Probably the same way everyone else does--confluence with previous s/r, fibs, volume profile, etc. .. nothing magical, and the hard part about trading is not "coming up with the lines" .. it's what to do in response to that information... determining direction, timing entry with that direction, exiting the position, management of the position (scale in, out, AIAO, etc.) ..
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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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You hit the nail right on the head "coming up with the lines is the easy part". . . and so what do you do with those lines? I don't know and the person behind trading with an edge can not tell you either. What he will tell you is that you typically go for 3 to 5 points off the key line. Well, the key line prints before the open of the day session but close enough to it anyway and at current price levels and of course you usually get at least 3 points of movement off the open even on a slow day. There was some talk of a trading room and training but I was not invited into any room nor did I receive training beyond his initial 2-3 minute discussion of what to do with the software. The most valuable point from that 2-3 minute discussion is listed above. Also, you are instructed to set your PC clock to Eastern time Zone to make the lines print "correctly". The 2 BBL (Bull / Bear Line) lines that print each day do look like they have some significance at times but again, I don't know how to trade them. The most concrete thing I can say about this is that so far, I feel I was a fool for buying it.
Last edited by lud2719; February 4th, 2013 at 04:16 PM.
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