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should i trade on the one-hour timeframe? Replied 4 days ago - It is about the value of your loss. If you are okay with taking a $100 loss, and your SL has to be 100 pips, then you just trade 1 mini lot. But if your SL has to be 10 pips, then you can trade 10 mini lots. On the higher timeframe, you would be capturing a bigger move. You just adjust your lot size based on your SL. You would not suddenly risk a $1000 to place a bigger SL, when you are used to risking only $100.
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what do gaps on my forex chart mean? Replied 6 days ago - It means price moved without trading taking place, so something else caused the price to move (such as breaking news, dark pool trading etc.)
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do you buy at resistance or support? Replied 3 weeks ago - I wait for price to reject at a support level and begin an upward movement before I buy
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what is the best simple moving average setting? Replied 1 month ago - For length, I use 14 days because I am mostly a day trader. Some people who are swing traders use as high as 200 days.
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why does price move back & forth within a range? Replied 1 month ago - I guess it is because of indecision on the part of buyers/sellers. Perhaps they could be waiting for a certain news to be released before they place big trades. On the eve of Nonfarm payrolls, CPI, interest rate news etc. we usually see this kind of ranging behavior. However, after the news is out, the market resumes its normal motion.
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what is pivot point in trading Replied 1 month ago - To add to what @Arthur said, Pivot Points are effective in trading, but they do not work all the time, they only serve as guides. Sometimes price does not respect the pivot point. It is better to mark out your pivot points every day just in case.
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what is top down analysis in trading? Replied 1 month ago - When I switch to the lower 5-minute time frame, you will notice that the previous month low is acting as resistance to price, causing a downward movement after retest. This is a classic example of how top-down analysis can be applied to trading.
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what tdi indicator settings do you use? Replied 1 month ago - Never heard of this one, how does it work?
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what is the best indicator for spotting support & resistance on charts? Replied 1 month ago - Simple Moving Average (SMA) & Fibonacci Retracement are some good indicators I use. My 14-day SMA curve acts as support when price is above it and acts as resistance when price is below it. It is not perfect, so I don't rely on it 100% i just use it as a guide. Fibonacci retracement levels can also act as support and resistance, especially the golden fib level of 61.8%
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Does a resistance/support line get weaker the more it is tested by price? Replied 1 month ago - I think it does get weaker the more it is tested.
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what is retracement in forex? Replied 2 months ago - Whenever there is an upward or downward trend and people start taking profit & exiting the market, you will see a temporary trend reversal which is called a retracement. It is temporary and does not nullify the trend because after these traders exit with their profits, the trend will continue. Lots of beginner traders confuse retracements for actual trend reversals and exit their positions only for the trend to resume afterwards.
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does technical analysis work better on stocks or forex? Replied 2 months ago - I have traded both stocks & forex cfds and in my opinion technical analysis is more effective when trading forex.
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do we expect too much from technical indicators? Replied 2 months ago - I suspect brokers are the ones behind the development of indicators so that 95% of traders will keep losing. Why the heck will I rely on a Christmas tree to show me something that has already happened when i could have seen it in real time using price action?
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What are the best indicators for deciding when to buy or sell? Replied 2 months ago - I rely on price action to tell me when to enter/exit I don't depend on indictors because they are always giving delayed information. By the time your beloved indicator tells you to buy, price action traders have already bought and exited the trade with profit.
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should i buy a rising market? Replied 3 months ago - I don't see anything wrong with buying a rising market. They say the trend is your friend so if the market is in an uptrend i am definitely buying and setting my stop loss at the last break of structure
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are wicks important in trading? Replied 3 months ago - Whenever I see several wicks assemble around the same price level, chances are a trend reversal is about to happen.
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anyone used xmaster formula forex indicator? Replied 4 months ago - Please how do i build a custom script for trading, I am looking for a script that can blot out other sessions and show me only the London session using a 5-minute timeframe, can you recommend any programmers?
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gravestone doji: what do i do after i see one? Replied 4 months ago - If i see a gravestone doji in an upward trending market, i will prepare to sell but i will wait for a bearish confirmation candle to form after the doji before i enter.
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head and shoulder pattern Replied 5 months ago - The head and shoulders pattern looks so different in reality, sometimes the shoulders are barely the same height and can look crooked. But head & shoulders is a reliable candlestick pattern if you can spot it early.
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how reliable is fibonacci retracement indicator? Replied 5 months ago - Its pretty reliable and works for me, been using it for years now. You just need to know how to draw the Fib line correctly and it displays possible levels where price should retrace. We should not expect too much of Fib or any indicator and shouldn't use them in isolation. Indicators should be used alongside commonsense price action.
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