Unfortunately, I’m really new to Forex trading or trading in general. At the moment I’m dipping my little toe in it. Sorry for sounding stupid or naïve and for bugging you with this, but I’m wondering what your predominant products/trading tools of choice are when it comes to Forex trading?
I’m especially interested in why you’re using these tools. E.g. because you like to or because you have to because they’re just simply not other tools out there? What do you like about these products?
Charts - D1 for entries, exits and tracking the progress of positions. I use W1 in comparison with the 50EMA for assessing the direction and strength of trends. I also use the relationships between the 20, 50 and 200EMA for assessing trends and pay particular attention to the slope (upwards or downwards, not the angle) of the 50EMA.
My trading weapons are very simple. My first weapon is Japanese Candlestick. Then I use lines to determine support and resistance. My third weapon is Volume indicator. Sometimes I use EMA 200 as many times it is respected. That’s all.
