This is great - essential - advice to anyone who is new to this thread. It'll take several hours of effort for sure (fortunately for me this thread was "only" 30 or so pages when I first discovered it). But you could spend $100's on books at Amazon and learn LESS than you will from reading this thread start to finish...so may as well donate to the forum too, if you haven't already
I like the idea of this indicator but I stopped using it because I felt that it obscured the price action. Also, no matter which setting I chose....I just couldn't get it to do what I wanted. All things considered I found that manually drawing lines on my chart kept me mentally engaged and I got the lines right where I wanted 'em.
In addition to my main trading charts I keep a minute chart with daily pivot, support and resistance, daily high/low and previous day close,high,low. So my trading chart starts clean and ends up a mess! Well...at least with a bunch of lines drawn on it.
Plus, since I use swing high/low as stops I like to take note of that point before I enter a trade. Right before I enter.....I'll say to myself...."if it goes past here...I'm wrong" Risk accessment, if I don't like where the stop should be placed,because of too much risk, I don't take the trade. This approach made an improvement in my trading. Risk management is the name of the game.
I'm sure you probably do something similiar in your trading.
I'm not Jeff, but I think I know what he's going to say.
We do them manually. Just like we draw the swing pivots manually. It helps you to know the market. It gets you actively involved. If you use indicators for everything then you're more passive.
I still suggest that anyone wanting to learn to trade should try one month of naked trading without any indicators. I promise you that you'll learn to see the market differently, based on price instead of indicators. After you can trade without the indicators then you can add back in one at a time what you need.
Indicators can be a crutch or a productivity enhancer. To make sure they're the former one can trade without them. Once we know we can trade without them then they're no longer a crutch.
Imagine a pilot getting out of flight school. He only knows how to fly with autopilot. Would you fly with him?
Pilots learn to fly. Then they learn to use autopilot.
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