Well.... what can I say.... I wish that I would have followed the signals on my chart !!!!! I had a sell stop in at 9469 that never got hit.... the market took off the other direction and I couldn't chase it. Toby Crabel talks about having a bias for the day, however the market action must ultimately justify that bias. Unfortunately I was leaning to the short side. Well at least no losers !!
Some have voiced concern that I am giving up on the "All you Need" template. This is not the case. I am continually looking for ways to improve my trading and I investigate all interesting approachs.
You know.... the original idea of this thread was to determine what you do or don't need on a chart to trade successfully.(what enhances what distracts) I feel that the contributions of the participants of this thread have been excellent !! TRO says all you need is one or two horizontal lines, Cunparis is now trading indicator free. Me.... I still like my two moving averages. But..... I seriously study all approachs to see if I like them better than mine. (or not) Or perhaps learn something that I can incorporate into the "All you Need " approach. What's the point of having a forum with hundreds of experienced traders if you can't learn something from them?
If you see me post a chart that doesn't look like the "All you Need" template I'm conducting an experiment and reporting the results. That's all. I encourage you do do the same.
So..... let's figure it out. What is "All you Need?" It may be different for everyone.
The following 3 users say Thank You to Jeff Castille for this post:
The yellow candles indicate that momentum is slowing. They represent a sort of lull that will undoubtable be followed by some action. As to which direction that action will be.... well just watch and find out. Study a few months worth of charts and just focus on the yellow candles to get a feel for them. Also, if there a several yellow candles within a short period of time.... it's chop or a coil or whatever you want to call it..... stay away.... no trading until the market breaks out of the coil.
Hope that helps,
The following user says Thank You to Jeff Castille for this post:
You're not giving up on it, you're adapting it as you progress. If you find something isn't useful you remove it. If you find something missing you add it. Everyone should be doing this for themselves instead of piggybacking on your template. Trying to use someone else's tempalte / indicators / system is chasing a moving target. Everyone who has posted a template and indicators here (bigmike, tzachi, sharky, wizard, Jeff) has changed it over the course of time.