As part of my forex education and demoing I am studying the use of fibo v. manually inputting s&r levels and which is more reliable. I have listened to Sam Seiden, Mike Baghdady and read John Person. They all have varying opinions and ways to look at each. My question to you all, especially a seasoned trader, is which do you find more reliable: manually inputing s&r levels, fibonacci levels, fibonacci pivot points, daily pivot points?
My reasoning for asking is simply this… I am a newbie developing a method of trading on 1 hour charts for the cable, sterling and green back. All of this of course with the guidance of a mentor. I have to do the leg work and part of that is to perhaps is to take a poll. I would love to place a mechanical poll on the board but I’d rather read what you have to say about each.
I thank you all for your input and GOOD TRADING!!!
Thank you for your question and the way to correctly answer your questions about drawing Fibonacci levels and S&R etc
Is to first point you the right direction
Any point on the chart could technically be considered support , resistance and if the market is pulling back or retracing then you can draw a FiB retracement etc
But as a trader you need to be able to act and make a trading decision fast
You have 2 main responsibilities
1) Never predict the market direction simply because no Human being could therefore only the Take the high probability trades
2) Identify your exit point if market does not move your way or your Risk
3) You need to be able to collect all the data from the charts , analyze it make a decision and act !
Therefore you must keep it simple
Having said that , let me share with you a couple of techniques
FIRST Identify the market condition , if
i. Trending (up or Down) then Plot you Fib since you are looking for retracements
ii. If consolidating then look for support and resistance
You cannot trade all market conditions in the same way using the same rules that would be a folly, it’s like drive your car on a highway if the roads are clear you can drive 60 MPH and if the conditions become congested you have to slow down and maneuver otherwise you will have an accident.
So my advice to you is identify first what is the condition of the market you wish to trade then you can decide on what you need to plot on your charts
In any case, I conduct a weekly Trade planning session every Sunday at 19:00 GMT where me and my traders plan our trades for the following week and you can see how we do answer all your questions in a practical live session.
[B]If you like you and anyone els who read this message in time are welcome to attend December 13th session as my guests and for no charge just drop me a line and I will send you the link and the password[/B]
First, thank you very much for the opportunity to join you on Sunday. Secondly, thank you for providing an awesome answer to a lingering question. I’ll take the time to go back through my notes from your previous lectures posted on the “other” site and plan to meet up with you on Sunday.
Thank you,
David
[quote="mike …any case, I conduct a weekly Trade planning session every Sunday at 19:00 GMT where me and my traders plan our trades for the following week and you can see how we do answer all your questions in a practical live session.
[B"]
If you like you and anyone els who read this message in time are welcome to attend December 13th session as my guests and for no charge just drop me a line and I will send you the link and the password[/B]