this is and attempt to show beginner traders how to find direction and s/r on the cl using the 155 tick chart -
1- i dial in the simple moving averages that i feel work for me -
2-currently i am using 57 and 140
3-each time these averages cross i start a new trend line
4-the trendline is adjusted to the new low/high after the crossover by splitting the distance between the 57 and 140 ma -thus if the 140 is at 92 and the 57 is at 90 the trend line is from the cross point to 1/2 the distance of the ma's @ 91 directly in line with the time it happened -
The following 21 users say Thank You to creekboy for this post:
now i am happy the chart printed - you can see there are multiple trend lines through out the day -and you can clearly see where short term uptrends and downtrends are created intraday -study this and try it -you can also make your time frames for trades longer or shorter by decreasing or increasing the ma' on a percentage basis -please also adjust your ma's to suit what you see -and you will never have to worry about 2 many people entering a trade at the same area -
study the chart and see if you can find the ambush points
The following user says Thank You to creekboy for this post:
Nice to see you starting another journal. I hope you stick with it, and I look forward to reading.
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Use 55 and 144 .... it won't make any difference functionally... but when people ask why you use those lengths you can say ... "They're Fibonacci Numbers" .... and they'll think you're a mystical GURU....
Nice work. Thanks for sharing ....
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
The following 3 users say Thank You to ThatManFromTexas for this post:
TMFT-when i set these numbers up -it was may 19th -the 140th day of the year with 226 to follow
226 div x 4 = 56.5
thats how i start my dial in
but the fib seems much easier ,so will use future post to see where numbers can be pulled from -
thanks for the idea
The following 2 users say Thank You to creekboy for this post:
you can see on todays chart -we have lots of resistance at our low - and i found my s/r points by using price lines at my trend intersection points -it would not surprise me to see a move back to the 91.60 area -these are ideas not trade recomendations -trade what you find .
as you can see - we are nearing our 91.61 target area- our exit is 91.59-you could stay in this trade untill the new trendline is broken -remember keep ajusting it as the new highs for this move show up-thats all for today-please note this is 1 contract for new traders using a sim account leveraged correctly
I find this a fascinating concept BUT what I'm having trouble with, is WHY would the cross of a MA, be better than using the most recent pivot point instead ? Did screen time prove this method is better than a pivot ?
The following user says Thank You to sptrader for this post: