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Day Trading Indicators or Systems for Bull or Bear Trends???
I really like this short video from Nictrades where she explains how she determines if a trend or a reversal may be taking place on 5-mins interval chart.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
My friend the market by definition is not becoming "overbought or oversold" if it continues in its bull or bear ways....what is happening is you are looking at "things" like MACD, Stochastics or one or a few of the many other "lines" or your charts and they are "telling" you some garbage (forgive me but I'm passionate) about overbought/oversold because a line has gone above or below some other line.
The system you need to learn is, Market Context. This term is vast. Market is a market is the market. Meaning the market is EVERYWHERE.....its all the same thing its just basically the speed at which it happens is different. The housing market: same thing just sales are in super slow-mo when compared to futures like ES NQ ZB. Think about the house you bought. Why did you pay what you did? This post could go on for a very long time with examples but I'm not inclined so, so it won't.
If you are 5'2" you are not going to be in the NBA. If you are 90 lbs soaking wet you are not going to be in the NFL. You are going to need the basic requirements to trade futures and make a "ton of money" as you put it, and that requirement is, a... ton of money.
You need a good 1000 days under your belt, lets call it 5 years day in day out. You need to have seen your instrument under many many situations/conditions FOMC Quad Witching Flash Crash etc etc. You need to crunch 1500 days worth of probabilities for your instruments in Excel or R etc until they spit out favorable stats you can see if this go round goes in your favor as you execute flawlessly....... your Trade.
