Forex Big Dogs Do Not Over Rely On Technical Indicators
According to Peter Bain of the Complete Home Study Forex Mentoring Program, the majority of new forex traders over rely on black box systems and technical indicators to guide their trades.
Such over-reliance ignores daily or even hourly fluctuations that can be caused by underlying major trend reversals that need to be noticed sometimes days or even weeks in advance.
Major experienced commercial traders (“Big Dogs”) pay close attention to major price support and resistance levels, more so than charts cluttered up with indicators.
According to Virginia Reynolds, a partner of M and V Reynolds & Associates: “Peter Bain has devised a simple system to guide his forex trading and this forms the underlying basis of his Home Study Mentoring Program. The system takes into account the Frame of Reference (Pivot Levels) plus Patterns, Price Divergence and Trends. These allow the “Big Dogs” to focus on price and its relationship to support and resistance.”
Virginia Reynolds continues: “Peter Bain has developed what he calls the Forex Dashboard System which is a simple system to see what the market is doing and where it’s headed. It allows the truly professional trader to profit from the aftermath volatility caused by global geo-political events, world news, monetary policies and other global events.”
“He defines a currency’s support level as being a price level that attracts buyers simply on lower prices. He defines resistance level as that price level which is rejected by buyers because the sellers are asking too much.”
It goes without saying that support and resistance levels are extremely dynamic in Forex trading. Technical indicators aren’t as effective, as they can’t react quickly enough. Peter Bain’s currency trading system uses mathematical formulae to calculate these support and resistance levels dynamically so that the professional trader’s automated trading systems will kick in and profit from this volatility in real time, without suffering from lagging indicators inherent in complicated charting methods.
To learn more about Peter Bain’s mentoring program please visit this site: http://www.atforexmentor.com
- Contact Information
- Michael Reynolds
- M and V Reynolds & Associates
- Contact via E-mail
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