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Indicators reliability (Day Trading)
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Created: by Lord Sidious Attachments:0

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Indicators reliability (Day Trading)

  #21 (permalink)
Trading for Fun
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
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Thanks: 8 given, 15 received

ThatManFromTexas View Post
@Lord Sidious

It sounds like you are expecting indicators to be infallible ... they are not .. they're indicators ... they indicate what the market may be doing ... are subject to interpretation and much is lost in translation...

I have a friend who loves to fish and has tried to teach me how to fish .... he tells me watch water temperature,wind direction, barometer readings, weather changes, the "fish locator " and what type of lures to use depending on the conditions.

I fish the same lake he does ... I catch no fish... he catches his limit ...

What I meant to write was that in my opinion (begginerīs), these indicators most of the times arenīt reliable for my day trading. If Iīd enter a trade for any signal Stochastics would give, I would be without a large amount of money...!

Nevertheless, I see your point, TMFT!

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  #22 (permalink)
Elite Member
Toronto, Canada
Futures Experience: Beginner
Platform: TWS
Broker/Data: IB
Favorite Futures: Stocks
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Posts: 41 since Oct 2013
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monpere View Post
First, determine the concept you want to trade, or the market phenomenon that you want to take advantage of. Choose a concept that you identify with, that makes sense to you and that fits your personality. You say "...momentum...trying to take advantage of rallies and pullbacks". You should define that further, then you can choose the proper method, indicators, and/or tactics to trade that method.

For instance, personally I've defined my trading approach as trading 'short term momentum reversals'. I don't want to be in trades for hours, I don't want to sit through pullbacks. I want to trade momentum in the direction of the trend attempting to enter at the bottom of a pullback, and I want to trade against the trend attempting to enter at the top of a pullback. I also want to be able to trade when the market is trending and when there is no trend, when the market is ranging.

Given these parameters, my research revealed to me, the most efficient way of trading this 'short term momentum reversals' concept is through divergence. That is the market phenomenon that fulfills all these needs for me. This phenomenon made sense to me, and it fit my personality. This automatically said that I am not going to be a trend trader, also said that I am not going to be looking for home run trades, says that I am not going to use certain trade management like pyramiding, etc. This also automatically cut down the field of indicators that I might use, and how I would use them. Also says, I am not going to be chasing after every concept the 3 guys next to me are trading.

Before you choose a trading method and tactics such as indicators, price action, moon cycles, etc., fully define the trading concept that you want to trade.

Would you please describe what you mean by trading concept?

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  #23 (permalink)
Membership Temporarily Revoked
Calgary Alberta/Canada
Futures Experience: Advanced
Platform: TDWaterhouse
Favorite Futures: stocks (long term)
Posts: 934 since Feb 2014
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Lord Sidious View Post
Hi, guys!

Iīm starting to think that indicators (or at least those I use) arenīt reliable enough for my day trading. I trade with a 5 min chart. I use 3 sma (5, 8 and 20), Stochastics, MACDHist and MACD lines. I realize that maybe my trading style has more to do with momentum and price action, trying to take advantage of rallies and pullbacks, that is, more to do with price action. The question is, that trading price action to expect rallies or pullbacks as a counter-trend is risky.

The good news is that there are times/months I am profitable, so not everything is bad. What should I think? Am I missing something in my trading setup/style, or itīs plain luck the profits I have?

I have to wonder how you use MACD in your 5 minute chart. What are your buy signals and sell signals do you use?

MACD is a pretty reliable indicator if used properly and becomes more useful in an intra-day chart compared to a daily chart as less data is used in the calculations of its numbers.

So show me how you use MACD in a 5 min chart... an example would be chart would be useful and I would comment what you are doing right/wrong.

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