I am a forex trader around 1 year experience only. I have meet a lot of questions in my journey. Hope you all can help and share your opinion about price action trading. My trading strategy is using chart pattern, candlestick and fibo.
I have question on this kind of chart pattern. Feel free to discuss together.
DAILY CHART - I saw a big down trend + accumulated stage(volume become more) + 240ma bias. I predict the next trend will be an uptrend.
HOUR CHART - I saw a triangle pattern and it breakout the tp will set as the pic 3 shown. Normally i will buy on breakout, but the head and shoulders formed after breakout. Big triangle patternt breakou show me uptrend is comming, but H&S tell me the trend is down. I am very confused with this kind of chart pattern! I should buy up or down?
In my opinion, this is a fairly familiar, classic approach. And it is not so bad at all, in fact, every trader can use what he likes and what he allows to realize his goals and expectations. Because I fully agree with the fact that the number of strategies can be equated to the number of traders. So you do not have to wait for approval or anything like that, because if it suits you, then you should continue to develop in this direction, maybe you should adapt it somehow to yourself and to your needs, because it is important for your own development. You can actually see that you're trying to understand the market and what you can analyze, so I just wish you luck.
I have question on this kind of chart pattern. Feel free to discuss together. DAILY CHART - I saw a big down trend + accumulated stage(volume become more) + 240ma bias. I predict the next trend will be an uptrend. HOUR CHART - I saw a triangle pattern and it breakout the tp will set as the pic 3 shown. Normally i will buy on breakout, but the head and shoulders formed after breakout. Big triangle patternt breakou show me uptrend is comming, but H&S tell me the trend is down. I am very confused with this kind of chart pattern! I should buy up or...
Ignored
Yeah looks great, the only problem is that textbook setups occur rarely in live trading and are often hidden by noise and some weird market spikes which make you doubt about your trading approach. But you have to ignore those concerns because if technical analysis is not a money making machine you simply play with chances and you can't be always right. So if you want to make some conclusions about your trading approach you have to get data - sample of returns of your strategy i.e. test it.
