I want to talk about something very specific, regarding two of my absolute favourite things, one of which is the IBFX PRS, i.e. the Chart pattern recognition scanning and alert platform, which presents patterns right on your desktop.
The second thing is, specific to how you decide to enter a market, how you decide which strategy you’re going to use. Let me just say that whilst chart patterns are of course a way of analysing price action, how do you choose which pattern to take? Because sometimes you’re going to end up with multiple pattern alerts, not only on the same of course pair, but also on the same timeframe.
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Probably the biggest distinction that has helped me the most, is how I determine which strategy to use. Think about your list of strategies you have for a moment, the different entry styles that you have, the actual details of that. One might be driven by a set of moving averages, one might be driven by a particular candlestick, think about all the seminars, webinars that you’ve sat in, of all the books/ebooks you’ve been through, the courses you’ve taken. Every one of those has particular strategies that it outlines. But how many of those actually say, here’s when to apply it? And maybe there wasn’t even a discussion of that fact that some strategies (and indictors even) are better suited for trending markets, or reversals, etc…
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