@QuadPip I really like this approach as long as there’s re areas on the market that price does something as we can just prepare for movement both ways
indicators need to be used in the correct conditions ,as with most things the right tool for the right job. I think you reading way to much into the markets. If you boil down and keep simple the process becomes quite easy
Yeah, it’s those directional filters I’m trying to create now for those levels.
With all respect, you do know at times simplicity breeds ignorance but I understand your pont
best indicator you have is your eyes , trade what you see
Maybe, but its my job so quite happy
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I’m glad you are happy because in the end this is why we trade so it’s best you do why makes you happy and I’m glad you’ve found that
I just what to be surer if there’s any word like that, on direction of price, like I don’t have to be 100% sure, but at least 70% while the remaining 30% is for the market to prove me wrong
Are you profitable over the long term ?
Not yet, which is why I’m still looking for deeper understanding of the markets, probably why it looks like I’m overcomplicating things, but I’m just trying to get profitable is the reason behind these
Dont worry I have traded for over 15 years and tried everything under the sun , I became profitable (no losing months in the last 5 years) when I stripped the process down
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That’s really good to hear, what exactly did you strip down from and to please? I’d love to hear this l as it can help me
Basically down to price , find The Scruffy Trader as show how I trade regular
i think a lot of people are probably at this stage
Where should i look for the Scruffy Trader?
I guess so, I’m just looking to leave this stage, I’ve grown tired of it, and I’m not actually talking about the profitability part of this stage, I’m just talking about getting the right concepts and knowledge part on the stage, it is what I’ve grown tired of. I’m sure once I can get all the concepts down and know which one I’m going to follow I can work harder and find an edge, but with all the information out there that sometimes contradict each other it’s really difficult to not get messed up in the head and overcomplicate things, which then leads to one not even knowing what to do at the end of the day
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It’s natural to feel like that ,you might hit an Eureka moment
Instead of supply and demand maybe think of it as buyers and sellers.
This is my understanding and @Lang15 and @tommor and others “in the know” can confirm or correct.
At different areas - price levels - on the chart are groups of pending sell and buy orders, once price hits these orders they are executed and price can move a lot depending on how many there are and which order type there are more of.
More buy orders price goes up, more sell orders the price goes down.
That’s my understanding but looking for confirmation from one the learned members!
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Youtube! His videos are great!!
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eveything in this world works on the suply and demand balance or inbalance, from groceries u buy to housing, sttocks forex and whatnot. supply in forex is meant to describe sellers, and demand buyers, ergo level of demand(support) and level of supply(resistance). the measuring tool for supply and demand in stocks and forex and everywhere is volume or activity in our case. that s how traders ussually recognise when large transactions are beeing met in the markets. i d suggest to look up volume and how it adheres to price, how to read price and volume to determine supply and demand (in any market). it s quite a large topic, so if interested look it up. there are here also threads that explain the hole concept, why does price move, why it bounces and reject a level or shoots straight thro and so on. as for the indicators, yes, i do agree that there is no such thing as oversold and overbought in forex, but they can be used, specially like ur using stochastick for divergences, that again can be used in any market. u have leading indicators such as volume and lagging indicators such as stochastic. both can be used for different informations and when u add all up u can create a confluence of events all pointing to the same thing(like a trade direction). again, very broad subject, there are lots to say and lots to explain… but if ur keen enough u can find all this infor online free of charge and study and draw ur own conclusions thro testing.
cheers