Hello You nailed it for me. Lots of times keep waiting for additional conformation and by the time I get doublly sure the SL point looks far away, gives vertigo Hope lots of screen time, will cure it gradually. sn
Thanks for that Tradestation indicator. I changed the mid lines from halfway between high and mid to .382 and .618. However, I am having a problem with the indicator in that it messes up the price axis on the right side of my chart. Anyone else see a problem here? Look carefully at your charts with the indicator. I will post a pic later.
jaxon, refer to my last post.... i think this should fix what you are talking about. If not let me know and I will look at it tonight.
Cprofit, YOu can just drag and drop the indicator on the bottom subgraph to the top price data chart in TS.
...those bright red bars are a pretty strong signal in and of themselves. its a bit of a catch-22 situation when you stop and think about it... there are two basic ways to enter during a strong trend... 1. once the weak bar signals start triggering, indicating the direction is down and you want to get short... you don't want to chase price so you wait for a bounce to get in, this alleviates the vertigo mindset of selling the low. The dilemma here is when the bounce forms you have no idea if another weak bar will come along after you enter, that is you have no firm confirmation the downtrend is resuming. So in this case you enter on the bounce without confirmation and hope the downtrend resumes. 2. same scenario as 1 but now you wait for that confirming weak bar to enter on, which puts you into this vertigo mindset because by definition the weak (bright red) bar is closing at a new low. The risk here being you just sold the low and the market quickly bounces or reverses right back into your face. So you have the confirmation but also an increased perceived risk of selling a new low. Either way, to play in a strong trend you must pick a poison. Most traders never participate in the strong trend moves because they are the hardest to step into, to step up to the plate and swing at that 95 mph fastball. So in this case, its not so much a matter of screen time, and really more a matter of getting comfortable with the inherent risk of this style of trading. Anek's suggestion of a lot of time, months, on the trading simulator makes a lot of sense. So simulator time, getting really comfortable with the pace of trading in a strong trend. This is where the feel of price action comes to life. Best of luck in your trading