Hi everyone,
I see alot of questions regarding too many indicators which I very much agree with. there is a acroynm in trading called KISS (keep it simple stupid) there are some days when lagging indicators don't work as well as others...trending days they can give false moves on countertrend trades..on these days and times you want to wait for the perfect set-up to counter trade and take pips fast..on ranging days or ranging periods they have a tendency to give signals that work in both directions but again you want perfect set-ups. Than the question is how to we spot this situation. First it to know if pair is trending or ranging. One easy was is to pull up a Daily or 4H chart and just put a simple ADX indicator that will help identiry if the pair is ranging at the present time or trending it seems if the ADX solid line is above 25 the pair is trending if the pair is below 25 it is more than likely ranging. I've seen some questions about timeframes and confusion. Yes I have that same problem too at times. For me I just got down to two TF's and one larger TF for direction and to spot major areas of support and resistance. If you would to keep less clutter have a notebook handy and right down the major areas of support and resistance as long with whether the pair is ranging or trending at that time. Also whatever pair your trading that day note any major news and the time it is effecting you. Also...and this has become important in my trading is to right down your system and stick to it for at least two weeks to gain a understanding of how price effects the indicators your using and journal every trade you take adn what indicators you used in making the trade along with result of the trade and why it was good or bad..at the end of the trading day or week you can go back and research and critque your trading. I use a online journal to write down my trades just do a google search on online forex journals..there alot of good ones out there. Also, i have a marker board where i write down all the major areas of support and resistance and what the pair is doing at that time..ranging...bull trend or bear trend...it's kinda like the gameplan for the game for you that you use everyday in trading. As I have grown in my trading I have learned that organization is very important and so does constantly reading...i would take the time to get to learn all the most popular threads on Forex Factory and learn nuances of them to help better your trading with Imran's Scalping technique. His systems works very well it's one of the best trading systems i've seen bar none and Imran is constantly working to improve his system so kudos to imran for developing and sharing his system.
Hope this helps someone!
Many pips to all!
Chris
I see alot of questions regarding too many indicators which I very much agree with. there is a acroynm in trading called KISS (keep it simple stupid) there are some days when lagging indicators don't work as well as others...trending days they can give false moves on countertrend trades..on these days and times you want to wait for the perfect set-up to counter trade and take pips fast..on ranging days or ranging periods they have a tendency to give signals that work in both directions but again you want perfect set-ups. Than the question is how to we spot this situation. First it to know if pair is trending or ranging. One easy was is to pull up a Daily or 4H chart and just put a simple ADX indicator that will help identiry if the pair is ranging at the present time or trending it seems if the ADX solid line is above 25 the pair is trending if the pair is below 25 it is more than likely ranging. I've seen some questions about timeframes and confusion. Yes I have that same problem too at times. For me I just got down to two TF's and one larger TF for direction and to spot major areas of support and resistance. If you would to keep less clutter have a notebook handy and right down the major areas of support and resistance as long with whether the pair is ranging or trending at that time. Also whatever pair your trading that day note any major news and the time it is effecting you. Also...and this has become important in my trading is to right down your system and stick to it for at least two weeks to gain a understanding of how price effects the indicators your using and journal every trade you take adn what indicators you used in making the trade along with result of the trade and why it was good or bad..at the end of the trading day or week you can go back and research and critque your trading. I use a online journal to write down my trades just do a google search on online forex journals..there alot of good ones out there. Also, i have a marker board where i write down all the major areas of support and resistance and what the pair is doing at that time..ranging...bull trend or bear trend...it's kinda like the gameplan for the game for you that you use everyday in trading. As I have grown in my trading I have learned that organization is very important and so does constantly reading...i would take the time to get to learn all the most popular threads on Forex Factory and learn nuances of them to help better your trading with Imran's Scalping technique. His systems works very well it's one of the best trading systems i've seen bar none and Imran is constantly working to improve his system so kudos to imran for developing and sharing his system.
Hope this helps someone!
Many pips to all!
Chris
Push yourself to your fullest potential!!