This is my first thread on FF.... As a matter of fact my first first thread of any kind. Hopefully it will be beneficial to you all. The purpose of this thread is to give my daily analysis of the EUR/USD pair and where possible, post the results of my trades.
I solely use technical analysis and factor little if any fundamental analysis in my trading. I believe fundamental trading has its place, but I am of the belief that price is king and fundamentals will eventually be reflected in the charts.
My Trading System
I am a firm believer that the best things in life are for free and with that, here is my trading system.
I use two tools in my trading
- Support and Resistance on Daily and 4hr time frames.
- MACD indicator (12,26,9) ***Please note that the macd is only used to gauge market sentiment and current trend bias/direction.
Once the major resistance and support levels have been identified on the larger time frames (Daily and 4 HR), I go to the one hour time frame to put on the positions or place pending orders at the levels that were identified.
I subscribe to the age old tenant of trading..... Buy dips (support) and sell rallies....
However if these levels are broken (a hourly close above or below the price that was entered depending on the initial position), close the initial position and reverse.
I solely use technical analysis and factor little if any fundamental analysis in my trading. I believe fundamental trading has its place, but I am of the belief that price is king and fundamentals will eventually be reflected in the charts.
My Trading System
I am a firm believer that the best things in life are for free and with that, here is my trading system.
I use two tools in my trading
- Support and Resistance on Daily and 4hr time frames.
- MACD indicator (12,26,9) ***Please note that the macd is only used to gauge market sentiment and current trend bias/direction.
Once the major resistance and support levels have been identified on the larger time frames (Daily and 4 HR), I go to the one hour time frame to put on the positions or place pending orders at the levels that were identified.
I subscribe to the age old tenant of trading..... Buy dips (support) and sell rallies....
However if these levels are broken (a hourly close above or below the price that was entered depending on the initial position), close the initial position and reverse.