Hello, thank you in advance for taking the time to read this post.
I have been trying to develop my ability to trade the spot Forex market for about 6 months now. Although I did not expect to be an expert within this time span, I did expect that I would have a clear direction/strategy to focus on. Honestly, the more I learn the more confused I become. I�ve been using the Daily chart with Bollinger bands, Fib-Lines and trend lines to determine support and resistance levels. Then using the hourly chart I look for candle stick patterns that confirm the S/R levels on the daily chart. Moving to the one minute chart I try to time the optimum entry for the trade. I have a few questions. Am I on the right track? What time frames do you use? On which time frame do you place your indicators -RSI, MACD, BB, Stochastic?
Replying to any of the questions I have asked will be greatly appreciated.
I’m no expert, but I’m guessing that it might be unwise to jump from the daily charts (to identify S&R zones) to the imin chart (to time entries). I’d maybe suggest working from the weekly and daily charts to the 4hr and 1hr charts looking for S&R zones, then either the 15min or 5min for entries.
Great to see you are still here Mr Average. Every so often people disappear from the forum and later reappear again.
I agree with your counsel to captianjack. Its like he is going thro knowledge overload at present. But that is normal at some stage and it will sort itself out.
To captianjack, I say to try to very clearly set out a goal of what type of trading strategy you would like to use.
What time frame do you want? Do you want to sit in front of a computer for long periods?
What method do you want - indicators, candlesticks, probability bands or direct price action?
Which pairs do you want to trade and when do you want to trade them?
Full time or part time trading?
What leverage do you envisage?
What would be a good daily profit target for you? (after losses).