Yea, I saw the Viper and checked it out. It just looked like a 30 HMA to me, although they claim it's a very complex algorhythm. But..... in order to use the Viper you still have to know how to read price action.... so.... I was not too impressed. There is no short cut... you have to learn to read price action... no indicator will do it for you!
you buy when the fast line turns down and not when it crosses the slow line. I've tried that on tick charts but it didn't work so well. In looking at the range charts it looks like it could work better on the range charts. I'm going to keep an eye on this. Maybe when first cross happens at the same time as your breakout setup then it increases the odds.
Tzachi & Zeller developed this indicator which shows consolidation pretty well. They use it to alert them to new trades as price breaks out of consolidation. They're using it on CL, not sure what else.
So I dropped it on to my chart. Look at the 4 times there are white dots. these mark consolidation. if one took the breakout of the swing pivot after the white dots stopped the first 3 would be winners and the last one isn't closed yet (I just went short to try it out).
3-4 occurences isn't that much but it could help me to avoid chop.
For example when I had two failed longs, it was during teh white dots! Look at the second image which is this morning.
I don't mind indicators to tell me not to trade, I think that's ok. What I don't like is having them tell me when to trade. Like buy when rsi crosses 50, etc. I prefer price & volume for that. But I think indicators can be useful to keep us out of trouble.
Good idea.... I have looked at this indicator for this very purpose. But..... in my study I concluded that by the time the white dots had stopped the trade had already triggered. Perhaps I do not know how the indicator was intended to be used.
Isn't this the problem of all indicators? It's lagging.
So you're right, we must learn to read the price action to determine if it's in a trading range or not. I'm going to work on that.
It's interesting you were going short this morning just as I was going wrong. You were on the right side and I wasn't. I should have at least caught this enough to reverse when price broke the lower swing low.
I sat through an all day LBR lecture one time... and she covered all of her oscillator trades. When she was finished she said a strange thing..." you can't wait for the oscillator to change before taking the trade or you'll be too late" This is something that turned me against oscillators..... especially divergence. (try that on a trend day LOL)
Anyway, that's when I started to see that LBR was all over the price and price patterns, NOT watching her oscillator! It's like the 3/10 oscillator was confirmation of a decision she had already made.
I recently had the opportunity to hear Frank Lesh do a webinar for FuturePath Trading..... the guy was amazing...... just price.... to watch him analyze a chart was mind blowing. A lifetime of experience. It just flowed out of him. He knew exactly what was happening. When to get in ,when to get out. No greed, no fear.