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RE: Engulfs - how to pick support and resistance
I would've exited just a bit lower, where there's a bit of a line up with a previous wick. But yes, if you've got the correct zones marked, it makes everything a hell of a lot easier!
I take it you're more of a price action rather than indicator trader ? I'd say I am, for sure. Price action that is.
Yep, my trading all comes down to the elements I've written about, and over 10,000 hours watching charts and having a sort of "sixth sense" about what's going to happen. I don't hold much stock in in-built indicators whatsoever.
If you haven't already, you should check out a guy called Walter Peters, he's done some really good work on naked trading.
Like all of them though, he's a salesman (and a bad one, he lays down all the crap like 'offer ending soon, sign up before it's too late !!, repeated every week, forever).
But... if you can wade through the spammy sales bullshit he does share a surprising amount of stuff for free (lots of youtube stuff). He's also a qualified psychologist and knows an awful lot about trading psychology, that's what I learned most from him.
He also has a book that's quite good for price action trading (available free at all good local torrent sites, not that I condone that kind of behaviour cough cough). It's called 'Naked Forex something', usually in .pdf format. Worth a read if you haven't seen it.