After 8 years of trading forex, my advice would be to get rid of those indicators! ha. Indicators only offer trailing information and thus is not applicable in making a trading decision that will be depicted by future movement.
Learning the price action and order flow (where the orders are sitting) is in my opinion, the only profitable way to trade charts. Some will disagree...but I highly suspect those people are just experiencing "positive variance" if they have managed to squeak out some earnings.
Regardless...this is an usual price movement that will likely lead to congestion..LIKELY. Not foresure. You can see that it made a half-assed, high-variance extension downward, and is now taking out its highs and lows repeatedly as it falls into a trading range. My two cents!...
Remember, the more obvious a trading pattern is, the more likely price is to move according to that pattern. If everyone can see exactly what the setup is, then it holds weight. If you have to squint and try to make something from nothing on the charts, then chances are no one else is seeing what you are anyways, thus giving your chart assessment less weight!
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Hi Lonnie. In my Home language we have a word "eina" the best translation is "ouch".
I really appreciate the feedback and this gives me a lot to ponder on.
Thanks Sakkie
I apologize if it came across as harsh! I am a self-taught trader and looking back I really wish I had someone to help out along the way. That's my main goal here...actually help other traders learn! I traded with indicators for a long time, and although it CAN work to produce gains, I honestly feel like this is just positive variance. I'm planning on writing an article on why I think trading certain patterns or indicators is fundamentally an incorrect way to trade. The way to make money, in my opinion, is to profit from those traders that are using these indicators and such. It's a zero sum game...and if you trade against these people, then you already know how they're trading...or what cards they are holding so-to-speak!
Good luck though with whichever route you take! I sincerely mean that.
My god Lonnie, No need for any apology. I Requested constructive criticism, and that is exactly what you supplied me with. I'm also self taught and although I am not losing all my money, I,m certainly not making a bundle. Looking forward to your article and hope to converse in the future.
Regards
Sakkie