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Indicator to help refine my method


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Indicator to help refine my method

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  #1 (permalink)
Dallas TX USA
 
 
Posts: 9 since Aug 2020
Thanks: 4 given, 0 received

Whats up everyone,

Im new to the forum and I want to make sure I keep this short and sweet. First I am very happy to join and look forward to helping my fellow traders even if they dont help me. We need to help one another.

Quick Intro:

Been trading equities for a little of 2 years, made several methods, some worked and others didnt and I refined the ones I liked. Right now, I lost a lot at the front but now I gained it all back plus more with my method. My major trades focus on reversals and I do pick good spots based on EMAs.

What I need help with:

How can I improve my entry point around my EMAs. Sometimes my entry gets broken and other times it doesn't quite reach which leads me to be all over the place with how I enter. Sometimes I enter above my EMA and wish I didn't, other times I place my target below and watch the rebound happened that I was looking for.

Question:

What indicator can I use to help me determine if my entry point has a better chance at reversing or not. I am very simple in my trading methodology and use only 2 indicators that are RSI and my EMAs. Not looking for a silver bullet, just looking to have something that tells me it might be better to wait or to go ahead and jump in. Again, I prefer to keep things simple to avoid analysis paralysis but do want something that can help.

I use NT8, IB and TOS for charting

I would also like to find others that trade dips for large swings and brainstorm some ideas that I have. I trade on longer time frames such as the 60 min and the daily. Does anyone know of any trading groups in the DFW Texas area?

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  #2 (permalink)
Syracuse, NY
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Mirus Futures/Zen-Fire
Trading: NQ
 
Posts: 114 since Jan 2011
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tough to do.....not sure what you are looking at.....did a 1 min NQ with EMA and RSI....didnt see anything....but added a Bollinger got some signals and also added a TDI....got some good signals as to a coming reversal.....need to see what you are looking at....I would try a TDI(Traders Dynamic Index) and see if that shows you anything....on my chart ...when the TDI runs out side of the Upper or Lower band...you have a reversal coming....not sure if this helps but it would be easier to tell if I knew what you are looking at.....

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  #3 (permalink)
Dallas TX USA
 
 
Posts: 9 since Aug 2020
Thanks: 4 given, 0 received


Thanks for the comment loantelligence. Here is a specific example of what Im looking at right now as of 8/7/20 9am CST

This morning I am looking at BABA on the 60 min. It is at my level of 255.84 on the 200 EMA but I also have a 2hr coming up at 250.95 also on the 200 EMA. I look only at the 65 and 200 EMA. The 60 min shares a resistance at the daily around 255 as well.

iI looking for something that can help me decide which might be a better entrance for a short swing to the upside. Something simple yet reliable. My EMAs are great at choosing my entries but if I can find another indicator that would help me see what is really happening at that level would be great. Im predicting from 255 that BABA bounces and goes back into trend for a 10 dollar trade.

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Last Updated on August 7, 2020


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