First you must understand the basics of Candlestick Charting and
Technical Analysis. We will not go into a detailed explanation here, for
our purposes it is important to understand and recognize the use of the
Hammer and Inverted Hammer. Always using the following candle for
confirmation, these can be used as indicators of a change in direction.
Second, we add Bollinger Bands with a Moving Average (MA). These can be used to measure the highness or lowness of the price relative to previous trades. Bollinger Bands consist of:
My suggestion for meaningful technical trading is very simple...to utilize the RSI at the entry levels of "30" and "70" and the exit levels of "60" and "40". This is guaranteed to lead to more accurate and technically sound trading opportunities. And will also help to take some of the hesitancy out of your trading decisions.
Second, we add Bollinger Bands with a Moving Average (MA). These can be used to measure the highness or lowness of the price relative to previous trades. Bollinger Bands consist of:
- a middle band being an N-period simple moving average (MA)
- an upper band at K times an N-period standard deviation above the middle band (MA+K*sigma)
- a lower band at K times an N-period standard deviation below the middle band (MA-K*sigma)
My suggestion for meaningful technical trading is very simple...to utilize the RSI at the entry levels of "30" and "70" and the exit levels of "60" and "40". This is guaranteed to lead to more accurate and technically sound trading opportunities. And will also help to take some of the hesitancy out of your trading decisions.
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