I have been reading and studying all about FX trading and TA for about 2 years. Now, I’m diving in, starting small, and trying to become a millionaire!! Well, maybe one day…but I am now trading on MT4 trading super small lots so I’ll be sure to post anything that happens, although I still would want any advice or explanations and look ours if possible.
Remember to trade on your lender’s platform. I "hear’ it is supposedly faster compared to MT4 platforms. Imagine all the those who use MT4. All that traffic would impede data I suppose…
Good luck with your journey! Be persistent and take your failures to learn from.
Thanks! So I shorted USDCHF even though I know the G7 summit has all pairs pretty stagnant for swing traders. I got in right around the pivot and I am looking to take profit around .90, so I’ll hold this trade for about a week and live with the consequences.
Using a fib it appears to have retraced about 50% so I’m hoping for it to continue a ABCD harmonic downward. Then putting up stochastic, it seems as though it’s overbought at a relatively low position, so bears will be a,e to continue to push down. UNLESS there is some news I’m not aware of coming up, anyone know anything I should be looking for? Advice? Opinions?
If you are into harmonics, head to “30 pips a day…” thread by TMoneyBags. Great resource for harmonics and a community who will share the knowledge.
As for what you should look for are retracement levels. What kind of AB=CD do you have? They can vary. This is my opinion of RSI and Stoch = 0. I used to follow this but they do not give you the right direction all the time. They dictate volume, etc…
Oh I don’t rely on indicators, I use them for confirmations after I’ve done fundamental (news) and technicals (candlestick patterns, price action) I used fib because I saw how it actually had followed a similar pattern last month. Right now I. Up a little bit but I think .90 is too greedy so I’m going for .91
I am also. But i would like to suggest you to take calculated risk all the time. Forget to be a millionaire. If you concentrate on learning proper trading methods then you would be more than that.