Well, that is why I joined this place. I am a totally newbie in Forex trading and have started out with a demo account. I try to make a chart and get the reasons for why I want to make the trades I make before I do them (I want to make sure i have an acceptable winning trades percentage before I start with the real cash).
This trade, I ideally though that I should let the price hit the S/R line at 1.0784 and take the trade after it had bounced off the line, maybe after a retracement. But due to the fact that I can't follow the market closely,...
While many experienced traders will set up a "blind" entry at areas of confluence, I wouldn't recommend it for someone who is learning the ropes. IMHO, you have a little bit of "cart before the horse" syndrome working here. These areas will very likely get a bounce because of where they are. However, the conservative trader will watch the price action at these areas before committing to a trade. Keep in mind that you will see many trades taken here on J16 from many different traders of many different levels. There are some traders here that will take a position because of strong confluence. These traders have taken these trades over and over again and know what to look for that makes it a high probability set up without bar confirmation. My advice is to learn two things first and know them as well as you can. #1. Know your bars i.e. pin bars, outside bars, inside bars, engulfing bars and indecision bars. #2. Know how to plot support and resistance. Mucho info here to read about these two subjects. If you will concentrate on this first, you will have an easier time later. Good videos for free in the PF guest section of James16 Group as well. Hope that helps you along!
K.I.S.S.
