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Making a 100 a day

  #22 (permalink)

Dayton, Ohio
 
Trading Experience: Beginner
Platform: TOS
Favorite Futures: GC, CL, Eurodollar
 
Posts: 34 since Nov 2017
Thanks: 25 given, 9 received


lax99 View Post
Before you go looking into Renko bars, I'd suggest sticking to whatever method you have set up right now. Market rotations aren't intrinsically bound to chart type or bar length or anything like that. Feel free to read up on em, but just know that they aren't the holy grail. The holy grail is a matter of understanding the auction process in your market and your personality in response to risk in said market.

As far as rotations go, don't worry about setting a chart to XYZ or something like that. What time frame do you trade in? 30 seconds? 4 hours? A handful of ticks or volume bars? Stick to that time frame and look at what crude does in that frame.

There should be a zigzag indicator for TOS floating around here somewhere. I did my rotation study the old fashioned way I loaded up my time frame and measured the high/low distance of any given move, as well as the distance of a retracement against the move.

It took me way too long, but I quickly got a feeling for the way the market breathes and moves when it trends versus when it auctions back and forth. I made a big spreadsheet of the movements--typing them in by hand--and then looked at stats for the data set.

I looked at 1 minute, 5 minute, and hour data. Obviously the market is going to have different characteristic rotations in each different time frame, and punching the numbers gives you a great idea of what to expect from your given product.

Feel free to let me know if you have any other questions!


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Re: the holy grail - yeah, it always kills me when I read about someone looking for (or selling) THE indicator or method! LOL

In TOS, I currently use a 144 tick countdown indicator on a chart with Heikin Ashi candles, two simple moving averages (50 & 200), and other subcharts: MACD, StochasticFull, and TTM_Squeeze.

I scalp, trading in minutes long timeframe seeking a nickel or dime.

I hope I've answered your questions, and if not, let me know.

What is a zigzag chart and what did you/do you use it for?

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