First I would love to state I am starting this journal for ME. To write down my thoughts about trading, keep track of transactions, and hopefully grow frequently as a trader.
I've previously been a notorious Indior abuser/follower/fiddler/experimenter.
In order to additional imprint this thinking in my brain I will post exactly how I see that a chart and what I am searching for in a trade. Butfirst I need to jot a few things down.
The Market and that I am in it.
I have lately come to think that my fellow retail traders are really nothing and nobody else in the Foreign Exchange market place. Enormous Banking and Big Business would be the entities moving those little ticks up and down my price chart. My small orders do not even enter that huge river of order flow when I place them. Rather they input larger orders placed at a subsequent time by my retail broker. However, those banks particularly have an idea about what I could do in many trading situations, and have developed egies to take advantage of my tendencies.
For example: I, a poor peon in the scheme of things, want to learn how to trade since I hear I will make good money. However, not knowing how to trade I instantly look for my broker to give me great information on where to place my Stop-Loss order. My broker patently gives me the answer of Above the last Swing-High or below the last Swing-Low conveniently leaving out the thought that the Banks understand precisely where these Stop-Loss orders are placed. How can the Banks understand the orders are there? Since the Brokers discovered to trade in a Bank! Thus giving the Bank, and very possibly the Broker, an edge against me the modest witless guy that loves to give my hard earned green.
I think we Retail Traders play in a Shadow Market set up by our own Broker which allows us to pretend we're trading the true thing. I do think we could earn money at this, even large amounts of money(otherwise I would not be here). But I do not believe a little $10-$100 Market Order could move the numbers in my display!
To conclude I am Nobody!
Oh and I almost forgot. I think that my head is my strongest Indior.
I thought about starting a new thread simply to discuss what I am looking at here. Thought better of it as this forum can be brutal... Not sure I can also egorize this anyway.
I had been hoping that if I put this info on here there would be some knowledgeable traders who would have any insight to the pitfalls and successes of the way of studying the market, possibly even somebody that deals this way. I dun, I guess I will plunge right into it then.
What everybody keeps telling me is Keep It Simple, Price is all you require, on and, on and, on. So here are the three items in my charts.
Support and Resistance: In the 4H
Trendlines: Blend of 4H 15M 1M
Price: Will utilize Both Line Charts and Candle Stick Charts
I'm using the Line charts to setup Trendlines and Support and Resistance. Trendlines follow Swing Lows and Swing Highs. Support and Resistance is self explanatory.