I wish trading was that easy. The 38.2 might create a temporary bounce to the upside, you hop in, and then it plummets down. That's why I dont trade off one single element of support but rather seek confluences.

Cable Update (GBPUSD)

You're very young. Give yourself if you can afford it a one year sabbatical period and study the markets FULL TIME. If after that year you see that there are chances of you making it, go for it. But dont make the mistake of believing that learning ...

Advice & Opinions appreciated

The problem with trendlines is that they are indeed subjective: some people draw Gann-like trendlines, some others link only the last two swings, some others use the week's low/high as the focal point, etc. S/Rs on previous swing High/Lows (or ...

S & R Cracked

The thick grey and dark red dots are drawn at the week open, but I am unable to crack what they mean.

S & R Cracked

It's amazing how one chart might seem very clear to one trader and totally confusing to the next one. I look at your charts guys and I see nothing whatsoever. Anyway, here is my last trade (and the only one I have taken this week). A short on EURCAD ...

S & R Cracked

Oh sorry. Sometimes I forget that we all dont see the same things off the same chart. So let me explain: the reason as of why I will be watching the 1.9600 area is because there is a confluence of support there: fib level, channel bottom and 30 SMA ...

Cable Update (GBPUSD)

I dont trade off one element of support, they are weak. I require a few of them to come together within one price level to add up strength. It's normal to find some temporary support off the 38% fib level, but that doesnt mean it will spring a new ...

Cable Update (GBPUSD)

Yes I agree that the 200 SMA holds some truth when it comes to point out the longer scope of a trend, but in my opinion the retrace price has got to undertake to retest the 200 SMA is so deep into the trend that I personally dont feel confortable ...

The 100 and 200 Simple Moving Average

My opinion on the long term charts.

Cable Update (GBPUSD)

The only time factor I include in my trading is: - No Friday trading beyond noon Euro time. - Blackout periods around news announcements

Time factor in trading

I dont know about indicators because I dont use them (I trade via price action off levels of support/resistance), but I reckon a wise combination of Moving Averages can indeed help determining the health of the trend. Not the trend in itself, but ...

How many of Technical Analysis based systems are junk?

I hear you WHTenn. I am fully focused on the first couple of hours of my trading daily session studying/analyzing the setups,then I place my sound alarms, and then I spend the rest of the day butting around the forums or recording videos of my ...

So many systems!!!

The problem is not the system in itself. People prefer mechanical systems because it reduces the work and thinking part of trading. But in my opinion there is no way around it: you gotta ease down on the mechanical part of a system and beef up the ...

7 Keys To Choosing A Good Forex Trading System

If hard work and discipline is what you call "luck", then yes Luck > Skills. I don't believe in talent or skills when it comes to trading. The problem is that most of the people don't understand how much hard work you gotta pour in in order to ...

Poll: Is successful trading more dependent on skill than luck?

The 30, 50 and 100 SMAs are FANTASTIC to recognize healthy trending markets if you know how to use them. I base my trend-trading setups on those three SMAs. I personally dont use the 200 SMA, too slow for my taste.

The 100 and 200 Simple Moving Average

It is possible and many people do it, but you cannot do it with the average US$10K intraday-trading account. Longer time frames require in my opinion beefier accounts.

Trading for living only using daily charts or higher...

LOL Dr. Freud might have something to comment about your post

Cable Update (GBPUSD)

Let me see if I got it right... you're shorting this market??? (see picture below). Are you a salmon, swimming up-stream or something?

Daily EUR/JPY analysis

As it has been pointed out already, most of the trading methodologies around use the longer time frame to establish the overall direction of the trade, and zooming into the shorter time frames for an entry once the pre-set requirements are met. Also ...

Question on Lower Time Frame Indicators Vs. Longer Time Frame