I follow price action most of the time. But I also use the Fibonacci retracement tool. They work well together for me. I think Fibonacci levels are one of the most reliable indicators that can be used in the forex market. But no indicator can be 100% reliable and we should make decisions after considering other factors as well.
Interested to see the answers here
Price Action trading strategy is my main strength of my technical analysis; on the other hand support/resistant levels help me a lot to identify the market trend!
Well, how do you calculate the relation between supply and demand then?
I’ve found that following trends has been extremely beneficial to my trading career. Try out various methods and see which one works best for you. you need to find it ownself.
I can’t really say what works for me because I’m new to this and still experimenting, but one thing I can say is that your attitude matters a lot, and I try to keep a positive attitude.
Price action, support and resistance, breakouts and trends. I tend to look for these in my analysis. Demand and supply zones are also good. Actually there is no right and wrong thing when we talk about technical analysis. You just have to see what works for you considering your strategy.
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SL when its a breakeven side-wayed trade.
SL when its a profiting false break trade.
Totally agree with 3:1 RR for scalping, some brokers spreads are so terrible you cant even scalp,but you can win a car every week wasting your money[lol] .You need to shop around. Also dont be too quick to take a micro or mini account- check the spreads first, rather save up a bit and open a standard account with low or better spreads.
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For me, following price chart patterns and candlesticks seem to be the most reliable. I prefer following candlesticks for swing trades rather than intraday trading. Using candlesticks for time frames less than 1D is not worth it. Indicators can also be helpful in observing the chart patterns and be more accurate.