For the last while, I’ve just traded things my way & my charts were just how I did them (as they should be), however the other day, Nial Fuller’s market analysis cropped up on my Facebook timeline & I decided to have a look at it. One of his trade suggestions was regarding the GBPUSD & although the trade idea is irrelevant, his chart wasn’t. I pulled up his chart & compared it to my own & felt very good about myself in the fact that the support & resistance lines were pretty much bang on the same.
I know that we should be able to look at a chart & immediately see these levels but as a newbie, you don’t know if you’re doing it right & are too embarrassed to share the S/R lines that you’ve put on your chart incase you’re wrong & for fear of ridicule - or is that just me?
I know that S/R is more of a zone & it’s open to interpretation but my suggestion would be posting various charts (FB, twitter or even a thread) & allowing Newbies to look at the chart, do their own prediction & then you folk at BabyPips to post your interpretation. Just something to let people know that they’re on the right track.
Example 1
Just a standard naked chart, members draw or note where they think S/R lines should be, BabyPips posts there interpretation.
Example 2
Bull trends, price has retraced to the previous high & formed a pin-bar. Members predict what happened next (it’s a basic one but you get my drift).
You could do various systems so moving average cross-overs, Fibs, ranges, divergence etc. Just lots of “What could happen next examples”. You could even use old pictures from Pippin Ain’t Easy’s Daily Art blog minus the test to see if people can see what should in theory be jumping of the page at them.
My favourite would be something like a trend & price has just started to retrace, members can predict how far it will retrace (previous high, 200SMA, Fibs or other support) & where to project to for TP or if it kept selling off, where the next support is likely to be found.
There’s a lot of options & it’s difficult to explain but effectively homework for the BabyPIps community. My only thought is that if you post it in a thread, the first reply ruins it for everyone else so I don’t know a work-around for that.