I wouldn't have a hard time choosing, as I don't use many indicators (there was a time when I did, though). For me it would also be the 20EMA, I really value it as a great yardstick to set me into perspective.
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Hic Rhodos, hic salta.
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CD is useful as it tells you something about the consumption of liquidity which is a pre-requisite for any price move.
It is not useful in all markets because people don't operate the same in all markets (in terms of limit vs market orders).
CD is based on data that you cannot see in the time/price/volume series and is therefore an additional dimension of data you are looking at as opposed to price based indicators which basically regurgitate the data you are already looking at.
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Depends on timeframe, but for my daily trading it would be either:
1. VWAP, or
2. Support Resistance Confluence Areas: (Hat-tip to MTG (Scott Andrews) - Where Pivots and various key price levels (Prior day OHLC, Weekly Pivots, 5-10 day HL etc) - essentially key areas where multiple key numbers align - a measure of price action
I was tempted to mention, to me it is volume profile with 2 standard deviations (daily, weekly) but after some thoughts and looking how i try to simplify everything, i would probably select the initial balance indicator as proposed by Fat Tails. When price is above the 1 minute range, my bias is to the long side, when price is below the 1 minute range my bias is to the short side. My targets are the top or bottom of the initial balance or a multiple of it or one of the Globex peaks (High/Low). This indicator alone offers a simple frame of reference. It works very well on the ES.
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