Maybe for scalping there can be some good strategies and some not so good ones. We have to make our own best strategy by taking inspiration from them.
The best strategy can be built around a few tenants. 1. What is the market structure? 2. Where is your trade location 3. What is your risk relative the return with that trade location. if you trade one support line of the 2 most recent swings, it can keep you out of sooo much trouble and pain. Lastly. know yourself
13 years to study brooks? that's a lot of time to grasp price action! I've just started reading Al Brooks book on Trends, I'm about 100 pages in. I also have his video course so I plan on finishing that first then going back to his and hopefully absorb more of the information. I need to watch the video course on 2x speed though as it's very long and draining.. it's hard to keep up the focus and not get sleepy.
I know momentum traders who swear by the technical analysis and indicators. Wonder whether it’s actually wise to blindly follow these.
All the momentum traders care about is price action and relying on technical analysis and indicators, sorts their trading plan on when to enter and exit the trade.
I feel it’s always better to believe in the in-depth analysis made on your own. There is no use of blindly following the momentum traders.
Depending on technical analysis and indicators is one thing, being good at it is another. Why not use these when they help identify the strength of the trade? Who doesn’t want to make money after all?
I’ve loved using an oscillator or maybe it’s the chart on fxview and ICM platforms that give me a clear idea of how quickly the price is moving. Wasn’t comfortable using the charts offered by IB. I guess different brokers and their platforms work differently. Didn’t know that earlier.