Hi Retracer - - you should do well when it does pullback - but have you any buys over 1.6260 in case this up trendline is not broken ??
Rachel, the simplicity of this chart is its best feature. If your really getting confused by it, then I urge you to reevaluate everything you think is not "confusing". If you want to see a complex chart...check out any of my previous post either in my group "ChArtist" or in one of my many discussions I have posted in the forum.
While this chart cant compere to the simple beauty of the naked charts that my good friends Lisa and Gissa post all the time, it does only have one indicator attached to it, which for the trading world while not as a rare and simple as naked charts is still is quite uncommon and much simpler than most charts you will see posted.
So I hope you understand now why I am sort of wondering about your question. Dont hesitate to contact me via personal message or public comment any time.
Hope this helps!
hello Rachel, sorry for the late reply. Thought this thread was long gone bye bye, but see today quite a discussion going on here!
I personally use so many tools gained over the yrs it would be hard to explain it all. It comes from experience. But learning how to recognize things is the most important factor and skill in trading imo. Learn to recognize something and use it for an edge...whatever it is...a candle pattern, a price pattern, or something in an indicator...what works for you wont work for anyone else but you most likely....I still have yet to see someone say: "I copied that guys system exactly and it worked the same way for me as it does him"
Hope this helps:-)
No Peter, I did not see much chance of that happening, but if it had I either would reevaluate the market and close or ride it out, depending on what I determined about the market atp. The idea of taking a long if it blasted up had not occurred to me. Chances are I would have been too tuckered out from the loss of the bad trade and just step aside for a bit. Dont get me wrong though, adapting quickly is important....but when I make up my mind I dont change it easily because there are many reasons why I came to a conclusion in the first place. Say the price was sitting at 1.6200-6300 today: I would not long it, because the monthly is a bear, and the daily and weekly would not be rolled over into a bull yet...but they would be turning...so it would take some time to consolidate to see what would happen next.
At the time of this comment, I find support building in the weekly, and this might be a good long here...but am going to let things settle down some.
Hi Retracer- yes I did not know how large your stops were above the top sell - but the idea of "price wrapping" is seeming more and more attractive to me at certain key points. I believe Lisa is doing it really well with her trades and I have started looking at doing it more on shorter term day trading when my stops are very close to a key area and then I might put another opposite trade just 10 pips above my stop. With longer trades it might be harder to do as you have time to reassess your positions and not many days does a pair travel over 250 pips in just 2 sessions!.
With regards to your charts Retracer - I think they are clear and not cluttered and having even 3 or 4 indicators is not excessive. We know "naked charts" might be trendy etc - but after trying them for over a year - I realised all their inefficiencies. The main one is you need larger stops if you are relying purely on S & R and the quote is "its like driving a car in the dark with just your side lights on " lol. Its easy to end up confused with too many wrong indicators - but information is power and experienced traders know saying "100 pips is just noise to me " is incorrect.
Its fine to say if you are an investor after just 20% a year - but if you are a day trader - you want 20%+ a month. It shows you are not being accurate and time efficient and you are not reading the charts correctly to earn the true returns good day traders can achieve. Anyway - have a good month Retracer you deserve it.- regards Peter
thanks for the feedback Peter. I agree that trading pure P/A and S&R is not for the faint of heart, nor even the semi experience such as you and I.
Thanks for the best wishes for the upcoming month and all the best for you as well:-)
What do you mean trading pure P/A and S&R is not for the faint of heart? I always viewed as less complicated...
Yes Rachel - its less complicated - and also less efficient - but fine if you dont mind larger stops combined to larger targets and less trades and less percentage returns per week or month.