Hi Nick, I have come to realize S/R are much more reliable than any thing else.The break outs happen
but S/R levels seem to be honored more often. I very much look forward to your input. It's all about probabilities , what has a greater probability of happening and at S/R levels there is a lot of popular opinion being expressed, and minimizing the damage if it goes against, but also a hard one I find is knowing when to take out profit. So often been in the green just to watch it go back into the negative.
Once again, I look forward to your coments. Regards Mario
Mario,
thanks for your support. I will not not be making calls per say, at least not right away.
Mostly just posting chart analysis based on simple Techs, and of course, always keeping an eye on the fundamentals, especially in these times.
I also think that basic Techs are underestimated at the expense of complicated indicators and feel that pivot points and reversal points can be more easily identified through simple S/R, trend lines and the such. As far as taking profit, something that really helped me is incremental TP, meaning taking out portions of your trade at a time.
I don't trade breakouts but mostly reversal points, so if I get an entry right, it's usually right enough that I'll feel like letting the trade ride for a while. What I'll usually do is take 1/4th or 1/2 of my profits after a substantial enough bounce (35-40 pips), move the trade to Break even and let the rest ride. As I am able to identify the strenght of the reversal further and whether it's a full trend reversal or just a temporary strong retracement, I'll keep taking increments of my position out of the market based on all that info. Also, before news releases I'll always take most of my profit and leave a portion as a positive expected value gamble of sorts, meaning the upside to a move in the right direction is so much stronger than a return to BE, considering the potential strenght of it, that I feel that over the long time, you get a great return on your money.
Hope this helps. I'll post a first EU chart later, see if it helps anyone. Always looking for feedback on the S/R levels etc...so please, feel free, even if you're not sure. No one is in this market, anyway.
Nick