ok here me out.
i'll go straight to point
this message is for the newbies (oldies gonna hate)
what is pure Minimalist Technical Analysis Trader (MTAT: i just made this up)
-it is when u leave out all so-called indicators and focus on the chart
-some of these indis are: MACD, RSI, ATR, STOCHT....
-it's when u leave out the FUNDAMENTAL analysis and focus on the chart pattern
- i'm talking here about financial news and garbage flash news
- didn't u sometimes realize that a news come out, but the dollar act contrary to the news it-self?
HOW TO APPLY this MTAT?
let's be practical, but first u need to watch so many charts until ur eyes pops out (it's a prerequisite).
1- always pick a 4h-time frame chart
2- always brush ur teeth before bed time
3- always look for a bullish pair to trade (this is essential for the plan to succeed)
4- after identifying the bullish pair, start looking for SUpport & Resistance...but never make the chart too complicated, u really need like 2-4 lines drawn only
5- after u draw the S&R lines, look for retracements (the pair is going down slightly)
6- use the FIBONACCI drawing tool and draw from the lowest to highest point (before the retracement)
7- it's best to focus on the 61.8% line
8- look for a confirmation candle:
a- a red Bar, which the low point of it touched (crossed) the 61.8% Fib line
b- followed by a green bar which closed ABOVE THE fib 61.8% line
c- place ur buy trade when the green candle closes
9- how to set your target:
a- use the (-61.8% or -100%) FIb levels
or
b- use the Resistance line u drawn previously
now the question is, do u really need MACD or RSI or STOCH?
of course NO, if you google it, u'll know that these reflects previous price actions? so why use it for FUTURE price actions?
what to do when big news are coming out?
IT WILL ACT ACCORDINGLY THE PREVIOUSLY SET CHART PATTERN...this will never fail you
DO YOU PLACE STOP ORDERS?
NEVER, never put pre-set stop orders,
you should be active on ur screen and wait for the price to fall to the price u set as a stoploss, AND CLOSE TRADE MANUALLY
WHY?, because when we have big news, we have volatility the pair will go up and down so hard to close all stoploss orders
then it will continue to obey the technical chart pattern as a fukn slave!
let's practice:
use the FIB Ret tool:
identify the red and green candle:
place your buy order:
et voila....
#STOP_BEING_POOR
i'll go straight to point
this message is for the newbies (oldies gonna hate)
what is pure Minimalist Technical Analysis Trader (MTAT: i just made this up)
-it is when u leave out all so-called indicators and focus on the chart
-some of these indis are: MACD, RSI, ATR, STOCHT....
-it's when u leave out the FUNDAMENTAL analysis and focus on the chart pattern
- i'm talking here about financial news and garbage flash news
- didn't u sometimes realize that a news come out, but the dollar act contrary to the news it-self?
HOW TO APPLY this MTAT?
let's be practical, but first u need to watch so many charts until ur eyes pops out (it's a prerequisite).
1- always pick a 4h-time frame chart
2- always brush ur teeth before bed time
3- always look for a bullish pair to trade (this is essential for the plan to succeed)
4- after identifying the bullish pair, start looking for SUpport & Resistance...but never make the chart too complicated, u really need like 2-4 lines drawn only
5- after u draw the S&R lines, look for retracements (the pair is going down slightly)
6- use the FIBONACCI drawing tool and draw from the lowest to highest point (before the retracement)
7- it's best to focus on the 61.8% line
8- look for a confirmation candle:
a- a red Bar, which the low point of it touched (crossed) the 61.8% Fib line
b- followed by a green bar which closed ABOVE THE fib 61.8% line
c- place ur buy trade when the green candle closes
9- how to set your target:
a- use the (-61.8% or -100%) FIb levels
or
b- use the Resistance line u drawn previously
now the question is, do u really need MACD or RSI or STOCH?
of course NO, if you google it, u'll know that these reflects previous price actions? so why use it for FUTURE price actions?
what to do when big news are coming out?
IT WILL ACT ACCORDINGLY THE PREVIOUSLY SET CHART PATTERN...this will never fail you
DO YOU PLACE STOP ORDERS?
NEVER, never put pre-set stop orders,
you should be active on ur screen and wait for the price to fall to the price u set as a stoploss, AND CLOSE TRADE MANUALLY
WHY?, because when we have big news, we have volatility the pair will go up and down so hard to close all stoploss orders
then it will continue to obey the technical chart pattern as a fukn slave!
let's practice:
use the FIB Ret tool:
identify the red and green candle:
place your buy order:
et voila....
#STOP_BEING_POOR
