Abolutely! We trade direction, not colours and dots and lines and.....There is a saying which can be applied to many charts: "CAN'T SEE THE FOREST FOR THE TREES"
Indicators mean nothing unless you understand direction and S/D i.e. Supply and Demand levels. I hardly see those on any charts on Forex Station and I wonder how can one trade not knowing at which levels buyers and sellers are trying to dominate i.e. the price reverses or pushes through and later one the Supply level changes to a demand level and vice versa. You can scroll back till Jesus Christ and those levels are still valid and they will be so till the next ice age. Please, pay attention, this is a business like anything else. And business works on supply and demand.
And you need to know your tools. That's basic education.
Cladi wrote on his Pic " EMA 21 and 200 cross". Now, we should know that EMA is an Exponential Moving Average and is part of the MT4.
If you, like myself, want to trade for a living I urge you to pay attention to the essentials and not a thousand Indicators. This is a business like anything else. And business works on supply and demand. Period!
Just to make my point, this is how my GBPUSD chart for trading would look like (I don't trade FX). The levels are historical and not just fitted to the latest PA.
One can see Xard's suggestion to trade the second Dot in the direction of the Arrow
It's the red Dot and it worked out pretty well as I saw today.Why? No, not because of the Dot. It's because the price action stopped at a major S/D level (thick Aqua Line) and reversed. No demand. Simple as that. Look at the 1H chart and you know why.
