I used to have other apps with instruments but then it became annoying having to constantly switch apps and remember the number to to last pip setting stopS and TPs etc so it became more annoying that useful.
I use my phone because I can’t get the desktop version up while at work. I’m usually very busy and can’t be seen doing that it would be inappropriate. But I don’t impulse trade. For me that’s the same as gambling. I like to gather information about the markets. Check the economic calendar, find out market incentive and the overall mood, so using my phone would never persuade me to act impulsively, it’s just useful for if you can’t access a desktop
The only candles I really listen to is a tweezer top like you said, or just a general double tops where the price tests resistance twice and rejects twice, given that generally the further apart the tops the stronger the resistance. Otherwise i find candles a bit hit and miss, Giving lots of false signals etc. I can find lots of examples where contradictory signals are given next to each other just reading candles alone, although I’m aware that higher timeframes tend to be more reliable. 4h or 1D etc as opposed to 5-15 mins where you tend to get a lot of “noise”
You are absolutely right- such sudden trades are pure gambling. Thats the danger with smartphones and MT4 on it.
How can a currency pair be oversold or overbought ?
A stock maybe but a currency ?
Really ?
To me this is the best way to trade price action. You are essentially trading based on swing highs and lows on the 4 hour chart. I use daily and 4 hour swings as these are good indications to me where liquidity lies, and that’s what drives price movement. With the exception of 5, 13, and 50 EMAs that I use for direction and entries/exits, I keep my charts clean. (Edit) After reviewing your trade again, and this is only what I would do, notice the rejection twice at 1.29000. I would at least take some profit from the trade if it reaches that level and move my stoploss in profit to be on the safe side just in case price reverses.
Haha that trade idea you mentioned ahout the 1.2900 level… i saw the same thing and allllmost took it, but thinking about it i figured it to be midway in the decsending channel so didn’t feel comfortable enough in the end, and after keeping up with it am glad because price action soon took another turn to the bottom of the channel.
Sadly i wasn’t around for that move! so will have to wait to see what opportunities come around for the pair next.
It’s also interesting you pointing out what i’m doing. I’ve heard of swing high’s and low’s but didn’t specifically know what they were, so it’s good to know i’m swing trading, if that’s the right term?