DislikedHi What do you think about the area that i've marked on this chart, do you think it is a good trading level, although I cant yet see any price action to confirm it {image}Ignored
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How to Beat the Market Makers at Their Own Game
- #44
- Jan 10, 2020 8:12am Jan 10, 2020 8:12am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
I'm not sure whether it's absolutely necessary to watch a lot of trading pairs if one finds a pair that respects levels and moves a lot then it could be possible to pick up a nice lot of pips on every successful bounce off the horizontal resistance or support level
Often the support/resistance area/level is just a couple of pips which means one doesn't need a big Stop loss which is another really good benefit of this strategy
M30 is very nice time frame for this IMHO anyway. Here's a few levels on GBPAUD over the last few days - an awful lot of pips available for the canny trader!
Often the support/resistance area/level is just a couple of pips which means one doesn't need a big Stop loss which is another really good benefit of this strategy
M30 is very nice time frame for this IMHO anyway. Here's a few levels on GBPAUD over the last few days - an awful lot of pips available for the canny trader!
- #52
- Edited 11:59am Jan 11, 2020 7:35am | Edited 11:59am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
Guys it a great system/strategy but with due respects to Newbie2014, I really don't think that one needs to spend a 1000 hours before one can learn it. It's really a matter of adjusting ones mind and strategy approach to know what to look for. I can say this with experience because I've looked into the idea a few times over the years but with me the problem is that I'm only trading very part time and with this (probably with most systems it's the same) you need to be watching the charts carefully. Look Newbie2014 might be working on a different approach but looking at his charts, I think there is only one approach to this and that is to search for confirmed resistance/support levels. One can find them on every time frame of course. Happy trading to all who follow this excellent strategy
- #58
- Jan 14, 2020 6:09am Jan 14, 2020 6:09am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
{quote} Is this your review of the system and sales pitch. I don't see any info on how he is trading the system.
- #59
- Jan 14, 2020 6:24am Jan 14, 2020 6:24am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
Seriously, as I mentioned, one doesn't need a huge of expertise or trading experience to find your own support and resistance levels as well as trend lines. Anyone who has been trading for a few months or more should be able to do it!
Here is GBPAUD using M30 (one needs to use M30 or even M15 so that one has enough candles to work with). Unbroken support comes in at 18780 and looks like a resistance area has formed at 1.8850
As we're in a downtrend I would look for that trend line to be broken. On the other hand if 1.8850 is broken through next stop will be 1.8900
Pretty simple stuff really - anyone can trade this way if you adjust your mind to it accordingly
Here is GBPAUD using M30 (one needs to use M30 or even M15 so that one has enough candles to work with). Unbroken support comes in at 18780 and looks like a resistance area has formed at 1.8850
As we're in a downtrend I would look for that trend line to be broken. On the other hand if 1.8850 is broken through next stop will be 1.8900
Pretty simple stuff really - anyone can trade this way if you adjust your mind to it accordingly
- #60
- Jan 14, 2020 7:48am Jan 14, 2020 7:48am
- | Membership Revoked | Joined Jun 2014 | 1,966 Posts
{quote} Could be a sales pitch - hope newbie2014 is gonna pay me some commission if he goes commercial!
