Mr. Tommbstaone, u r on the right track. Price action is the way to go. I saw someone wrote this "Indicators show u what happened in the past, price action shows u what will happen next". Scalping is fine as long as long ur stops are small so u need to make sure that ur entry is at the nearest...
Couldnt agree more with this statement. Same goes with any technique. A technique or indicator can work well for a person but it might not work for another person. The search for the "best" indicator will never end. :cool:
One thing i did to improve my trading is enter only the area that i marked and once i set my TP and SL, just just turn off my pc n get on with my life. :cheesy:
I prefer trading multiple instruments/indices. At least i dont have to stick with only 1 trade at a time. IMO, if ur strategy is good then it can be applied to other instruments as well
I trade using SNR n SND. Whenever i have losing periods like u, i stop trading for a while but didnt stop analysing the markets. I would draw the areas that i think te price would turn and see whether i'm right or wrong. That usually restores my confidence
I for one use Fibs to find retracement but i dont trade all 50% or 61.8% retracements. I also use SNR/SNR to find significant areas to buy/sell, and also a little bit of EW knowledge. For me fibs is like the candlestick. A shooting star or a hammer doesnt always mean a reversal. U must have 2-3...
A man is talking to God.
The man: "God, how long is a million years?"
God: "To me, it's about a minute."
The man: "God, how much is a million dollars?"
God: "To me it's a penny."
The man: "God, may I have a penny?"
God: "Wait a minute."
Hello guys. I am new to this forum but been trading on and off for around 5 years. So my official "Forex Age" i think is around 2 years. Made some, lose a lot.
I am here to share what i know and also learn what i don't know so that i can make a lot and only lose some ;)