Triantus Shango
Sergeant Major
- Messages
- 1,371
i forgot to mention something important. take a look a H1/H4 chart of eurjpy (e/j). i made the mistake of trusting the indicators too much today: i thought that because the MACD, the Stoch, the DPO all had turned or were turning bearish, that e/j price action would become more bearish and fall in line with that of the e/u which by that time had already been dropping at least 60 pips.
and guess what? price totally ignored the bearish mood of the indicators and instead of dropping like the e/u, it followed the u/j up. i made a bloody 1.6 pip profit on that trade. the most frustrating trade of this years so far.
so, i'd say patterns within price action and price position relative to bollinger bands and significant SPPT/RSST levels (that includes fib levels as well) and trend lines (breaks or confirmations or retests) and price momentum are way more important than indicator mood.
indicators are there to confirm the previous, i guess. and they don't forecast anything. especially if price action doesn't already show it.
and guess what? price totally ignored the bearish mood of the indicators and instead of dropping like the e/u, it followed the u/j up. i made a bloody 1.6 pip profit on that trade. the most frustrating trade of this years so far.
so, i'd say patterns within price action and price position relative to bollinger bands and significant SPPT/RSST levels (that includes fib levels as well) and trend lines (breaks or confirmations or retests) and price momentum are way more important than indicator mood.
indicators are there to confirm the previous, i guess. and they don't forecast anything. especially if price action doesn't already show it.
yeah i'm waiting to enter at 3090 just to be sure but the reversal is not clear yet although i'm seeing H1 and Stoch bullish.