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Forex on Five Hours a Week: How to Make Money Trading on Your Own Time _8

Tham khảo tài liệu 'forex on five hours a week: how to make money trading on your own time _8', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Trading Edge 139 If you have tried using chart patterns in the past you may have had hit or miss luck with them. That s mainly the reason why anyone discards anything. It doesn t work. The remainder of the reason lies in a basic human trait the search for something better. This unknown may exist on some levels of living but not in trading. What s best for you may not be best for me. Best is relative. Remember a couple basic ideas of price 1. News and fundamentals are built into price action. 2. Price action reflects the psychology think fear and greed of the market. I am not a technician technicians rely more on indicators which are always lagging but rather I am a chartist who focuses on price. Nothing leads price. Some tools like pivot points and Fibonacci levels may forecast but this is not predicting. The other aspect of price that no one seems to tell anyone so I m going to tell you now is that price can only be interpreted effectively if the underlying market direction is identified. It was reading article after article written by Charles Dow that crystallized this for me. The market currently is in one of four market cycles accumulation mark up distribution mark down. A market you have learned can only travel up down or sideways. This is not enough though. We must know how to identify the current cycle in real time. Now take this concept back to what may have been a hit or miss relationship with chart pattern-based entries. Occasionally I can imagine they worked and occasionally they did not. In all likelihood you were by chance pairing trending patterns with a trending market and sideways patterns with sideways markets. Eventually the frustration of this haphazard winning and losing made you drop chart patterns and move on. They re for newbies after all you may have huffed as you went to Google to search out your next trading strategy. So what do we know now Chart patterns must be paired with the correct market cycle. Here s how you can use a simple trio of