Taking Advantage of Expert Recommendations
Every trader settles for a set of analytics tools that accurately predict market trends for then intraday or daily. Unless the selected set of tools are 100% accurate, it is helpful to compare their predictions with experience recommendations. At investing.com, they tell you you if it is a strong or week buy for daily, h8, h4, h1, 30m, 15m and 5m periods.
See chart at link below:http://m.investing.com/currencies/eur-usd
http://m.investing.com/currencies/usd-cad
For my swing trades, I use only the daily period for comparison, since I am not interested in intraday fluctuation that do not signal trend reversal on on my daily chart. Knowing that my analytic results are backed by corporate expert analysts gives me more confidence to enter a trade, stay in a trade or close a trade. If my tool set is yielding negative P/L, I recallibrate each tool by adjusting their settings to bring them in synch with expert recommendations.
For day trades, I look for all green (strong buy) pairs, buy at daily price and activate stop loss at 15m price, since it might be too late at 5m price.
http://www.forexfactory.com/mecrandie#acct.05
Every trader settles for a set of analytics tools that accurately predict market trends for then intraday or daily. Unless the selected set of tools are 100% accurate, it is helpful to compare their predictions with experience recommendations. At investing.com, they tell you you if it is a strong or week buy for daily, h8, h4, h1, 30m, 15m and 5m periods.
See chart at link below:http://m.investing.com/currencies/eur-usd
http://m.investing.com/currencies/usd-cad
For my swing trades, I use only the daily period for comparison, since I am not interested in intraday fluctuation that do not signal trend reversal on on my daily chart. Knowing that my analytic results are backed by corporate expert analysts gives me more confidence to enter a trade, stay in a trade or close a trade. If my tool set is yielding negative P/L, I recallibrate each tool by adjusting their settings to bring them in synch with expert recommendations.
For day trades, I look for all green (strong buy) pairs, buy at daily price and activate stop loss at 15m price, since it might be too late at 5m price.
http://www.forexfactory.com/mecrandie#acct.05
Mecrandie