I do not really post in here much but I often check out other peoples post. I am a relatively new trader close too 3 years now live/demo etc now back onto live account and getting there slowly.
I have a question and my apologies if in the wrong section:
I know most of us including me trade support and resistance ( i tend to run off monthly weekly highs/lows) for my entry and exits.
I have recently watched some youtuber's VP from no nonsense forex and some others who never use support and resistance but have a algo (group of indicators) that act as tools to determine entry and exit, and trade sustainability.
I was wondering what people are using if they dont mind sharing their ideas. I this strategy as a totally different concept in how you play the forex game rather than simply playing off support and resistance like the wider community.
I'm about in the same situation like you. Been in forex since 2014, and slowly beginning to understand how stuff works. I have been watching those youtube videos, too, and most of them are simply boring or off-topic regarding to my style. I favor using lower time frames for entries, and exits, and higher for directions.
Once you have figured out your S&R levels I would use full stochastic oscillator (5,3,3,) like in MT. In the lower time frame I would use in/out 10 period SMA, or crossover of 10 & 20 period SMA.
I like fiddling with Bollinger Bands, SMA's, and full stochastic. Sometime MACD.
The only difference between me and you is that the highest time frame I look for S&R is the daily time frame.
Even if somebody reveals precisely a solid money making strategy there is a huge psychological aspect, with which I'm tackling, too.
I don't use ADX or RSI, since I feel that they are not very precise for my purpose.
Had I have a mentor or a coach, this journey would have been much faster.
I'm still dreaming of making big money out of 'pocket money', so I don't really know.
I did stumble across a strategy online as up till now i have been trading those purely technical aspects to trading which we all adhere and follow too, with trading.
The one i found was using 3 x 70 sma's on the close, high and low. You also used a momentum indicator set to 34 periods with a level of 100. You simply buy if you get a close above or below the 70's ma. If long then the momentum must be over 100 and so on if below. Done on the 4 hour time frame as well.
I am going to trial as looking back over previous price actions it seems feasible and worth a shot.
nothing wrong with dreaming all good ideas come from a thought at one point in time !!!
Really enjoy VP's podcasts as well and find his take on trading interesting. May be aware already but there is a Discord channel that breaks down all the different parts and indicators to test out., if not, recommend having a look, lots of information on there.
I'm not completely sold on my exit indicator yet but one I'm looking at/tweaking is Chandelier.
I have been wondering a similar thing. I have been using support and resistance like everyone else but I haven't got very much to show for my efforts. I feel like S+R is a red herring and there is something else out there that is better for trading. I have been playing with pivot points but also had mixed results
Yes pivots are hit and miss, but remember nothing is completely flawless in trading. You MUST develop a system with your trading and whats makes it successful is your ability to stick with it and never deviate from the rules of engagement.
I think that this is every traders problem. If you trade only S and R run a set stop you do get the runners/winners. I trade S and R but i use weekly and monthly for those key areas of proposed movement.
I do think that if you fully understand indicators you can trade using those. 1. for entry and exit and 2. one for trade longevity (how long do you stay in ( volume and volatility). Also, ATR can also give you a guide with reference to your take/p and so on.
Im still new as well, coming on 3 years, but i am still alive and havent been wiped out.
You can use any indicator for 1.Entry 2.Exit 3. Trade Filter
For example lets use RSI for using contertrend setup when we only trade for longer term trend direction 1. For Buy entry you enter trade when 20 period RSI is in oversold zone say buy when RSI-20 is 10 2.for Exit trade you exit when 20 period RSI enter overbought zone say exit RSI-20 is 60 3. For Trade filter you enter only long term trade now you can define Long term up trend buy when RSI-100 is in overbought zone only. These are example when u use a single indicator for Entry, Exit and trade filter. Even u can use RSI or any other indicator for momentum, divergence or reversal trade. You are restricted by your imagination only.
The market will trade through it’s path of least resistance .
The entry and exit indicator that's perhaps simplest to understand is a common measurement on every commodity's graphs: The moving average. It's a general indicator of a stock's price movement over a given time.
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