Forex lies me at the levels of support and resistance - page 2
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hi
I use S R too but mix with higher time frame then down to lower one ...before you decide to take a position ..first determine a global trend then local trend ...take only position with same direction with a global trend ...
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Forex Indicators Collection
I use S R too but mix with higher time frame then down to lower one ...before you decide to take a position ..first determine a global trend then local trend ...take only position with same direction with a global trend ...
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Forex Indicators CollectionAs a matter of fact - I've tried using S/R lines as entries but I traded against trend if the line was not taken. Its good if the market is slow and ranging. But it eventually killed my demo so I stopped. That was few years ago. S/R lines work but should not be the only trading tool in your arsenal. During trend moves S/R lines are ignored so you can follow the trend when S/R line has been broken and price closed above/below resist/support.
You can use https://www.mql5.com/en/forum/177636
this template for trading signals.
Archie 2000,
In addition to the many suggestions given here, you may want to spend some time, read, study, and understand bubble's thread on support and resistance.
https://www.mql5.com/en/forum/177227. Hopefully, this helps.
ENJOY
fxcruiser
Hi Archie 2000, One of the reasons why you may be having problems is that you are using the rules that someone other than yourself created. I would suggest that you consider doing four simple things to help yourself to create better entries and exits.
1. Try using a one hour chart or a 4 hour chart, the higher you go in time frames the stronger the support and resistance levels are.
2. Spend several hours per day and scroll back a minimum of one year and then slowly scroll forward and create your own rules based on the observations of archie 2000.
3. Forward test your new rules/system in a demo account. Use the exact same leverage that you would be using if trading on a live account.
4. Use an honest broker if you think you are having problems with the one that you have. Set up another demo platform with a different company and put on the exact same trades and if your take profits are getting closed out properly in one account but not another then you need to find a better broker if it happens all of the time. But certainly clarify first that it is the brokers fault and not your trading first.That means I use other people's rules for determining the resistance and correction,
Is it so that in the market, they are not all the same?
1. Is it so that there is no correlation between H1 and H4 timeframes?
Or there are different resistance and support levels there, which is dominant?
2. This is how I understand the history testing, that is, I try to see these levels in history?
3. Is it so that it is better in demo, my broker told me that it would be inappropriate to trade on demo. Strangely, he could do so specifically so that I lose? ! !
4. in continuation of the post 3 three can be that actually broker was not honest.
Thank you for your good advices.
Hi Archie 2000, The best way to answer your questions would be to take the advice of fxcruiser and look at and study "bubbles" thread for trading S/R levels.
That means I use other people's rules for determining the resistance and correction,
Is it so that in the market, they are not all the same?
1. Is it so that there is no correlation between H1 and H4 timeframes?
Or there are different resistance and support levels there, which is dominant?
2. This is how I understand the history testing, that is, I try to see these levels in history?
3. Is it so that it is better in demo, my broker told me that it would be inappropriate to trade on demo. Strangely, he could do so specifically so that I lose? ! !
4. in continuation of the post 3 three can be that actually broker was not honest.
Thank you for your good advices.Hi Archie, There is no fixed rules in forex.By your experience you will learn lot of things,which you will never find in any books.Develop your confidence, you will surely win in this field.
Well, as I understand it, books bring basic knowledge and not only interesting thoughts and ideas also.
About the victory - thanks to the good words.
use fibonacci level its more accurate than piovt.sub/res take alook
Your tactics is very similar to my method of analyzing.Really fibbonacchi gridl gives strong resistanse and support levels especially if they are crossing in one area.
there is 50/50 chance the price will break or bounce back from support or resistance. We never know where the market will go. That is why you need stop loss to protect your capital.
It"s interesting,how do you trade so?If You dont know in what direction the price will move later?