Hey there, my name is Marek.
I have been in forex waters for a while but I am still not a full-time professional. I was raised by FxBootcamp team. I like simple trading approach and I recently I have been trying to develope automatical trading programme based on Asia range brakeout strategy to add it to my trading portfolio.
However, I am new at this forum and I need little help. I am recently working on my final master thesis about Technical Analysis at the Forex Market and I would like to ask you if you could fill in a short questionnaire for me (takes 20 seconds). Its anonymous and results will be used to show a basic picture about retail traders’ trading style.
The questionnaire is here:
Thank you and happy pippin’
The main is price action, trends determined by higher low and higher high etc. and S&R horizontals and trendlines. I use 1D chart to see the makro picture, 4H to see shorter trends, S&R and 15M charts to see intraday moves. Then the time of day (TOD) is also important - you consider where Asia session took you and how traders might feel about it when they drink coffee before London session starts. (When Asia took you down and London opens at support, you cannot certainly buy there without any signs of reversal…) I also use MOVs - I see 1D, 4H and 1H 5EMA and 21EMA as a very strong S&R. I also often use pivots to determine entry (For example 1H higher low on weekly S2 pivot rewarded me many times) and target zones for my trades (take profit at daily S2/R2 pivots). Next rule is that I never chase price - I do pullbacks. Problem with this is when price breaks out of range and doesnt give you any pullback. You just see the train leaving without you, but that is in nature of trading, eh… Tight risk management and psychology rules are also the part of the machine. Its not so easy and simple when I describe it. However, after a while you start to feel it and it becomes easier to grasp. But as I said: I am NOT a millionaire!!! Still learning, still trying to find equilibrium.