Can you let me know some of the specifics you do not understand? This way I know what I need to go over, or how the analysis could better benefit you personally.
No questions are dumb questions to me. I'm here to be of benefit to newbies, and be challenged by the more experienced traders.
Concerning your question on specific entry points. The best way to answer that is that analysis has to be interpretive. As an example I mentioned in the previous post that containment (Which means price should go no lower than that level.) could be 120.23, but if it does not, then look to 119.39. If I was trading that market, I might be thinking about putting an entry to go long at 120.23, and then if it is broken have another entry ready at 119.39. That is just one example of interpreting that data.
Another thing is that until you have developed total confidence in that signal provider, and you have developed a methodology to trade that provider's signals, I would only trade his signals on a demo account. Many people get in a hurry to make the big money without doing the due diligence.
Exact entries and exits provided by signal providers do not work, and I can tell you why from experience. I used to provide signals for a large group of traders. I used to have close to 500 traders in my group. I do not know one of them that traded my signals as successfully as I did. The reason for that is it is mental and logistical. I might have given a signal with a 100-pip stop. Someone might be thinking, "That is crazy. I'm not making a trade with no 100-pip stop. I'm only using a 50. The trade backs up 75 pips, then zooms in my favor. The one following my signals gets nailed with a 50-pip loss, and I have a huge winner.
The flip side is I give a signal with a 15-pip stop. The trader thinks, "That is too close. I'm going with a 50. The trade goes against me, and I get a 15-pip loss. The one following the signal gets a 50-pip loss.
Logistically, we are in different time zones. You may not be at the computer the same time I am. Once again, this is another reason why analysis is interpretive, and a methodology is needed to trade them by.
As far as interpretive data is concerned, I have a few people that follow my blog. The successful traders do use a lot of my analysis to trade by. I'll give you a couple of examples:
One guy is getting ready to make a trade. He'll see what he perceives as the perfect entry point. He'll ask me for some input concerning the pair he wants to trade. I'll get back to him with my viewpoint concerning it. He will take that into consideration, along with his analysis, and make his determination.
I have another, and this guy makes me laugh. He trades a few commodities and gold, especially. He latched on to the ichimoku cloud in 2007, and started using my S&R's in that year. At times, I think he has mastered the usage of my S&R's better than I did, and I taught him. He'll get back to me and tell me this is what is going to happen, and I'm thinking, "Wait! That is my view on it."
I didn't mean to ramble, but I did want to make the point in hopes it may be of some benefit.
Hello 4xpipcounter,
I've gone through ur total thread and found it interesting. Can you post it in more simple language which would be understood by a newbie.
Just can u tell when to buy and when to sell the pairs.
