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who can trade with support and resistance area???

RainFall
Rainfall0204 (Rainfall0204)
Sep 01 2015 at 00:36
28 posts
Axel92 posted:
@Rainfall0204 @muruez hi guys,,, can you explain how your strategy with S/R??


beforehand I am not responsible for any looses that will happen but: in THEORY when price hits support or resistance it means a change of trend, retracement, breakthrough and trend continuation, when trading price action there are many simple strategies available the key to trading those strategies you must consider other factors such as trend, support and resistance, latest financial news sometimes you can use SSD, MACD or RSI to confirm the signal you always have to look for couple of reasons to enter a trade rather then just a hunch/hope and just because the price acted out and hit resistance now also remember that this will not work on short time frames below 1 hour, now one thing you have to know is that whatever strategy you pick to trade you will have loosing trades sometimes sequences of loosing trades, stick to YOUR STARTEGY if you are having a crappy day STOP comeback the next day, also trading is not fun it is very boring and emotionally draining.
BTW its not a good idea to ask people on how to trade every trader has their own way of trading that fits them i'd suggest downloading something like market replay software and trading that for a while you can also do a demo account but with market replay you can speed up or slowdown gives you an ability to test your strategy much faster


Axel92
Sep 01 2015 at 09:59
8 posts
@Rainfall0204 thanks for your advice!! hopefully i will get better result in this business

RainFall
Rainfall0204 (Rainfall0204)
Sep 01 2015 at 14:14
28 posts
just take it nice and slow, know and follow your plan

muruez
Sep 01 2015 at 14:39
7 posts
i learn from my mentor based on support, resistance & fibonacci.
i can try to get the free video link.
it's help me change my trading style a lot.
    

Pharley
Sep 02 2015 at 06:22
4 posts
Hi,

I trade S/R with no indicators, minimal risk and some really good gains.
 Happy to share.

Cheers

Axel92
Sep 02 2015 at 08:07
8 posts
@muruez oh i see, support and resistance is my walkthrough in the forex market.. so keep it simple don't over analyse..
i learn a lot from forex4noobs..maybe you can see his video in youtube...

Axel92
Sep 03 2015 at 07:23
8 posts
hi @Pharley what time frame you trade?? some people said daily chart is most accurate to predict the price action.. but sometimes i lost the moment to entry the market...how do you think about it?

Pharley
Sep 03 2015 at 08:16
4 posts
Axel92 posted:
hi @Pharley what time frame you trade?? some people said daily chart is most accurate to predict the price action.. but sometimes i lost the moment to entry the market...how do you think about it?


Hi Axel,

I use the weekly charts and zoom out. Then I draw major support/resistance (supply/demand) areas.

Then when price gets near those I go to daily charts - I want to see set ups on the daily - pins bars, engulfing etc, but always at these areas.

Entries are taken off the daily or 4 hr charts. Most often on 50% retracements, or retracements back to minor support/resistance areas (taken off 4 hr charts).

As I look across perhaps 10 pairs, there is normally something happening not far away. If I want some more action (and can have some time in front of screen), I take the 4hr charts, draw S/R areas, and trade the 15m or 1 hr chart.

But when I'm in a trade, it's how I go about it that produces huge gains. If I'm entering off major S/R, then I enter multiple times during a run. In effect for a run of say 500 pips, I can gain double, triple or 4 times that amount of pips.

The key thing to this is risk management and how I manage it. Targets are determined by major S/R areas but risk mgt during the trades is absolutely crucial. I keep risk at a minimal level at all times, no matter how many trades I've entered on a run. If my risk is 3%, then even with 5 trades open, my risk is still 3%.

By doing this and using price action (S/R, channels, candlesticks) I can normally get 50% gain on the account during a run.

Now I've taken off my cTrader account from myfxbook, as it kept producing the wrong figures - showing a 99% loss when I'd actually gained 60 pips etc. Otherwise I'd show it - perhaps I'll link it again. I changed brokers 6 weeks ago so decided to start myfxbook and the account is currently up about 210% during the 6 weeks which I'm really pleased with. And that's not taking any more risk than normal.

You really don't need to take big risks to get big gains - you jut need to work out the way to enter multiple times, protect the gains you get, manage the risk and manage the trades. Once you know how to do it, you're always on the lookout for those types of runs. I've a thread on forex factory explaining how to do.

Good luck!

paull3000 (paull3000)
Sep 06 2015 at 10:59
10 posts
I trade price action and use no indicators whatsoever, only Support and Resistance.

I mainly do Swing Trading and my strategy is profitable:

https://www.myfxbook.com/members/paull3000/price-action-01/1288057

muruez
Sep 07 2015 at 12:30
7 posts
keep up Paul Langer make more profit in live acc😄

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