Using indicators is a gamble and each indicator has a success rate. For example, Resistance and Support have the best success rate because of their large support from the traders society and that's also why they are quite reliable. Like wth all indicators, traders place orders around the indicator's levels and therefor create and maintain them. Every indicator and individual level is a self fulfilling prophecy.
There is no such thing as a forecast when you deal with the chaos of mass psychology that is steering the prices of the floating Forex market. The only thing that is sure are order quantities and inventory levels, but only a handful financial institutions have access to this information. Be careful trading Forex, you never know when your trading partner is one them.
There is no such thing as a forecast when you deal with the chaos of mass psychology that is steering the prices of the floating Forex market. The only thing that is sure are order quantities and inventory levels, but only a handful financial institutions have access to this information. Be careful trading Forex, you never know when your trading partner is one them.
Comment:
The Forex market is an unpredictable chaos controlled by central banks and large speculators while infused by mass psychology of human greed. Good luck in predicting that with pattern recognition, instead study Institutional Order Flow.