hey gang, im new to the forum and trading as well. after hours of staring at charts and losing thousands of demo $$$ (LOL) i devised a lil system that's been working well for me, in demo mode anyways.
i have an indi that plots R/S and Pivot lines. i noticed a pattern that when a bar is near or breaks the resistance line, itz a good place to go short. the same in reverse when the price is near or breaks the support, itz a good place to go long. i use Stoch 14-3-3 and when both lines are over 80 and the price is near or breaks the resistance line, i go short. when stochs are below 20 and price is near or breaks the support line, i go long.
im using the 15min TF, 50 SL, 35 TS, and 20 break even. just today (FRI - in CA) i got 130 pips on GBP/JPY and 228 pips on GBP/USD. gotta figure out how to make a screen shot and post it on here.
can someone confirm, expand, scrutinize this "pattern"?
i have an indi that plots R/S and Pivot lines. i noticed a pattern that when a bar is near or breaks the resistance line, itz a good place to go short. the same in reverse when the price is near or breaks the support, itz a good place to go long. i use Stoch 14-3-3 and when both lines are over 80 and the price is near or breaks the resistance line, i go short. when stochs are below 20 and price is near or breaks the support line, i go long.
im using the 15min TF, 50 SL, 35 TS, and 20 break even. just today (FRI - in CA) i got 130 pips on GBP/JPY and 228 pips on GBP/USD. gotta figure out how to make a screen shot and post it on here.
can someone confirm, expand, scrutinize this "pattern"?