Hi Andy
Well done. Do you use other support and resistance levels across various timeframes, as well as MA'a, oscillators, candles, other TA, news/fundamentals, or are you trading purely on Fib pullbacks on the one currency pair? cheers.
Hi, Donkers, I like to keep it as simple as possible to be honest. I've tried many indicators and found they sometimes work, but you can't rely on them solely to trade. Price action is key. I subscribe to the 'no indicators brigade!'
Well the only indicator (if you can call it one), I have is a daily ATR to give me an expected range.
I will draw fibs on the hourly chart, normally the previous day swing high to low, and then often also a fib of the last swing move. I may also have a larger fib from the hourly or even daily. I then use these levels to base my trades around. Normally a break of a 38% fib will see price move to the 50% etc.
My latest method is to try and jump on one of these moves, and bag a few pips quickly whilst getting my stop loss to breakeven as quickly as possible. As you study the price action around fibs you will often see that price does move pretty quick once a level breaks.
In terms of other sup/res I will normally mark the prev days high and low, and also the daily pivot level. You might also see a trend line or 2 if obvious points exist. Remember a trend line is only a true trend line which you can believe in when it is touched at least 3 times.
So as you will see from my charts I try and keep them as simple as possible
So in brief, price action - is the price forming higher high, higher lows (uptrend), or is it forming lower highs, lower lows (down trend), or is it consolidating.
Then play the moves between the fib levels.
I started my blog a week ago to log all my thoughts and trades. I hope to keep this going and in 6 months time to be able to see how far I have come
