Hey guys, would love to get some ideas on daily bias… I usually use the Daily chart, and Try to look for some type of retrace with taking out the previous days high or low as my target… I use the ATR as a way of figuring out how much I will risk / Stop Loss…
I use the 50 moving average. Its direction and where price is in relation to it. I also use macd and its signal line.
Personal choice for 89 on the day chart for me
Right now I’m trialling a day-trade approach that follows the slope of the 20 and 50EMA’s on the daily (end of day) chart - buy if both up, sell if both down.
one thing I have come to hate about Moving averages is that most FX markets go up and down so the MA by the time it catches up the move has already been made…
By their nature, MA’s cannot signal the start of a move. But that’s not what they’re for. That’s like saying you don’t like hammers because you can’t use one to tighten a nut.
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Price action is the first thing that helps in determining a trading bias. When the prices are getting higher and the lows are advancing, traders should form a bias to buy.
Simple moving averages work fine for me, I don’t normally get any false signals.