Wow. Pretty broad generalizations. Obviously youve had some bad experiences in the past. I completely disagree with your comments but I'm sure it will do nothing to change your opinion. Live and let live is my motto.
Kicking, Beautiful, just what these guys need, a typical vile ET comment. Pretty negative sentiment you got there considering all these weeks I've been describing how to squeeze profits from the market on a daily basis. Most daytraders fail, I give you that. If you are on the 95% group perhaps you should be listening to the 5% and learn instead of staying a non believer for life. Basically you are saying that 100% of daytraders lose money in the long run. Or maybe just maybe, you are simply in the 5% and are afraid that someone in your group simply wants to help! How about you prove me wrong instead of dumping absurd generalizations on my journal ? Anek
Welcome aboard Gary. I don't use anything else besides what has been described in the journal. In fact, I've been slowly trimming down the charts. Would not be surprised if soon I end up just using price action indicators like support/resistance, hh/lh/ll/hl pivots with trendlines and nothing else. Anek
Thanks, my biggest problem with MACD is that it is EXTREMELY slow and basically any lagging indicator will do nothing but slow you down or report the past. I recommend you trade without it but if it helps you by all means, use it. Try to stick with price action based indicators like high/low swings, support/resistant lines, etc. The only one I've been using is stochastics to aim my entry, as soon as I figure out how to beat them they are out the window too. Anek
"Simplicity is the ultimate sophistication". There are plenty of wornout threads on the timeworn topic on whether or not TA works...this isnt one of them; lets keep our eye on the AHG ball and its continued development.
Anek, Good response to the neysayer. I was wondering how long it would take them to stick their heads up. On eliminating the sto for an indicator, I do not know if this would be an improvement, but I find that years of viewing the sto as an ob/os indicator still influences my being able to use it strictly as a crossover instrument for entries. I'm sure you have looked at everything many times, but I'm kind of liking the use of just a 10 period sma. Using a close over the sma as an entry, if the HH/LL business is all in order. Keeps my subconscious from saying "Hey Don! You can't buy this crossover!, The sto is at 85, way overbought!, Odds must be against it!" Takes a long time to undo bad trading habits and concepts. Sure makes a clean chart too. Spooky clean!
Ya I had been postponing the inevitable for so long but no more. I will probably very cautious at first as I get used to the big change. You will probably see a decrease in the number of trades as I get comfortable with stops and targets. And yes the plan is to be able to continue the increase in contract size by avoiding slippage, absurd comission and embracing liquidity. So long YM. Anek
B, I study the stochastic crosses and been slowly paying less attention to its oversold/overbought signals. Sometimes I pay attention to divergences but I should not as I don't believe they are that solid signals. Yep, a little confused there myself. You don't need to use MA crossovers if you keep those eyes (assuming you got two) on price action and the high/low pivot areas. In fact, many backtesting studies suggest MA crossovers do not work in the long run. Once again, price action is what you need, it's superior, nothing beats it. Trust me, they don't work as good as price, you can be faster than that. Which is exactly why I intend to eliminate stochastics at one point. Part of the trick here is speed. You want to be faster than the rest and the ONLY way I know how to accomplish that is by following price action and nothing else. Anek
I think you will like ES. I find the stops more reliable than YM. This thread has made me take a look at heikin-ashi charts as staying with a move is one of my weaknesses. Do you simply exit when you get a change of color?
When to exit is a loaded topic and perhaps merits an entire book. For now I will give you the following suggestions. - If long before last known resist area - If short before last known support area - If scaling out and trade happens to break out in your favor then watch the next time it makes a HH or a LL depending if you are short or long. - HA bars help me determine VISUALLY in a quickly manner if I should trail my stop because momentum is there. ....and last but not least, learn to read momentum. This can be a powerful thing, when price is on fire and not looking back, there is no reason to leave the roller coaster, ride it until you see hesitation. Once again, price action, price has mood swings, behavior, characteristics, learn to read them. It's very valuable. Hope it helps. Anek