They can’t take the truth… I stopped posting in my other thread cause it just caused arguments. Retail traders still believe they can get rich from indicators!!!
Your eyes are the best indicator plus know when the currency will reverse making a new trend etc.
Talking about the followers. Good English movie…. On the bleak, windswept moors of northern England, a small religious cult (Davit) has cut itself off from society, believing they have found meaning in a purposeless world (Davits system) . Led by their prophet Nathaniel (Davit), they eagerly await the end times… Yes, the end times will come… Remember what happened to the CHF years back… It was in a BUY zone days before… Wonder if the prophet davit got in … The most enjoyable day I have ever had in my life that day (Shit, don’t tell the wife that)
I don’t get how pivots work in forex as pivots where invented for commodities.
Pivot point (PP) = (High + Low + Close) / 3 at New York close for tomorrows support and resistance levels.
HOW do they become support and resistance?
First resistance (R1) = (2 x PP) – Low – WHY is that resistance. It makes no sense.
I worked for Barclays for years like I said and no one ever used or mentioned pivots. I bet if I had used them I wouldn’t of worked there for long.
They might be ok for little trades but whats the point starring at a screen all day wishing one would hit support or resistance…. Then watch the investment banks go the other way and trap the retail trader.
So pivots are very similar to Fibonacci levels.. More waste of time to trap the retail trader..
Your all better off with the SMA2 Shift 2 if you want to make money on the daily… Shit that works.
The trouble with retail traders is they have to be in trades all day every day… I used to wait for one maybe a week, sometimes one a month and made more money then most people make in a year.
It’s like why buy the GBP/USD + GBP/CHF as your doubling your risk.. If the GBP went the other way and fast you’re doomed.
Anyway going to have a nice cold can of Fosters… That Australian rubbish called beer.. Better then the English warm stuff though.
Trade they way Warren Buffet and George Soros did