DislikedHey Bebop could u please tell me how u are posting your images. Ive tried copying mine to Paint first and then posting them but no deals. They dont look the same as yours.
HenylocIgnored
This is not rocket science; This is forex trading
Been following this thread since the first post and just want to say that there is TRUTH to what StrangeGuy says. It wasn't too long ago that I eliminated ALL of my indicators and since then my trading has greatly improved, plus I sleep well at night. One of the best things I did was move away from the smaller time frames I now just trade 2hr bars. The way I trade works on 4hr too but was just a bit boring for me. The trades don't happen often but I enter the trade with confidence and usually get my 10 pips or more. I wasn't originally going to post my approach for whatever reason but I believe in good karma so hopefully someone else might find this useful or at least find new perspective in their trading.
Usually what I do first is...if you have any indicators...junk em'!
Then I switch to a 2 hr timeframe or higher. Next, I map out what I guess is a matrix of trendlines and this will give you all possible areas of support/resistance- connect high to highs, lows to lows, highs to lows, etc. Sometimes it's best to condense the chart a bit. Whats important is to have these lines pass through price, it will take practice but as you do it you will see the validity and power of the trend line. You can also use these lines for possible target areas.
Now since exit and stops are subjective to the individual I'm just going to show how I fish for possible entries. Again, it may take practice but you should be able to spot these fairly easy. I switch to close connected view instead of candles which is like an xray view or skeleton of the price bar. I then look for areas where I can draw a trendline over the close line if expecting to go long and closeline kind of trending downwards or vice versa for short. Once my trendline is drawn I switch back to candle view. You will usually see that you couldn't have drawn that trendline in that spot otherwise. Next I'll just wait for a close above the trendline then buy the next candle open and place a modest stop. Limit orders are placed but I exit using my emotion based exit strategy which sucks right now. If I decide to trail my stop I remove my limit order as was the case 10/8 on the eur/usd when i shorted before going to bed and woke up to a steaming pile of pips. Happy trendline xray matrixing thingamabobbin! -wez
Usually what I do first is...if you have any indicators...junk em'!
Then I switch to a 2 hr timeframe or higher. Next, I map out what I guess is a matrix of trendlines and this will give you all possible areas of support/resistance- connect high to highs, lows to lows, highs to lows, etc. Sometimes it's best to condense the chart a bit. Whats important is to have these lines pass through price, it will take practice but as you do it you will see the validity and power of the trend line. You can also use these lines for possible target areas.
Now since exit and stops are subjective to the individual I'm just going to show how I fish for possible entries. Again, it may take practice but you should be able to spot these fairly easy. I switch to close connected view instead of candles which is like an xray view or skeleton of the price bar. I then look for areas where I can draw a trendline over the close line if expecting to go long and closeline kind of trending downwards or vice versa for short. Once my trendline is drawn I switch back to candle view. You will usually see that you couldn't have drawn that trendline in that spot otherwise. Next I'll just wait for a close above the trendline then buy the next candle open and place a modest stop. Limit orders are placed but I exit using my emotion based exit strategy which sucks right now. If I decide to trail my stop I remove my limit order as was the case 10/8 on the eur/usd when i shorted before going to bed and woke up to a steaming pile of pips. Happy trendline xray matrixing thingamabobbin! -wez
Ha Ha! The more lines the merrier. It's amazing what a simple trendline can do. You can also show longer term support/resistance by passing the line through price from weeks or even months ago. Suddenly those prices make sense no? Kinda like holding a black light over the carpet and seeing where the stains are.
- #100
- Edited 9:58pm Oct 10, 2007 9:08pm | Edited 9:58pm
Hi weZ,
Thanks for sharing! This is great information. I had not considered the connected view before, love it!
Exits are hard. Take your money off the table when you feel like it. Chances are high that you will be able to get right back in at about the same price if you want.
StrangeGuy
