DislikedOK, once more for good measure:
"I watch for momentum setups, at preferable times of day, happening together on multiple markets, that have many obvious reasons to cause traders around the world to also take that setup.
[color=red]When a setup is good, many traders around the world will be looking at the same breakout/momentum/price action.... and many will be taking the same trade for substantially the same reason. Think about it, a substantially significant amount of professional traders all piling trades in the...Ignored
1) what works in your system is statistical in nature (certain periods of the day)
2) system sounds ok but works very well only in theroy. In reality small specualtors are not the driving force behind forex. The main players are banks and hedge funds and they are exploiting this kind of setups that traders are trading with fake breakouts and other stop loss fishing techniques. They are manipulating the market and always going aginst that crowd of people that is seeing some pattern. The pattern that was supposed to work but somehow failed.
You know what casino owners say to people who have a "system" for casino?
They say "Welcome".
I think its a good analogy with TA tools and fx market. Just my opinion offcourse.
QuoteDislikedI wish the best of luck with your studies my friend.