Well, the MA has a tendency to really chop me up in a narrow range. And I think support/resistance is more important than the moving average. So using fibs, S/R and my 6 range chart along with a 5 min chart to really see the S/R, I think I can trade better with and perhaps catch larger moves.
I avoided most of the chop today without it and would have avoided 100% of it had I just paid attention.
So thats its for the most part.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
The following 2 users say Thank You to PandaWarrior for this post:
I'd like to see charts of your day instead of commentary. Don't take that the wrong way. The commentary is fine, but with charts others can make comments and suggestions that may help.
Mondays, Tuesdays and Thursdays, I have child care duties so I trade, do my journal and spreadsheet and am done for the day. Marking a chart is the last thing I do if I have time. And since I am not trading Ninja and T4 does not mark trades on the chart like NT, it can get tedious if I forget to mark them real time to go back and do it.....it also depends on the number of trades I take. Lately that has been much more than I would otherwise like but am trying to get to the point of not really caring about the number of trades as long as I am trading well. The self imposed limit of a certain number of trades is as foolish as limiting myself to a certain dollar amount each day for profits. The real limit should be "am I trading well"? If not, then stop. And did I hit my daily stop loss? If so, then quit. Otherwise, take every dime the market will give you.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
The following user says Thank You to PandaWarrior for this post:
I understand. You don't have to mark up the chart. If you give commentary and just a screen shot thats all I meant. Mr Mom duties do come first though. :-)
