In your experience, do you think it’s feasible to trade with an acceptable win:loss ratio using only candlestick patterns and S&Rs?
Personally, I am not a huge fan of indicators - while it seems that a lot of people use them, there appear to be just as many experts who prefer not to rely on them and stick to candlesticks for much of their analysis.
To give you a bit of insight into my trading style, I aim to close my positions within a day and generally try to trade off 30M/1H charts. My approach is to identify S&Rs, then look for candlestick reversal patterns nearing the S&Rs, wait on confirmation and let it rip.
In theory, my profit would effectively come from pingponging between Support and Resistance areas; and as a firm believer in technical analysis, I won’t focus on any particular currency and instead try to trade any pair that meets the aforementioned criteria.
Now, I’ve been trying it for the past few days and I’ve been moderately successful, though my win:loss ratio is still below even 50%, so it’s clear that I:
a) have a REALLY long way to go
b) working off a flawed system that’s simply not workable
If you think this approach can be used successfully - or if you believe it’s a waste of time - please let me know.