Sure. Local price points are levels (support and resistance) close to the current level in the market.
Thank you, means a lot coming from forum member that has ben around for a while, read a lot of your posts and you make a lot of sense when post. Keep it up as we need people like yourself who drag people down to earth who get into this to be overnight millionaires !
I mostly use support and resistance lines, RSI and trend lines. Confirm the trend or breakout with trend lines, confirm the entry and exit with RSI.
That strategy made me huge profits.
I’m not against indicators, but I think the fewer the better. In fact, I love my charts clean and I don’t trust every indicator that comes my way. Professionals use support and resistance, and trendlines. Indicators are for those who want shortcuts, and there is no magic in forex
I sometimes use indicators, but I don not solely rely on them for the analysis of the market. They show what happened in the past and can be very misleading at their worst. I’d rather stick to other ways of understanding the market like support and resistance
I use indicators in my trading, though I prefer sticking to one or two at a time to avoid confusion. They help me know how the market is moving and spares me the agony of trying to understand too much at ago. If you find the best indicator, you can make a lot of profit
I believe that indicators come with two major problems. Those whose egos are too big do not want to be helped in understanding the market and hence they lose, while these who are too greedy or less confident want to use as many indicators as possible and end up losing everything in confusion. If your broker provides you a reliable indicator, you can earn a lot from that. But some brokers will intentionally give you a false indicator so that you fail if they stand to gain from your failure
I agree. I think a lot of newbies get trapped by what they think an indicator is telling them.
How do you decide an indicator is reliable, or not reliable le for that matter?
Back to reading about Ichimoku. I lost my interest after getting sucked in another direction. Back to drawing board and still just using MA, RSI, S&R.
How about you?
More than I thought.
XLV4 color MA on chart
nsndhistory on chart
Bill Williams Accelerator Ocillator below
Will box out some S/D, S/R areas and will confirm with a quick look using the shved supply and demand on chart
Hmm, several I haven’t heard of. Time to research. Cool, thanks!
Do you have particular sites you’re going to for your Ichimoku research?
Haven’t found a go-to education site, mainly just YouTube stuff. Thinking about maybe paying for a course.
Hmmm. Do you have any particular courses you’re checking out right now?
ooh which one in particular?
2-3 at most. Only need a trend indicator, mostly to remind me of the trend situation, and an oscillator such as Stochastic.
Thinking only, at this point. Nothing discovered that’s very interesting.
What’s the 3rd? Thanks for sharing!
Lots of members here seem to recommend that no nonsense forex. Have you heard of that site? @mtb_rex
Nope, but I’ll check it out, thanks.
I thought I found a “complete guide” but it was a single web page with a few examples. Not what I would consider complete.
Dailyfx had something short on the topic too. Well written, but from 5+ years ago.
The beginner's guide to FX trading