Any forex traders here?

I really thought about this for a long time, and from my tactic tight stop losses are a must, because I anticipate retracements or potential reverses at a certain price level. If it then comes out higher the risk is that the market completely ignores this supp or res level and then the trade needs to be closed as quick as possible.

But many long term tactics need a big stop loss because they dont use these levels but rather uyse indicators such as bollinger bands etc.

The other thing is, is that having insight in the effectiveness of your tactic is really hard, because on short term the element of surprise is present which distorts the view. Only long term you can judge a tactic well. That is why, even though I am now currently losing money, i need to push on and see what it will do on the long term

For example, when the dollar index is bullish, then pairs like GBP/USD or JPY/USD tend to be bearish and vise versa.

There are other interesting correlations between other asset classes and fiat, like when the stock market shits the bed, JPY tends to rally because traders are exiting longs and moving into cash.

I thought you're doing short term trades. The longer the time between opening and closing the wider the gap has to be

Also, if you want to see a live example of inverse correlation in real-time, pull up the BTT/BNB chart and the BNB/USDT chart and watch that beautiful price action unfold. And if you want to blow your mind a wee bit, look at BNB/USDT in the daily TM and BTT/BNB in the 15min and you may notice a similar cup and handle formation.

Shits fractal, fren.

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....otherwise look at both in the same 15min timeframe and take notes on what you observe. Justin Sun and CZ are trying to teach us something.

What kind of influences do the opening and the closings of the markets have?

It’s the difference between the markets being awake or asleep. More volatility during London Open and New York Session as apposed to the Asian session when price action generally tends to consolidate into a tighter range, generally.

does volatility have anything to do with the market respecting or not respecting horizontal supp and res lines?

I have never traded crypto so i wont be able to behold this wonder haha, but i do just love the consistency of different pairs reaching a s./r. level and all start a retracement or reversal

Good luck if you think you're going to make it using a couple meme lines. Might work for a bit, and if you have insane risk management, though.

Volatility is what distributes price to levels of support or resistance. The volitly is measured by those swing lows and swing highs. Those swings create areas of consolidation within different spans of time fromwhich and/or into which price distributes.

>x axis
>y axis

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ty fren

How long have you been using this strat, and do you trade across multiple pairs or just stick to one?

really interesting man, only the last sentence is hard for me to comprehend but anyways thanks much frwen it makes much more sense now

OP is obviously a fucking noob.
This only works in trendless markets that trade in a tight range. So basically OP is swing trading within a predefined channel based on support and resistance lines given by previous peaks and troughs.
That's cute, OP, but unfortunately the minute the market turns against you you'll be utterly fucked.
The next stage of your evolution is employing oscillators, but you'll surely over-rely on them and get BTFO due to parabolic trends.
The following stage employs trend-following techniques. Probably moving averages or, if you're a real nigga, MACD. Unfortunately, here again you will encounter problems: what to do about time lag or trendless markets? Where is the transition from trend to calm waters, and what to do about the choppiness inbetween?
Actually, scrap all of that. OPs deliverance from ignorance will first come from identifying long-, medium-, and short-term trends. Perhaps he will even graduate to Elder's triple screen trading. Don't even get me started on SL/TP and risk/reward.
HOWEVER the likeliest outcome for OP is to build up a nice little stack due to lucky trades and, when his head is swelled to the size of a balloon, place way too much equity into one losing trade and blow the fuck up to become yet another of the 95% of those who get totally, utterly REKT.

opie delenda est

in my strat if multiple pairs approaches a level of either support or resistance, i look at all those pairs individually and see what res/sup is most fit to base my order on. It worked a few times when I wasnt greedy, so I see hope

Bbased and trendpilled

Why would my tactic only work in a small range?
here is an example on the 6h chart:
(supp and res lines have been moved since time moved on that is why my trades are not easy explainable)

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bumping my own shitty thread

bump bump bump

are you profitable?

I have been using the same account since 4 months ago. Netto now -190 euro. But I had implemented many different tactics. Right now I have settled myself on this tactic described here and I am now 5 euro profit. But this is mostly due the many unnecessary losses I got from being to greedy. And besides that, my last few trades also had a really good w/l ratio. So even though I am in loss right now I am slowly making profit

google the equity millipede. I think it would suit you.

>4 months ago. Netto now -190 euro
lol

Really interesting man, maybe this is something I need to keep in mind.
thanks fren

first off, you are an advertiser.
secondly, what youre doing is 80% gambling.
and lastly, only 18% of the traders doing what you are advertising actually do it for a living.
everyone else is the losers paying their bills.

>it goes in all fields

If a slide had at the end a small steep offset, that would mean the person sliding it would eventually go up. Not sure if this comparison makes sense but whatever.

im just gonna be a naive kid tryna be millionair
you 'nom saying

try to withdraw your funds. i bet you literally can't. there are TONS of site out there that wont let you withdraw your earning literally at all. you are probably the victim of a scam site, OP.

all u had to do was lurk biz for 2 years and you would have known better.

But this is the damn thing, short term proves nothing about the effectiveness of a tactic. This is due the presence of the luck element. Only on long term this luck element will be nullified, hence my post. Do I even have a chance?

Well because I can put funds into it it also means I can withdraw them rite frens?

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You don't need indicators, most are lagging behind price action.
It can be decieving because tons of people just use indicators to "confirm" their bias. Just focus on price action.
2% a day is god-like, keep it up.