Some have asked me about my rather different methodology. This 15 min chart of Gold which isn't my favourite, shows it all. No secrets. No fees. No signups. No signals. No obligations! 😃👍 The position setup shown looks back only to show how it works. There are 5 points at which this trend could have been shorted. If you're a day trader, you might have lost some sleep on this one, but it would have been worth as much as 69 points, or multiply that by whatever you put in for a position sizes. If you had the 'bottle' (not recommending alcohol), you could have added one or two position sizes. (The trend shown could have happened on any time frame - no law says it couldn't. Unlikely on a 4H but who cares).
Some knew that gold was likely to head south, but nobody could predict how far, when an important plunge came. Trends predict nothing. You just follow and 'a system' can determine your get-out point.
I can't provide skill in this methodology. It sure has it's losses like any other methodology. I can only show how it's composed. The following are important: 1 - one has to spot the trend switch early - so alerts can be set up to spot it. 2 - flattening of price and trend may say something is about to happen (north or south) 3 - price alerts can be set up, so you know to look when something happens (if you're asleep - tough). 4 - an initial RSI plunge or punch does not necessarily mean that price is going to recoil - it could mean start of a big move. 5 - do not fear the RSI - but respect it. 6 - take some or all profits in a very deep or high RSI (depending on direction of trade). 7 - Watch for a 'theory of curves' - it often gives a warning of the trend ending (approx 55% chance).
Skill in any methodology means lots of time and effort sequencing and practicing. Do it on a paper trading account. If you don't do the time you don't get the 'dime'.
One day traders will wake up to the value of teamwork. So some can take the watch while others have a nap - the 'watchman' wakes everybody when important stuff happens. 😃🤣
Disclaimers: This is not advice or encouragement to trade securities. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
@CFDStephenwood, Many thanks. I just wanted to share different ways of tackling the markets. There is no single road to the promised land. Anybody can take any methodology they like and perfect it through practice and skill to get their share of the 'wealth'. So there is no competition between traders - we are all competing against a common 'enemy'.
Subrato-Nandi
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Its not bad but i didn’t understand some points properly. Can you explain me?