Dislikedhi Assange,
I have a questions.
I understand you took a trade on 1, 2 & 3,
but is there any reason you didnt take 7?
thanks,Ignored
Let me illustrate the bigger picture for trading sucessfully.
First Chart (au), normally posted in this Forum to help new traders to get the feel and understand of the price movement. In fact, there is TWO CT trades which is not VALID marked with thick Green line.I've made some explation notes in the Chart as an answer. Hope it clarify things.
Now for Bonus answer :
When I trade, Charts I'm using are diffrent than the one I posted. ( See Chart au1) This is how I trade. I use minimum indicators on charts. I like to keep my chart simple by reading the candlestick, watching the price action, and drawing resistance lines. In addition, look at HIGHER Time Frame.
( Sorry Arjun no mean to undermine your effort to help others- but in this forum, I used indy to help new traders to develop and mature their skill slowly and less painful ways)
The 200 EMA indicator does have an advantage of showing the trader's psychology of what they feel the currency price should be.
I hope new traders make an effort to learn faundemental of PA because those are BASIS of Forex surevival. ( Lower HIGH, Higher LOW etc...)Indicators are merely price action translate into visible form and easy understanding ( but they are all LAG).
It takes years to put indicators away ( just like putting CRUTCHES away for walking). Indy lagging price to charts. They really are just clouding over the important information, an indicator that visually represents past price movement is not going to tell you anything that you can’t already see from knowing how to analyze price action.
Honestly, Arjun has done great works to help others. His method is simple and reliable, but you will take fewer trade ( but very safe). I like his patience explaining and trading at the same time. Please, don't ADD new fancy indy to this method. He has done his part, now we have to do ours but following the correct path, not CORRECTING the path he had laid.
Notice, I eliminate Green TDI, in order new traders to focus at PA rather than TDI. Can anyone tell me what is the purpose of Green TDI ?. Eventually we all be looking only at PA to trade, but at the moment Indy stay to guide new traders.
I normaly will draw Trendline, look at S & R and Higher Time Frame to get clue, where the market are going.
Last, my advice to new traders remember that, Forex trading is all about spotting trends, coming up with a mathematical analogy and calculated risks.
To ARJUN, thanks a million giving me this opportunity to help others. With my Special Love
Assange
We are in control of our destiny but have no control over our fate.