This week so far.
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Awesome dude. may i ask what indicator you are using? it looks like the base price line from the Ichi Cloud, is that correct? ho wdo you determine entries, crosses from the base previous price? interested in following, i also dont like indicators, plain charts rule
yes thats correct. i couldnt remember the technical name at time of writing. so how do you use it when trading on a bare chart? as its usually used when its above or below previous candles etc etc
Simply use it to show recent support and resistance points. The rest is all down to the actual candles and price action.
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Hi The_Baller
I saw in your previous screen shot that you have AutoChartist running…
From my experience, with AutoChartist I can even trade without Support/Resistance on a shiny clean chart.
If you state that technical indicators are totally useless, then you need to inform them that it is due to the fact that you are using an automated chart pattern analyzer…And then yes, technical indicators are irrelevant in that construct.
Happy Tradings!
Thanks - but you are misinformed.
I have never used Autochartist in my life. It is part of the cTrader offering from my broker. It’s available for anyone to use, if they wish to do so.
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Following…………
Hey jessoprules
I’m dropping this one after planting the seed of why technical indicators are “BS”.
I get too many spankings from the admins.
Cheers
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Open Positions
Left these 2 open. Bearing in mind its a 3 day weekend due to a Bank Holiday on Monday.
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Closed Positions
Made around £1209.90 this week, approx. 12.099% gain.
I say this week, I traded 30th May to 3rd April, 4 days. Tuesday to Friday.
1 hour invested scouting trades.
A lot of trades didn’t get going this week so I didn’t manage to bank some big clips as planned.
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Interesting first week. Could you let us know how you are selecting the trades?
thank you
It’s very simple. Follow the big players.
Steps
- Wait for weekend.
- Order pizza(s), with sides and drinks.
- Pull up monthly charts and determine if its an uptrend or down trend (forget range bound).
- Draw support and resistance.
- Drill down to weekly chart.
- Draw support and resistance.
- You’ll find an entry in there somewhere.
- Set your stop loss well away and out of the noise of the amateurs.
The last time my stop loss got pinged was over 8+ months ago and it don’t get pinged very often.
With this account, who knows.
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Hey Baller, thank you.
I fancy your point #8
We got killed due to strict ATR following, while amateurs numbers are so large, this has made the risk zone even larger.
Agree, but it’s up to the traders to use this tool. I use Autochartist as a signal, and so far it works well notifying potential trades really saves my time.
20 pips potential profits it’s said. $100 bucks with half standard lot from totally free signal, why not.
If you understand that support and resistance isn’t just a line, its a zone, then you will increase your win rate ten fold.
Many traders set their stop loss at the most obvious level, most of the time, a few pips away.
What are the chances the price will always respect that level down to the exact pip and reverse.
Many times price likes to prod the level and sometimes breakthrough it to have a look before reversing - that’s the difference between staying in the trade or getting stopped out.
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I know some traders that use it now and again and some that rely on it.
At the end of the day you have to ask yourself, why is my broker trying to help me with signals? Most of the time its not because they are your friend and want you to make money.
Even the official website states that brokers should implement it to retain their struggling traders, so the broker can maximise their profit per customer.
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