So, I use fib levels to decide when to enter the market. I also use experts on dailyfx.com and fx360.com to see what they think and its its the same, I go for it.
My question is When I read why they want to get it its spanish. I have done the pipsology school three times, and still am confused why these people choose to get it. Its almost become me entering the market becaue they say I should. Which has cost me $60 now.
In short, I just want to understand how to read the market like they do, and if anyone knows where to get that information I’d love to know.
Why would you want to read the market “like they do” if it’s been losing you money??
I wouldn’t put my faith in those websites to begin with. Learn to read the chart for yourself without indicators (macd, stoch, account focker 3000).
There is alot of BS out there, the game is rigged. If you’re going to beat it you have to get past free trade “advice” and indies learn how it really works. Fibs is a good start…I would advise learning VSA.
Something with the time-lag involved in reading a wire: spanning from guru doing analysis 30mins decides to post, types for 15 minutes, reader gets it 15 more mins late (signals trading 15min chart) watches market 5 minutes and decides to take short then cancels then long then cancels then short again … markets are off 65pips and its no longer a valid signal and a fourth wish is rubbing the lamp too hard. And yeah, the indicators they’re watching lag abit!
Guess following news and wires stems from either not knowing the game quite well, or not trusting home-grown analysis (even after one & a half years? come on!), for instance like when I couldn’t tell an impulse wave from a primary degree corrective retracement and had to keep refering to ActionForex every morning? But one has to get to trusting own analysis, like knowing your ol’ bike leans right to the wrong lefts abit so what one has to do to keep from falling too much, and that it needs new brakes, lol.
Start with trusting s+r analysis, and trusting your observation of the market (say you’re watching e$ 0745gmt and I swear its south 45pips late from entry signal, TAKE IT and ride it through -ve half R make or break afterall its only 1%!
Rambling aside, price discounts ALL market condition, and watching news is someones late wire derived from watching price, might do it yourself to catch it early if one’s a trader? But you cant if you dont know what youre watching for?
Look first for "Basic Chart Analysis thread by Phil for a feel about classical s+r, then "London Breakout’ thread, to get a feel on just when to pull the trigger, then "Technical Templates’ so when you’re halfway through you’re thinking big numbers and simple logic from all this red and green bars, then ofcourse the ongoing "What every trader doesnt know yet’ by ICT to remind one that he’s traded 3years fultime & still doesn’t know s#*+ about the charts! … then teach you some. While at it through in the EWT from ActionForex.com (might breed friction mentioning it as prescription, but I swear I still dont get how guys use fibbs without it, like measuring wind in miles, lol).
~~~~~~* Analysis paralysis: overthinking about the last five candles abit too seriously.