Hi all. Last week I suffered three losses on the same day, trading the Daily + 4hr chart with 15m confirmation backup, despite what all my strategic signals, bar one, had mooted.
Retracements were the cause, albeit my S/L was generous and gave the trades breathing space. After a while, I remembered I had similar (few and far between) losses in the past when the same one contrarion signal opposed the masses.
So I need help from anyone interested to carry out an investigation when making trades tomorrow (27/6/2022).
It’s an app Myfxbook. Download, and hit todays calendar which takes you to a menu, and hit market. Pick your pairs from 28 currencies plus Gold and Silver.
The page will open to an OVERVIEW that shows a TF chart, which you can change. Then hit TECHNICAL and you’ll get a summary of buying and selling candle patterns, e.g. SELL with a list of how many buys and sells candles. This is the key.
Last week I had the three correlating TFs, selling signals, strategy selling signals Ichimoku, EMAs - you name it, I covered everything which was in accord…
…apart from THIS app which showed BUY on all three trades. I waited for 20 minutes with no change and decided to ignore this maveric. Well, I was wrong.
im down to help investingate. but what exactly are we investigating? why your trades lost or why there was a signal that was not accurate? i mean simply no signal or strategy is right 100 percent of time neither does any trader win every trade. the market is about probabilty and your perfomance is about consistent risk management
Might just be bad luck - i.e. price did the less likely thing of its two options. The unlucky part was that this happened consecutively over a short period.
My perspective on indicators is that they are more like what an eye-witness says on the phone to an emergency operator about an unfolding incident rather than what the CCTV actually shows happening. So is having 6 poor witnesses really better than having 5 poor witnesses?
What day did your losses happen on? The markets are having a consolidation phase after very large moves. Hard to know if they’re reversing or not because the markets have been weird since Covid and not following the usual patterns
I wasn’t aware that myfxbook gives signals, I thought it was just an analysis tool. Which tab on the website version is what you were looking at? Maybe we can figure it out if I know which bit you’re looking at
Yes, I regard signals as being part of an analysis. If you follow my direction to MARKET, select any trade and press the TECHNICAL button above the chart you’ll get a summary whether it is a BUY or SELL with candle patterns below.
BTW, they market SIGNALS at a cost - see the same page as MARKET…
Because it’s easier to earn money selling it to customers, than trading for themselves. I would give a few some leeway in that while providing a signal EA, their emotional control is not so bright, and if they were trading they’d be subject to FOMO. And that’s the downfall of many.
