Why I trade with candle sticks and no indicators - Page 377
Page 377 of 377 FirstFirst ... 277327367373374375376377
Results 3,761 to 3,762 of 3762

Thread: Why I trade with candle sticks and no indicators

  1. #1
    Banned
    Join Date
    Mar 2015
    Posts
    9,523
    Thumbs Up
    Received: 127
    Given: 20

    Why I trade with candle sticks and no indicators

    Hello all.

    Will be sharing to you some reasons why I trade with candles with resistance and support line and no indicators



    Here is a screenshot of My on going GBPJPY trade, I will explain why I took it and why I still held it.

    Attachment 12655

    At arrow 1. being the support area, the formed BULLISH PIN BAR encouraged me to take the long position, because it signals BULLISH ATTACK and at that moment, the weekly time frame was strongly bullis.. So I took the trade and set my stoploss below the pin bar.

    At arrow 2. Being a resistance line which is not too strong(The market tested it not as strong as the below support area. I was expecting a breakout, But a pull back occurred at Arrow 3, I then moved my stoploss to break even(I will explain more of this on the indicator screen shot).

    Then, I waited for a signal that confirms a continuation or a decline in price.. And BOOM!! After some few days, a signal formed for me around the Yellow eclipse area Which gave me the confident to wait for a breakout and it occurred and I am still holding the position and it has moved over 1200 pips!!!


    WHAT I WOULD HAVE DONE IF I TRADED WITH INDICATOR, BOLLINGER BANDS.

    I started learning forex with Bollinger bands.

    But along the line, I stopped using it and learning just candle stick and support and resistance line.

    Here is a screen shot of the same trade with bollinger band on it.

    Attachment 12656

    Arrow 1. Which is a support area with the Bollinger Bands Supported the candle stick, because when a candle breaks from a bollinger band lower or upper bands, it signals over sold or over bought market, therefore at the support area, the market was over sold and it formed a pin bar.. FIne, it'd have supported me to take the trade.

    Arrow 2 Being a minor resistance and the Bollinger BAnds signals a over bought market because the candle at Arrow three broke out of it. THEREFORE ON FOLLOWING THIS INDICATOR, I WOULD HAVE CLOSED MY LONG POSITION AND THEN START SELLING HOPING THAT THE MARKET WILL START GOING DOWN AND WOULD HAVE LOSS MY MONEY BECAUSE THE MARKET CONTINUED THE UPTREND MOVEMENT.


    In conclusion.

    I am not saying that Indicators are bad, or people who make use of it are not profitable, but I just think that as a swing trader, it will not help me hold my position for long, The middle bollinger band is a very confusing area( I will explain it in other threads).

    Also lesson I would want Beginners in here to learn is that:

    1.BE PATIENT. I was patient for some few days to wait for a break out.

    2.TRADE THE LONGER TIME FRAME AND KNOW YOUR S&R LEVELS.

    GIve me a thump up if this is useful.

    Not allowed!

  2. #3761
    Trader Batavia's Avatar
    Join Date
    Oct 2016
    Location
    Batavia City
    Posts
    3,329
    Thumbs Up
    Received: 22
    Given: 13
    The simple way to analyze this market it is by candlestick or it is called price action method. You can learn this and thete are have two method it is candle pattern and chart pattern the both are very important.

    Not allowed!

  3. #3762
    Registered user
    Join Date
    Oct 2019
    Posts
    17
    Thumbs Up
    Received: 0
    Given: 9
    Learn how to read candles correctly you will build on all the results and if the building has a defect unfortunately all your labor and effort in becoming flawed and only come with negative results so we will try to understand well together

    The issue of reading candles at the closing price on the chart is very important for good technical analysis and has two regular and professional methods

    *1* Normal way
    It depends on the trader's concentration on 3 points.

    1) Compare the lock ing place and upper shade area
    .....................................
    And here the analyst himself is asking whether closing the candle came higher than the opening price and at the top of the top of the shadow completely

    Or the closing came below the opening price and converged with the lower shadow.

    *2* Compare the sealing place of the lower shadow area
    ...............................................

    And here the trader is asking whether closing the candle came below the opening price and at the bottom of the shadow completely

    Or the closing of the candle came below the opening price and close to the lower shade

    From here we note very well that if closing the candle is higher than the opening price and with the upper top it means that the buyers are coming means the trend is upward.

    But if the close close to the opening price means that the price trend will be downward

    This is a regular method of analysis by reading candles but it requires reading a lot of candles and this requires a lot of time.

    Not allowed!

Page 377 of 377 FirstFirst ... 277327367373374375376377

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •