This forum is only limited to Elementary Students of The School of Pipsology.
Here, we will be discussing the lessons in the elementary classes. If you have any question, findings or idea you want to share from the lessons. This forum is created just for you!
Welcome and let keep the discussion rolling!
How do you find the lessons in the elementary classes so far?
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Do you know that Mr. Steve Nison was not actually the one who discover the Japanese Candlestick-as it is often said and neither the one who introduced it to America.
In the 2nd edition of his book “The Japanese Candlestick Charting Technique: A contemporary guide to the ancient investment techniques of the far east”, Mr. Nison stated that his first time hearing about candlesticks was from a Japanese broker he came to know in 1987. Upon hearing these cool names and phrases such as closing the window, dark-cloud cover and doji, he was totally hooked and spent the next three years studying the Japanese Candlesticks.
During his research, he came across a booklet of 10 pages titled Analysis of Stock Price in Japan. This booklet had been translated and published into English by the Nippon Technical Analysts Association.
Later that year, at the same MTA Library in New York City, he was introduced to another English Candlesticks book containing 70 pages that was taken from Japan, titled The Japanese Chart of Charts written by Seiki Shimizu and translated by Greg Nicholson. And that was when his journey really began.
So can we say he was the one who discover the Japanese Candlesticks or should we rather say, Mr. Nison is the one who popularized the Japanese Candlesticks?
Basically, support and resistance zone is the core in TA. The more your support and resistance level can be proven as support and resistance using Fib tool, the higher the probability the market will go the way you analyzed it. Since it is not a foolproof, we have to take into consideration other tool for better confirmation.
We should get in mind that support can turn to resistance and resistance can turn to support any time it has been broken. And one of the way we can tell that the support has now turn into resistance or vice versa, is by looking at the candlesticks that are forming around that zone.
Moving Averages can greatly help in our TA. Thus, they should always be considered on our chart.
The more confirmations, the higher the probability.
Reference the indicators below when ever you need to know how that indicator kinda work. Below I have listed the most used indicators recommended by the School of Pipsology:
Perhaps, but I think that’s arbitrary. I used to love MAs, but I found they were confusing me. I think less indicators is better. Too many signals could be contradictory.
If your strategy is based on a signal from an indicator, why would you need an additional indicator? Do you not trust the first signal enough?
If one indicator says to trade, and the other says no…now what? What if that signal was right, but next time it’s wrong? Does that have anything to do with the indicators?
Maybe I was using them wrong, but I used to use MACD a lot. MACD and MAs. Instead of looking for more indicators or different indicators, I just started stripping indicators away.
In hindsight, though, I may have been completely wrong and used MACD wrong.
Whatever strategy or indicator, just backtest and see what happens. The chart never lies.
Personally, I do use indicators (1 SMA, 1 EMA for crossover and RSI for overbought or oversold signal) not solely by depending on them but rather use them as a way to get more confirmations and find an area of confluence.
Throughout the lessons discussing indicators, it is always mentioned that indicators are not accurate. So, it shouldn’t be blindly relied upon for signals.
Thanks for the insight. I am actually using a demo account. So, any new thing I learn I go on to put it into practice with my demo a/c. “Backtest”, I am adding it to my arsenal.
Very important and practical advice, which many people do not pay enough attention to, unfortunately. Learning to trade is a very important aspect.
So true @savkimes, this forum help and continue helping me to avoid countless mistakes I would had made if I was to be learning fx from different source. 
When I am in doubt of anything, I come here to seek for help . And surprisingly, the community respond very quickly based on individual experiences. Is it not that incredible? I bet it is. 
I hear on a daily basis, people attesting how they had lose money in the FX market and made a promise never to return. While the ones who continue their journey despite the failures will often tell you that the beginning was not easy. They wish they would had taken their time to learn, not rush into live account until they have master their strategy on the demo account.
What I am receiving at the School of Pipsology and those countless advices from passionate traders in this community is priceless.
One more astonishing thing 
. While I was reading through some topics, I stumbled upon books recommended. And one of the book that was highly recommended was “Trading in the Zone” by Mark Douglas. While reading through the topic, some guys mentioned that it has an audiobook on YouTube.
Upon reading that I straightly head over to YouTube, found the audiobook and began listening to it for the first 1hr. Man, that audiobook really made things clearer to me. I became more patient, more focus on the educational aspect and practicing more. In “Trading in the Zone”, Mark Douglas discussion is solely based on the psychology, not technical analysis, not price action, so far, I haven’t heard about risk management (I haven’t done listening to the audiobook yet), it is all about the PSYCHOLOGY.
I highly recommend that audiobook if you are more of a listener. But for readers, there is a link somewhere at the babypips forum that will land you directly on the book page on amazon.
See u around. 