Smirthika Ma'm,
My friend Linkon has a simple & Easy 1-2-3 system that can be understood by anyone, he firstly uses the following two charts and secondly he feeds the data manually through through a hopper to a Kaleidoscope with 16 million colors in it and finally embeds it in a MT4-Amibroker pluggin. That's all. Take a look at the charts below.
I love you and your passion Lincon... but seriously I think following the above charts will be kind of easy compared to your MRI scans.
If only i was as brilliant as you..i wouldnt need so many stuff on my chart...
Its very easy to ridicule someones setup simply because u failed to understand how to read it... But these colorful stuff makes sense to me... since i created them from the scratch..
Forex is very easy to trade as trend can last for few hours to few days... when we have a trend...any setup works as long as the logic behind the trade is sound... Since trading is just a matter of mastering one setup and having the patience to wait for the right setup to occur on the chart.
But when you trade one scrip only.. the same setup wont work with various phases... July was my first negative month after almost 9 good month.. simply because i wasnt prepared for such low volatility market... Conventional TA goes out the window and i had to start all over again...
This is nifty's 2 min chart...
notice how the pivot low is broken after a trendless phase followed by taking out the days high and then takes out the days low...
If one would trade price action alone... well... best of luck to him...
this is how my chart looked...
from the chart i could gather that it is a Normal balanced day with 70% of price falling in the 5464 to 5474 bracket... with 5469 as the point of control...
So trading bias is to fade the extremes... untill one side decisively break out...
Excess is plotted in the chart as the white bars... every time i have a white bar... i take a contra call when my indicator confirms me... ADX and EMA angle and guppy MMA confirms me the state of the market...letting me know when to ride..and when to go for fixed targets...
