Jrrvat, If I am understanding you correctly, are you implying using the 3LB chart as more of an "anchor" chart showing the trend, and using the candlestick chart provided as more of an "entry" chart?
rroz123, mdl060374, Your welcome and thank you for your kind words. As I said before the problem with forex for small traders is not its instruments but how "prostituted" this non regulated market is (brokers,slipagge, data manipulation, overleverage, etc, etc). Of course you can apply price analysis in forex but if you are pretending to âscalpâ a 20 tick euro/jpy chart with a bucket shop with a 3 tick slippage you will not last long. IMHO, you can apply price analysis to any market. If you are going to trade forex and you donât have a lot of capital my recommendation will be go for the longer timeframes (nothing below 15 mins) start with the minimum size until you've mastered after that just increase size but donât go to smaller timeframes (otherwise move to a serious pro Forex environment or trade stocks or futures). mdl060374, That 3lb chart was just a way to explain momentum from a âcleanerâ perspective and not for trend analysis. But yes if you find useful to visualize current direction with this chart I think is a valid option, it will keep you in the right side of the move. Of course you canât forget the clean chart for timing and wave analysis... jjrvat
jjrvat Thank you for your reply. So, not taking "bad brokers" & slippage into account (by the way, ECN brokers nearly don't have execution problems< maybe only during significant news) - you're saying - that it possible to trade Forex at M15 chart (at minimum). What about other "dangerous" markets?
Hi, I'm here, still reading, analyzing jj's charts and posts, demo trading ... indeed one of the few useful thread on ET and very well written ... I'd like to thank you for that ...
WAKE UP people! there is no "high probability" intraday setup! the market (just like roulette) HAS NO MEMORY. ESPECIALLY NOT intraday! as there are always opposing groups trading: those who go with the trend and those who hunt stops at resistance/support Hence: it' s always 50/50 in the end pattern work only TEMORARILY (like a positive streak in roulette), and then out of the blue the negative one wipes out your gains traders do have a chance on a DAILY day-to-day basis, as here other more "serious and quantitative" factors kick in: options trading, expirations, volatility, standard devs, long term trends for another idea: checkout "pairstrader" and "gapstrader" there you at least have quantifiable odds!
The market has no memory, but men do ! And when it comes to their money, men usually have a very good memory. Therefore creating support and resistance area (and moves between those support and resistance areas). you, wake up.
no, wrong: TOO MANY MEN chasing TOO MANY upport and resistance zones in TOO MANY timeframes... hence: always 50/50 chance per se
So are the people who are consistently profitabl trading short timeframes just lucky?...or do they not even exist and are just lying? cheers
indeed..lucky! depends on the "consistently" definition: who makes 50% annually daytrading with less than 25% yearly drawdown?? that' s the "consistently" benchmark. anyone doing that "and not lying", gets my hat and respect..no problem.