So i have been trading overall for about 9 months now and trading forex for 3 months. I devote every morning to learning more about price action and how to get better at reading what candle sticks are telling me.
I have stripped back my trading approach to just price action, no indicators. I understand support and resistance to the T but I just cant find much success with it!
I understand I’m suppose to have patience and I’m suppose to wait for optimal set ups and I do! I have the mindset, i have my plan, I don’t everything everyone says that you should do to become a successful trader. I just can’t hit those wins all i chalk up is L’s
I will mark up a chart to what I think will happen from past price action, etc. then when the market unfolds it will do the exact opposite, I’m almost thinking on doing my TA then going 100% against it.
I’m reaching out to try and get some experienced traders opinions on what i might be doing wrong? maybe get some resources i can be referred to.
yes it always seems like when i expect a bounce it breaks through and continues, when i anticipate a retest it, never happens. it just seems like my TA tells me the exact oppisite and i dont know why. I also stick to higher time frames 1 hour, 4 hour and daily. SL’s are normal to the timeframe i’m trading
I think you need to have certain things to adjust in your approach. What are you looking for before you enter a trade? For example. In my case. I only trade when there’s a clear trend, but when the market is ranging , I sit on the side lines, I have a specific list of criteria, not just the support and resistance. Specifically I only look for opportunities when the my moving averages are aligned sloping up or down then I will identify if its a valid trend or not by going up 1 higher time frame, and then looking for correlation among the other pairs. I have a specific systematic approach and a discretion type of approach too, for me to be able to adapt to the present market condition. It’s not your TA that has a problem, you just have to be more specific in your approach.
For my approach I currently look if it’s been trending or ranging. I look for the common chart patterns and try to align my entrys off that with candle sticks, aka if I see a shooting star on the 4 hour and the candles align on the 1 hour to match that formation. Where I’m getting burned is the bounces and retests, where what I’d see as a bounce turns to be a break through S/R and a big pump or dump. The retests turn out to be I think bear/bull traps. I can send some mark ups from last night and I can send some today when I get home later. I really am putting the work in on all aspects to progress, just frustrating when you don’t see the results to match.
After writing all this I guess what I’m looking for is how do I further confirm price direction or bounces
Also to note. I’m trading with no indicators, I was using 18 EMA, 50 EMA and a 200 MA but I was mostly getting confused when I was doing S/R