Hi, firstly I want to apologize for my english, i’m good at reading but writing i still have to learn.
I read the book Naked Forex, I developed and practice my strategy, but I have difficulty in the area of support and resistance.
According to your experience, is it better to define it on a higher time frame or it is better to do them on the time frame that is normally used?
Example, I like to use the time frame of 4H, is it advantageous to place my zones on a time frame at the day? or at 4H?
I started trading recently, i don’t read a lot, but i’ve created some little strategies…
I use to create my support and resistence lines on a higher time frame, i use this bigger picture to place my trades and set my take profit if everything goes as predicted. Then i move to the smaller ones and also set little supports and resistences, this is the place where i set my stop losses if anything goes wrong.
As i said this is my own strategy, i don’t know if it’s good to others, but it is working fine to me right now, not having so much profit as i’m still a little scared of going all the way, but it’s helping me to be more confident while im learning more stuff.
i’m open to suggestion just remember that i just started!
trade good and don’t forget to set your stop losses!
The time frame you should use greatly dependent on your trading strategies. From my point of view, if you are a risk adverse investor then you can also try short term horizon.
Let me start by absolutely saying. I’m not recommending any courses, or anything else this guy sells offers or anything else with regards to him. However I his u tube video on drawing support and resistance is pretty good. I do basically the same thing.
Hello everyone, sorry for my delay!
Finally I have a trader with several years of experience who approached me without selling anything to me loll. He teach me his way of doing and his philosophy, beautiful, it sticks very well with me, there is some point that I change his teaching because I am not him. But thank you very much for your answer, but if I can afford it, it is not necessary for this broken head to mark all these areas, always fresh, keep his graph as legible as possible, there is some good in the Naked Forex book, but it remains only basic education.
My main problem with this book are the areas, but in the end, if have the time to compare charts, have remarks that they are all different, there is no point in wasting time trying to see what others see, because, even if they have the same way, our way of thinking is different, and I think that’s really the most important thing to understand.
Although S/R zone may be stronger on higher time frame, but i don’t think that’s the geist of defining a strong S/R zone.
IMHO, whether a S/R zone is strong or not depends on the number of times a particular S/R zone was tested. The more times it was tested the stronger the S/R zone.
Both are useful I mean, H4 and D1. I think, you should try on both and after a long session attempt to judge both of the strategies; afterwards which one will better just follow it!
Tested out The Big Shadow - Results were subpar and the trades were too infrequent, which means that there wasn’t a sample size that I necessarily would feel confident.
Nothing in that book is independently verified as far as the results are concerned. The concept of the Last Kiss trade is a bit aggravating in execution because you can never be quite sure if the Last Kiss is actual Last Kiss, there are fakeouts galore even if you follow their rules to a T.
Using the strategies in the book with live trading without testing them out for an entire decade is reckless. Backtesting through automated means would be the best way as you may have a confirmation bias with a manual backtest.
Hello everyone, sorry for the delay, finally my trading is going very well, I adapted to the S / R and the fractals (Swing High Swing Low) and I can add that no book brings anything that either, learn the basics on S / R and spend time in front of your screen, watch the market behavior, backtest is important but take the time to look at graphics while placing S / R, no more, it was my very beneficial for my trading
PS: Do not waste your time learning the candlestick or bar formations (depending on what you used), over time you will find your signals by yourself and afterwards you will really understand what a doji or other
just remember that i just started!