Hey guys,
This is my first ever post, even though I’ve been a member for a while, but better late than never, ay!
I want to chat with intraday traders who use price action/candlestick patterns and support/resistance levels for their entry signals. I’m not interested in indicators, as the trade entry confirmation often only materialises when you should be thinking about closing the trade. Do you agree?
I’ve been back-testing various pure technical strategies of late i.e. Trading the GBP/USD on days where no major US or GB news releases are planned (often Mondays). On such days, I believe, the major currency pairings are more predictable as they tend to trade within channels. So I’ve been looking at channel support/resistance reversals for Mondays. Thus far I haven’t been able to find an edge, so I’m wondering what approach other, more seasoned traders, might make in developing a strategy like this?
Please be kind!
Stu
