Guppy with Triangle Breakout Forex Trading System - Forex ...

Biweekly Trading Update #3: Trading without Indicators

Over the weekend my trading strategy changed drastically. At first I decided to let indicators completely rule my trading strategy; however, I quickly ran into issues with that ideology. My trading turned into gambling, and could easily be replicated by a simple program. To combat this issue I pushed back-testing indicators from the prior weekend to after I solidify my technical, sentimental, and fundamental analysis. I started learning Naked Forex, order flow analysis, and price action analysis over the weekend, and have started practicing them during the weekday. Although my win percentage is fairly low, I found that my analysis is getting stronger with each trade I take.
My first trade was on the 30 min EUUSD chart. I saw that the market was entering an ascending triangle and started to expect a bullish breakout. I looked at the market sentiment on fxdaily, and saw that most of the market was bearish. I assumed that the bearish presence in the market were the retail traders, and assumed that the market would move in the opposite direction of their expectations. I used order flow analysis to find the momentum and projection of the market, and ended up placing a buy stop in order to catch the market on the expected breakout. One thing I did not factor was multiple time frame analysis. I did not see that the market had entered a channel, and that I placed a trade when it had hit the resistance level. The price reached my buy stop, but proceeded to drop until it hit my stop loss.
As I went back to analyze my technical analysis, I found that I misread the order flow. I also realized that there were many parts of technical analysis that I didn't factor in, such as multiple time frame analysis, major support/resistance levels, and Fibonacci levels. I also decided to take more precaution when looking at the market sentiment, and try back-testing that data before basing another trade off of it.
Although this trade was a loser, I still learned a great deal from it, and feel like I benefited more than my previous trades. The chart analysis was tough to begin, but progressively got easier as I looked for more and more trades. For the time being I decided to stick with the EUUSD, and exclusively look for repeating market behavior and reactions in order to strengthen my market sense and improve my technical analysis before I start back-testing and using indicators. I also have started to pay more attention to candlestick patterns and their link to trend behavior.
Overall I believe that improving my technical analysis is a step in the right direction for my trading journey. I finally feel like i'm trading with my own mind rather than being overly reliant on the indicators on my chart.
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Webinar 12 Classic Triangle Breakout

Triangles are the best known and most respected and reliable patterns for trading from the charts. Triangles work for forex, cryptocurrency, commodities, sto... http://www.22s.com/baycone if you want to get our forex ebook or get a good broker and see other services we render,use the link above visit our forex websit... Webinar 12 Classic Triangle Breakout WWW.TRADECLUE.COM TRADECLUE tool has detailed and simple templates for the above setup. One can get curated alerts detec... The breakout strategy can be used on all triangle types. Loading... Autoplay When autoplay is enabled, a suggested video will automatically play next. Up next Breakout Trading Strategy Urban ... Triangles and Wedges – Forex Trading Strategies \\\\\ Triangles and Wedges – Forex Trading Strategies Descending triangle. You can s... Here is a Day Trading strategy taken today on the gbp/jpy. We did extensive research on this pair before taking the trade. See http://fxlivedaytrading.com The USDJPY is currently breaking out of the upper trendline which forms part of the triangle formation. Price still has to contend with another resistance in the shape of the figure 100 though.

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