I spent a year trying to trade and I was always looking for the perfect indicator, you know the one that no one else has found and works 100% on every market.
Well forget it that indicator is not there! It never will be as long as indicators are backward looking they will always fail. I can't drive my car by looking in the rear view mirror so why does anyone think it works in trading.
I now know how to trade and it does not mean I am always right! I now use a combination of pattern recognition, support and resistance and I only trade the 1 hour charts. I use a MACD as something pretty on the bottom of my chart and the only trade I use it for is a trend confirmation together with some other affirmation that agrees with it see James16 as he will show you the way to do it.
Pull up a 4 hour chart look at the previous support and resistance and then go to the hour chart. Watch how the market bounces off or through. Price action is real time analysis it rocks.
Smalldog
Well forget it that indicator is not there! It never will be as long as indicators are backward looking they will always fail. I can't drive my car by looking in the rear view mirror so why does anyone think it works in trading.
I now know how to trade and it does not mean I am always right! I now use a combination of pattern recognition, support and resistance and I only trade the 1 hour charts. I use a MACD as something pretty on the bottom of my chart and the only trade I use it for is a trend confirmation together with some other affirmation that agrees with it see James16 as he will show you the way to do it.
Pull up a 4 hour chart look at the previous support and resistance and then go to the hour chart. Watch how the market bounces off or through. Price action is real time analysis it rocks.
Smalldog