DislikedThis looks like a very good thread to learn from. But I don't understand the "fighting". One person post a chart with indicators and it's ok. Another person post a chart with indicators and they get pounced on. What's so wrong with using computer to show support and resistance? I just don't want to get pounced on.Ignored
There are funds out there making a ton of money using automated systems based on indicators. Some common and some proprietary. But they all have inherent weaknesses. (AND I promise you a bunch of them lost money this week) The advantage that you and I have is the ability to think, to judge situations. As we have seen there was a ranging market from mid April to mid June, followed by an uptrend from mid June to mid July where the current down trend started. There are different approaches to trending and ranging as we have definately seen this week and last. (I told you August was a monster) But fornately, we have the ability to "change up" as the situation requires.
What Billy Ray started with this thread, and what I fully endorse, is simplicity in trading. A system that the average person can grasp fairly easily. If you can't, then we probably didn't explain ourselves that well and no we don't mind questions about the overall strategy. Just don't expect someone here to trade for you. So in the interst of thread purity I limit my analysis to horizontal S&R and diagonal TL's and Fibs on larger TF. and of course horizontal S&R trumps all. It really is that simple and when we add indicators we only handicap ourselves. (and yes zero lag indicators still lag)
Trust me, you really can trade off horizontal support and resistance, you really can be consistent with it and you really can trade for a living and you don't have to watch 20 pairs of currencies to do it. Ask me how I know?
Energy and persistence conquer all things! Ben Franklin