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The expert Forex trader and Charts

  • #1
  • First Post: Oct 6, 2006 12:22pm Oct 6, 2006 12:22pm
Does the seasoned Forex trader come across charts that are "dogs?" (Charts that seem to hold no promise whatsoever.) Or is the expert Forex trader able to forecast profits from ANY chart?
Binary Options Trader
  • #2
  • Oct 8, 2006 3:36am Oct 8, 2006 3:36am
Quoting Yoda_Glenn
Does the seasoned Forex trader come across charts that are "dogs?" (Charts that seem to hold no promise whatsoever.) Or is the expert Forex trader able to forecast profits from ANY chart?
I think it depends on what the expert forex trader uses for his strategy. If the expert seasoned forex trader uses one strategy only, there will be periods of time where there appear to be no signals. If the expert forex trader knows how to adapt to changing market conditions and incorporates that into his strategy then the expert forex trader is more likely to see more opportunities in varying conditions.

Happy Trading
Lighty
"The market will rally from this or lower levels"
  • #3
  • Oct 8, 2006 3:49am Oct 8, 2006 3:49am
I tried every existing system, blew my virtual demo account 9 times, until i hit on elliott. I am extremely surprised at persistent profits on each trade, even on smaller time frames of 1 minute.

The best thing i liked about elliott is total independence of news events on 4 hour charts and above.
  • #4
  • Oct 8, 2006 4:15am Oct 8, 2006 4:15am
Quoting TheJungleLion
I tried every existing system, blew my virtual demo account 9 times, until i hit on elliott. I am extremely surprised at persistent profits on each trade, even on smaller time frames of 1 minute.

The best thing i liked about elliott is total independence of news events on 4 hour charts and above.
Yes Lion, but elliott isn't a system. It's a theory. And to make it more interesting, the ideas your method is based on are way more than just elliott theory......

But even an experienced seasoned elliotician can't always look at a chart and know what to make of it. As you know there's a lot of discretion in identifying waves in the market and there's much scope to be wrong.

L
"The market will rally from this or lower levels"
  • #5
  • Oct 8, 2006 10:45am Oct 8, 2006 10:45am
Quoting Yoda_Glenn
Does the seasoned Forex trader come across charts that are "dogs?" (Charts that seem to hold no promise whatsoever.) Or is the expert Forex trader able to forecast profits from ANY chart?
Any experienced tech trader should be able to take any chart and if given the neccessary tools, should be able to draw basic TA's (Trend lines), identify recent open and close prices, support and resistance and go about their business.

Some techs will trade only on specific indicators, and if your charting package does not have the neccessary indicators, i.e.... bollinger bands, MACD, RSI, Moving Averages, ect... then they may be at a loss. However all technical traders should be able to do the basics off of any chart.
  • #6
  • Oct 8, 2006 11:14am Oct 8, 2006 11:14am
I'll throw my 2 cents into the ring here....Without speaking for anyone else, I feel that there are very few, brief moments when I "know" what the market will do. In other words, I cannot open up the charts and make a trade at any given time. I may have to watch something for days waiting for the right time / price / pattern, etc. Then when things line up, take the trade. I doubt anyone will say they "know" what the market will do at any time / price; people wait patiently for their set-ups.
  • #7
  • Oct 8, 2006 1:14pm Oct 8, 2006 1:14pm
Quoting Navynfo1
I'll throw my 2 cents into the ring here....Without speaking for anyone else, I feel that there are very few, brief moments when I "know" what the market will do. In other words, I cannot open up the charts and make a trade at any given time. I may have to watch something for days waiting for the right time / price / pattern, etc. Then when things line up, take the trade. I doubt anyone will say they "know" what the market will do at any time / price; people wait patiently for their set-ups.
Navynfo1,

Anyone who says otherwise is either a fibber (from "fib" as in "lie", nothing to do with fibo lines LOL) or a multibillionaire
"The market will rally from this or lower levels"
  • #8
  • Oct 8, 2006 1:15pm Oct 8, 2006 1:15pm
I think the seasoned trader is patient and waits for his setups

Quoting Yoda_Glenn
Does the seasoned Forex trader come across charts that are "dogs?" (Charts that seem to hold no promise whatsoever.) Or is the expert Forex trader able to forecast profits from ANY chart?
  • #9
  • Oct 8, 2006 1:42pm Oct 8, 2006 1:42pm
Could you identify potnntial profitable setups that have been of use for you previously?

ThankS

Aj
  • #10
  • Last Post: Oct 8, 2006 1:58pm Oct 8, 2006 1:58pm
Quoting agz90
Could you identify potnntial profitable setups that have been of use for you previously?

ThankS

Aj

Here are two set ups on the CHF from last week.

Hope this helps
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