Why Is The Obvious Not So Obvious?
- Thread starter nysestocks
- Start date
one chart only
My chart is in CST, which is 1 hour behind NYT.
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based on the chart you posted..what do you consider are the main points that makes you choose this instrument over another instrument..and how would you go about trading it?
keep in mind you might be asked to back up your answer with evidence..not live trade evidence..but evidence to support your answer!
keep in mind you might be asked to back up your answer with evidence..not live trade evidence..but evidence to support your answer!
So M3, here is my answer: I trade Forex, in particular EUR.USD, there are two main reasons why I do so:
Here is how I go about trading Forex (or any marked, for that matter):
- Experience, I have been trading forex for several years now and I am comfortable with it, I am getting to recognize most of the "tricks" and "traps" and avoid them
- I lost/spent most of my savings so I have very little capital to trade and forex is the only market that offers me enough leverage to trade
Here is how I go about trading Forex (or any marked, for that matter):
- First, before day start I check what is the status for the higher TFs (M, W, D are Trending and if so in what direction or are consolidating after what direction).
- Then I check lower TFs (4H, 1H, 30M and 15 M) and do the same checks as above
- then I mainly follow price when trending on one or more TFs (the higher the intraday TF the better, especially if lower TF are in agreement) by taking a step back and running along until the trend gives signs of braking, or I reach one critical level, then I monitor carefully how price respond to the level and act accordingly.
Primary reason, I can set my bet size to exactly to whatever I want. The spread is often 2/tenths of a pip and it has sufficient movement daily.
The former point seems most important, as it has been mentioned that trading is gambling.