I haven’t seen much on swing high swing low. Did some searches on baby pips, but don’t find much. I know swing high swing low is probably the most important aspect of Forex. Of course I am still learning in the Baby Pips school, and studying other books on the subject. :45: Any links helpful. Thanks!
I found swing high swing low on the Fib section of Elementary school, I guess my question now might be, after finding the swing high and low points then dragging a trendline, I guess the software will automatically show the Fib retrace levels.
Swing high/ low… sell high/ buy low… sounds easy right? Its a tough call and Fibs ain’t enough. At best given lots of screentime and experience you’ll get 80% of the move… if your good. Otherwise you’ll just get whipsawed! Pick them carefully! :57:
Well said R Carter. Your best bet is to forget fibs when placing an entry. If you are going to be a swing trade good you can make some good profit there. My only advace is study study and study more on support and resistance and dynamic support and resistance levels. Then from there base you entry on price action alone ( Ilike to use pin bars) . By all means keep an eye on fib levels but for exit points. Once you got that down study 10 times as much on money management and risk to reward from there alot of screen time and you will have to keep on with screen time and r/r trust me easier said than done but once you get a grasp of what I mean you will understand. Good luck and happy pipin. Lastly try to stay away from to many indicators especially if you plan to so swing trading. You will get alot of false signals with indicators unless you really really know how to use them. I do use MACD for knowing when to get out but even then thats gone both ways so approch with caution.
I agree with your post overall (although I have given up on MACD - removed it from my charts to clear the screen a little and found that my results were unaffected!), but I do use Fib to lend extra weight to my argument to enter a trade. If I have three nice setups but don’t want to open three trades, I will take the one where Price Action is rejecting a Fib level, it seems to work more consistently for me. So personally I do find Rib helpful for plotting both Entry and TP.
A book I am reading stresses the swing hi/swing low. Makes since to me, but the book also tells how to identify trends by picking the swing hi/swing lows with each one that is close to each other on an indicator chart. And swing lows and swing hi/ over a daily or weekly movement. The extra curricular activity plus baby pips should head me in the right direction and with some chart study! Still got a way to go before I do any trading.
There is certainly no substitute for chart time, the more the better. Then one day it clicks and patterns leap out at you that previously you would have sworn were unclear at best!
Basically to spot a trend, look for higher lows followed by higher highs for an uptrend, lower highs followed by lower lows for a downtrend. If that pattern is broken, sit on your hands for a moment as it could signal a reversal. And what shows as an uptrend on one timeframe might represent as a downtrend on another as there can be sustained retracements. There is more subtlety down the road, but basically that is most of it. Simple!
(If I have understood your post correctly, apologies if not!)
ST