Well, way back when in my journal it talks about the 'guidelines'.
There are 3 main things or at least this is my view of how to take trades.
1. Price Action. Area's, using Fibs, trend lines, or patterns etc...
2. Multi-Time Frame MACD's. When you have large separation of the BB moving off the Band then typically it will retrace back to the standard deviation or it will reverse. By using multi-TimeFrame, you end up with a better measure of when, how long etc..
3. Bar setups (Price Action), this includes Head & Shoulders, 3 bar slides, boxcars (dual bar) etc...
When you get better and better, having all the screens is nothing to be aware of. The tricky part is which to ignore, and which to agree with. For instance you may have bull flags on a few charts and a bear flag on a longer time frame chart. So, is this a pivot or not? haha...
What I like about this system is it uses a TON of price action (as you get better) and also it points to how far you can expect a run to go. Does this explain?
The following 6 users say Thank You to bluemele for this post:
Off and on, sim/live for a little over 1 1/2 years. Since it is mainly price action based, I am not going for a net 'ticks' or 'points' but doing my best to watch it and understand how the instrument moves. I do not believe mechanical systems are effective for long so learning the dynamics is important.
What are your setups?
The following 4 users say Thank You to bluemele for this post:
I work solely of 2 moving averages. When the 20 ema crosses below the 50, I short. Above, I go long. I watch for double bottoms or double tops and include better volume to get an idea of whether pro's or amateurs are making the price move. I use two charts, a 1 min chart and a 70 tick chart. Having solid and consistent gains I think. The tick chart is new and only added that because I saw where moves were happening on the 1 min chart but couldn't see the dynamics of the action.
I agree that dynamics are changing and it is a bit moderate, but moves above 1 point is still possible. There was a time a few weeks ago that a good trade was getting 7 ticks. The market is changing, even on a daily basis, and being able to recognize and capitalize on this is what we are all striving for. For me, I follow the institutional money on a discretionary basis.
The following 3 users say Thank You to JohnnyAustin for this post:
Sure. Sticking to my strategy has netted me solid gains. Check out my journal. Sometimes it fails though and sometimes I fail. I know that at the end of the week/month though that I'm in the black. The "i think" comment was geared more towards not knowing what's been happening over the past two weeks or so because of my promotion and subsequent training class that operated during trading hours which put my trading on hold. Market dynamics change and I wasn't sure if my strategy would still work.