I am wondering if any more-experienced member would be interested in sharing this.
I, like many other new traders, have learned almost everything there to "learn" about Forex, support, resistance, indicators etc etc.. But I feel so lost when I open up a chart. I do not know where to start.
I feel like someone has given me a rescue boat and threw me out in the ocean without telling me how to use it.
I would appreciate it if experienced traders out there could say what they first look into the chart, which frame they check when they want to trade on a specific frame. etc.
For example, I heard someone saying before that the first thing he does is open the daily frame, check if the pair he is trading got uptrend, downtrend or a range bound market, then starts checking if he got trends or Fibonacci to draw etc, then move to h4 frame where he usually places his trades. Not sure if he is doing it "right" that way, but I wanted to give you an idea about what I mean.
I know that "it depends", but I, and many like me, would appreciate some insightful examples.
Cheers,
Adam
I, like many other new traders, have learned almost everything there to "learn" about Forex, support, resistance, indicators etc etc.. But I feel so lost when I open up a chart. I do not know where to start.
I feel like someone has given me a rescue boat and threw me out in the ocean without telling me how to use it.
I would appreciate it if experienced traders out there could say what they first look into the chart, which frame they check when they want to trade on a specific frame. etc.
For example, I heard someone saying before that the first thing he does is open the daily frame, check if the pair he is trading got uptrend, downtrend or a range bound market, then starts checking if he got trends or Fibonacci to draw etc, then move to h4 frame where he usually places his trades. Not sure if he is doing it "right" that way, but I wanted to give you an idea about what I mean.
I know that "it depends", but I, and many like me, would appreciate some insightful examples.
Cheers,
Adam