I've adapted my current Squeeze and MACD method which has proved to be highly effective so far by using real time trades to see whether the strategy works.
(By real real time trades I mean using the strategy and waiting to see how the market responds, not actually placing an actual trade.)
I've adapted this method to see if I can "clean up" and false trades and traps that may fall upon me. By this I have placed support and resistance lines on the weekly chart (going back 2 years) to find suitable resistance and support lines. Using the weekly chart I also managed to find whether the market was bullish or bearish.
Going back to the 4hr chart I used the resistance and support lines to see whether the candles were close to breaking these lines. Along with the squeeze and MACD indicators, this told me whether a trend had momentum and if there was strength in the trend by breaking through the resistance line and becoming support.
I also used something rather new too me, Higher highs, and Lower Low analysis. This told me the bullish trend was continuing, although currently the currency pair is currently is a state of consolidation, with a gentle upwards trend. I would expect there to be a reversal. So my current stop loss strategy would not be suitable for a trade at the moment. However this would definitely be worth monitoring.
(By real real time trades I mean using the strategy and waiting to see how the market responds, not actually placing an actual trade.)
I've adapted this method to see if I can "clean up" and false trades and traps that may fall upon me. By this I have placed support and resistance lines on the weekly chart (going back 2 years) to find suitable resistance and support lines. Using the weekly chart I also managed to find whether the market was bullish or bearish.
Going back to the 4hr chart I used the resistance and support lines to see whether the candles were close to breaking these lines. Along with the squeeze and MACD indicators, this told me whether a trend had momentum and if there was strength in the trend by breaking through the resistance line and becoming support.
I also used something rather new too me, Higher highs, and Lower Low analysis. This told me the bullish trend was continuing, although currently the currency pair is currently is a state of consolidation, with a gentle upwards trend. I would expect there to be a reversal. So my current stop loss strategy would not be suitable for a trade at the moment. However this would definitely be worth monitoring.