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The BEST indicator for EMINI scalping / intraday trading
Looking for the best free stock indicator(s) to add to my EMINI day trading strategy of scalping and intraday swings. Right now I'm using Al Brooks' price action trading methods and bollinger bands. I need something to measure amateur / pro volume or some sine wave / oscillators to show momentum, I know that the default TOS indicators seem inadequate but emini-watch is overpriced and the owner does not respond to emails. I would be willling to become an Elite member if Big Mike has what I need. Anyone experienced EMINI day traders have any advice?
Can you help answer these questions from other members on NexusFi?
I would seriously consider looking at the $TICK and $ADD if you are going to subject yourself to trading e-mimi s&ps - neither of them are treif - both are considered pareve indicators.
followed by:
VWAP w/ SDs
market profile
daily and weekly pivots
charts of the NQ, es/zb(n), es/gc and aud/yen
You can simulate the pro/am indicator easily on tick charts. Just divide the volume of each tick bar by the number of ticks per bar and you will get the average volume per tick. High is pro, low is amateur. Whether the pro/am indicator is actually useful is another story.
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I am not that experienced and this is no advice. But I do trade the ES and have some feel for it so I will just share with you my observations regarding what could possibly add value for scalping. You might want to consider adding cumulative delta (orders lifting offers-orders hitting bids) if it is ES that you are trading. I cannot speak for the other e-mini instruments. Usually it is quite a good indicator of the overall mood of the market. Pullbacks tend to stop at/near the previous cumulative delta high/low and then continue back towards the overall trend. Watch it for a few days and see if it adds value to your trading.
I cant' find a Market Delta indicator for TOS. I guess something like jigsaw trading's DOM is similar to what you're referring to Neo?
Some of your comments suggest day trading the ES is going to be very difficult. I see Al Brooks as a Yoda-like figure...with his teachings and the right mindset I see success as very possible now.
Jigsaw does far more than what I was referring to. Cumulative delta is just the difference between the market orders lifting offers and those hitting bids. I am not sure how to do this in TOS since I dont use it.
This is what it looks like on my charts. Tradestation separates the upticks and downticks so I just wrote an indicator on top of that to display delta bars below the price bars. The picture below is from the session this morning. Hope it explains what I was talking about. I dont use it for entries/exits. I just watch it.
I am not suggesting that ES trading is difficult. I am actually not suggesting anything. ES trading might actually be the easiest of all or the most difficult. Just depends upon what kind of a trader you are. Personally, I like the slow methodical movements ES makes. It is my favorite instrument to trade.
Thanks for the advice folks. I hope the gelt starts flowing soon. Al Brooks would say the 5 minute bar is the only indicator I need. Does anyone here agree with that?
Part of learning to trade an instrument is developing your own style. Sure you can take concepts from others, but in the end you will find what you like to do. As long as the risk tolerances of the method you trade fits your emotional disposition (sometimes establishing this is the hard part), then you will be fine.
Sim trade until you are profitable doing that, then trade one contract until you have proven your profitability, then apply proper sizing and money management for additional leverage.
* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
