Hi, guys; I’m completely new to this market and taking my first baby steps. Like everyone else, I’m struggling to find the best strategy (and yes, I know there is no one-fits-all solution). For now, I haven’t been very successful.
My trade setup right now involves support and resistance level, parabolic SARS and RSI.
I enter a long trade, for instance, when the price hits the support level, parabolic SARS is below the candle, and RSi is above 50 (indicating an uptrend),
Am I doing something wrong, or I just need to refine this strategy? Any ideas on how I can improve this?
Give me your thoughts, please.
It looks like you’re gauging whether price is rising or falling using 4 different methods at the same time - price chart, SARS, s/r and RSI.
Surely price alone would do, or price plus an MA? Or price plus RSI only?
If you use 4 methods to all give the same conclusion, you might be tempted to think that this is a really strong analysis, compared to a chart situation where say only 2 of these criteria are in alignment.
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Tks, Tommor, for your input.
I have tried using just support and resistance, with little success, tbh.
Then I added the SARS, which also didn’t work. That’s when I went to s/r + RSI. Now I have the 4 of them and, guess what… still failing, like in the example below.
SARS and RSI are both picturing the same thing but in different ways. At least they are based purely on price with no human input from the trader. But using both at once seems like a road towards confusion not clarity.
Whereas s/r levels are entirely subjective, derived from the mind of the trader. Traders will always disagree if they have to systematise how they draw s/r - how far do to look back? what time-frame? how many “touches”? how many time-frames? bodies or wicks?
If we were in court these would be counted more as opinion, not evidence.
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Never trust indicators, they’re good but they shouldn’t be the pillar behind every of your trade. I use the RSI in my strategy but it does minimal work as i have almost of the job done myself.
Okay, i started with naked charts, studied and mastered it, before adding an indicator.
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i think so
it’s really terribly difficult to know confidently, from a few sentences posted in a forum by someone you don’t know, but i think so
i think the mistake you’re making is that you’re assuming (as almost everyone does, when they start, and trading forums, youtube videos and beginners’ e-books are all full of this assumption, with many people even making their living from how widespread this myth is, as well as encouraging others to believe it) that including additional indicators and trading only when they all “agree” is going to make your system somehow “better”
it usually doesn’t, but it takes quite a lot of experience to understand why (and many people never quite “get it” at all - those are the ones who are not making a living, of course)
anyway, you did well here, by asking - you got two replies from Tommor, and he’s definitely someone whose posts you should pay attention to! 
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