I dont know about you but I have better results in the long run trading without the use of indicators . No nothing , just pivots and key levels of support and resistance established on longer timeframes .
9 out of 10 times I can anticipate signals just watching where price has been and how it reacts when it visits there again ( support and resistance ) . Im no superstar and just eek by ( consistently ) , but I do make the right calls most times . Following through or stumbling at the starting gate sometimes is my biggest obstacle - not finding good signals.
With indicator based methods and systems I've done the boom and bust thing and always get lured in by sexy oscilators that look too good to let me down but they always do . For whatever reason that is goes beyond the scope of any discussion .
I aint knocking the indicator devotees here , I have deep respect for your knowledge and abilities but indicators alone just dont work for me . I do have success when I use indicators to CONFIRM price action/follow through but usually after a nightly review discover that I used the indicator as a crutch and price already told me what I wanted to know - before the indicator did .
I am sharing a couple of setups I like to use . These are countertrend signals and I like them because they are strong and easy to spot . The 2B is my favorite after double tops and bottoms . The bullish failure has other names but thats what I call it .
I'll share some more in the near future and encourage anyone interested in ditching the indicators outright to join in , thanks!
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Nice Link. That is exactly how I was taught and trade. Market Structure First, Foremost and Above All Else. Then everything else becomes easier and less stressful. Finding an Indicator to define Market Structure for AutoTrading, well, IMO that is the elusive component in the quest of the Holy Grail. I have never succeeded in developing the "Eye Ball" indicator.
Two questions to ask before any Entry: 1) What is the Market Structure, 2) What is the meaning and location of the last Tick (TRO's point I believe).
And , does this trade make sense to me ? is a good question before pulling the trigger .
The biggest advantage we as small guys have is that we can cherry pick our trades . Big institutionals have to always be in and when they are active leave a big footprint that we can identify and tag along .
Frustrating , I wound up just watching today . Tackling some issues at home became a priority . Does anyone else have the same problem - work from home and your family sees an opportunity to disract you ? You gotta love them though , working outside the home is potentially more prductive .
I marked 3 nice chances to profit with a high probability and low risk . I did notice that the september and december contract had equal volume until 1530 EST . At that point the volume shifted to the december contract and price went wild the bulls just wouldnt be denied .
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Yup this can be a MAJOR issue. I wrote a length blog about it a while back, but basically your family needs to treat it like you were at a "real" day job. No interruptions, no phone calls, etc. You can talk to them when you are on break or lunch or after work. Hopefully by trading from home the "after work" will come quickly during the day.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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well - not always easy to handle family with working at home -- it needed some patience + time for finding / defining rules for all parties before it found its perfect flow here - thats how i would describe it from my way.
after finding this it was pretty easy + a gift with big advantages for all of us.