mar 13, 2016, 6:07pm   #3
 
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I'm not a "news trader" although I like to have at least a general idea of what's going on in the world that might influence currency price, when news may come out good or bad, and stuff like that. Try to stay out around possible news release like last week.

Having said that, the unpredictable black swan is forever looming...
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Old Mar 14, 2016, 8:27pm   #4
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Yamaguchi started this thread Thanks for your advice. Is it also okay to use technical analysis mostly for 1d chart? (daily chart)
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Old Mar 16, 2016, 8:14am   #5
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yeah its ok, even if you go full technical, given that you are new to trading, you will one way or another find your way around these things and find your comfort zone.. just take it one step at a time,never rush
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Old Mar 16, 2016, 11:19am   #6
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Yes, you can, as long as you keep in mind to avoid trading during high impact events, because technical analysis often goes out the window then.
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Old Mar 16, 2016, 11:22am   #7
 
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Quote:
Originally Posted by Yamaguchi View Post
I think it's very hard to learn fundamental analysis because I just got started with Forex. Also, I need to use 1h chart because most of the day, I can't check the chart very often. Is it good idea to use 1h chart based on 90% technical analysis?
If your going to trade purely off the charts, my advice would be to trade the higher time frames, 4h and daily. and have more of a swing trading approach (assuming your not trading stocks). Don't try to day trade with charts alone.

Last edited by ffsear; Mar 16, 2016 at 11:49am.
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Old Mar 16, 2016, 11:29am   #8
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Have in mind that hedge fund managers and banks use daily charts and they rely on bottoms and tops. H1 is not enough and might cost you all your money.
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