How to chart read

FX:EURUSD   Euro / U.S. Dollar
Myself taking about my perspective of the markets. lol.


I'm a beginner still learning to read the charts. Having a lot of fun actually , studying them daily. Grabbing whatever free tutorials I can off U-tube. I'm yet to define what type of trader I'm going to be, but I am formulating a strategy to work across all time frames. I'm using all the basics to help me understand market structure. Support and resistance (Key levels) , trend lines, Candlesticks and the Fibonacci retracement. My one concession to indicators is the Moving average. My question is this..... I appear to be going down the naked forex route (that might have something to do with the fact that I have the book), should I be incorporating indicators into my strategy or can I go by price action alone ?
+3 Reply
Atkinson_Alchemy kola25a050f9f3db4947
@kola25a050f9f3db4947, Hi there! Well you are looking in the right areas, the understanding of market structure. However, you fail to mention the players ( which I mentioned in another response ). In regard to your question, I believe you should understand how the indicators actually affect price movement. Some traders use multiple indicators for a signal to get into a position, some traders may find an indicator and believe it's the 'God' indicator which is right 100% of the time, which as you know is Bull Shit. You also have to take into account that some indicators work well in certain markets and may not in another, however I can not tell you what to do and where to look that's up to you. But I will say there is clarity in the past... (BACKTEST). Also will be posting a video soon about Time Frames and why it is so important. Anyway hope this helps :D
+1 Reply
TheKenyanDj kola25a050f9f3db4947
@kola25a050f9f3db4947, using indicators too can build your confidence to take action.
@Louis0702, Are you aware there are Central Banks in the Market? Evening Entire Governments... The structure is very important to understand. Retail brokers are the 4th largest fish IT goes ; Central Banks, Governments, HedgeFunds, Retail Brokers...
You right to an extent, but refusal of market manipulation from these players is idiotic.
Louis0702 Atkinson_Alchemy
@Atkinson_Alchemy, Hey, I thought you were just talking about your average Bob with a couple thousand in his account.
Louis0702 Louis0702
@Louis0702, and sorry I should’ve said “smart money” just to be clear on whom I’m referring to when it comes to the market being manipulated
@Louis0702, Yeah don't worry mate just be aware.
beginner here... thanks for this, are you trading when the markets are within a range? theres a similar range on the daily chart on GBPUSD as well that looks similar. do we just wait until the range is broken? thanks
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