I am curious but I am a technical analyst of many years but new to forex, How safe is it to trade purely chart patterns or do you need to be aware of the news too?


Thanks!

Cassandra00 wrote: Fri May 04, 2018 4:02 am I am curious but I am a technical analyst of many years but new to forex, How safe is it to trade purely chart patterns or do you need to be aware of the news too?


Thanks!

knowledge of news :o

You can get away with trading technicals only if you're trading higher timeframes (4 hour and above) but you absolutely need to know your fundamentals (news) to succeed on lower timeframe charts.

You've got two choices really:

• Pure technical trading: You trade Majors and Minors, 4 hour charts and above (only). No news understanding but you're aware of what major events are coming up just to stay out or wait for that event to pass, carry on trading what your charts tell you. Big moves don't really phase you because you trade higher timeframes and only ever use smaller timeframe charts for "possible" entries.
• Fundamentals knowledge: You trade majors, lower timeframes, you watch for high impact news events and have an understanding of where the market will go when the news is released ie. AUD interest rate goes up it's bullish for AUDUSD etc. And you wait for these events and enter accordingly. You enjoy the "larger" moves on the smaller timeframes and scalp.

If you're new, always make it your goal to at least become acquainted with how fundamentals can move markets.

A fun and easy way to learn fundamentals for new traders is by practicing with the free Forex Hero App. It'll take you through a trading school and give you real historic news scenarios with information and you answer questions on where you believe the trend is heading to unlock more levels and so forth. What's great is that it's an easy to understand app and it doesn't have popup ads or other bullshit either so it's perfect for newbies

My opinion is that you always need a technical and fundamental in any case

It is possible to trade technical or fundamental only, but it's difficult and you need many years for being profitable and never will be a real pro.
("I have a profitable grid-system/ Renko-shmenko. Am I a pro now?" - "No.")
If you combine both, you understand better why and what drives the market and can react to the situation faster and appropriately.

Krelian99....?
("I have a profitable grid-system/ Renko-shmenko. Am I a pro no?" - "No.") ????
can share here publicly or in a private message? :shock:

vvFish wrote: Fri May 04, 2018 6:24 pm Krelian99....?
("I have a profitable grid-system/ Renko-shmenko. Am I a pro no?" - "No.") ????
can share here publicly or in a private message? :shock:

Forgot the 'w' in now.

I personally don't use a grid-system since I'm a single open-position scalper and with the negative positions in a grid-system my hairs (the few I still have) would be gray in no time. Renko is similar, at least pure PA, but you don't understand anything. Only that the market moves. Can they be profitable? Yes, sure. I read about it and also here the whole secret lies in good Money Management. In escalating News situations a nice strategy.

In general, the fundament is the moving power of the market. The technic may help for low risk market entry
Trading during news increase market volatility and open nice moment for aggressive scalping

FrancoisT wrote: Sat May 05, 2018 12:14 am In general, the fundament is the moving power of the market. The technic may help for low risk market entry
Trading during news increase market volatility and open nice moment for aggressive scalping

:o

vvFish wrote: Sat May 05, 2018 1:20 am
:o

Hey man i have a quick question If im using the m1 chart should i use the m5 to get the strength/weakness trend of the pair? Or should i use a more intraday time frame like m15, to catch a trend on the m1?