Greggy posted: I agree, it looks like scribble and it's hard to see through it all, but if you look hard enough there are hidden gems in there!!! Just need to keep looking. Apart from that if you look at the EURUSD chart I'd say that was pretty spot on!!! My advice is this start analysing charts on the Monthly then work backwards. You will also find that where trend lines cross these are resistance and support lines.
My attitude is try everything and anything, because you never know what you will discover. I'm learning all the time and I'm learning something new about technical analysis every other day. It's all about Trial and Error. Not only that I'd be bored to tears relying on some algorithm/robot to do everything for me.
I don't think you will ever get bored in trading! 😄 But maybe you can try playing it a bit more simple with all these lines and indicators. You know, sometimes you don't have enough time to dig too deep as the markets are moving fast.
Greggy posted: A little something I learnt today, but which could make a massive difference to your trading.
How to do it:
1. Go to Monthly Chart and place horizontal lines at Highs and Lows. 2. Go to Insert and place Fibonacci Time Zone From First High to First Low (As Shown). 3. Draw Trend Lines from Highs/Lows to where Horizontal Lines intersect with Vertical Lines. 4. Where Trend Lines Intersect draw Horizontal Lines. So you end up with something like the next chart.
Note: Not going to put all the trend lines in, this is just to give you an idea. I'll leave the rest to you. You'll notice that where all the lines intersect provide support and resistance.
Charts Provided: Monthly, Weekly and Daily.
A Little Tip and this can make a big difference: When placing Fibonacci Tool on Chart, Take the Fibonacci Trend Line to the Far Right so it ends on the last Horizontal Grid Line. This also provides support and Resistance.
Whenever the New Weekly/Monthly Opens place new Fibonacci Tool on Chart, same with Daily, 4 Hour Etc. Always taking the Fibonacci Trend Line to last Grid Line to the Right.
What’s the name of this trading strategy? Is it Price Action trading? How you select your entry and exit point?
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