Not to forget exotics are technically obedient too. In case there’s a breakout from support or resistance, we can use the next level with high profitability.
The most important thing is not to take a lot of currency pairs for trading, because this will not give you the opportunity to focus.
I am of the same though, keeping it simple and easy to handle is better, but then I think it varies from trader to trader. Some are able to manage it well while other aren't.
Say you have 2 trends co-existing nearby, how would you decide which one to use? Going a bit off-topic here but I’m sure someone could help.
That’s so right, out of all the financial markets it’s only in forex that one can devise a strategy where you can be close to sure of its working. I actually looked at binary trading as an option but the randomness of it all made me change my decision and I have only been sticking to forex since then.
For a newbie yes, but as one grows in experience one should look at exploring more avenues. Why not earn profits from more price movements?!
Determine the strength of the trend line. When I use the trendline feature, I refer to the blue instead of the red. Been trading since years so I’m sorted into identifying it visually.
Go easy on it and use simple price actions. Higher highs and higher lows signal an uptrend, lower highs and lower lows signal a downtrend. That’s how I’ve been identifying the trends so far. I guess charts have to be easy to read like with the brokers I trade with, xm and fxview, that’s one thing I like about them the most.
True that mate. I’ve been going so far with the auto trendline feature. Best part, the lines are colored automatically showing whether the trend is strong depending on the angle, length, and number of touches.