Thanks. May I'm not getting the point but time is something very exact as well imho. Just as much as volume is very variable, too. Missed your point?? :eek:
Markets are traded in shares or contracts not minutes. Markets are traded in time period, markets aren't traded in volume periods. Volume is not a variable. There isn't a specific or consistent number of shares or contracts traded per minute . . . ever. Volume is exact . . . time, as it relates to volume will always a variable. This is why we see price spikes on our time based charts at times of news releases where on the same charts at the same time based on volume you only see more bars . . . no spikes. As the trading day, week or month plays out what is important is a particular set-up taking place that will trigger a decision making spark in your head NOT what time it is. There isn't a successful trader or money manager in the world that only places their trades at specifically consistent times of the day. Food for thought and something to look into. Trust no one. Trust only what you can validate on your own, through your own work and through your own two eyes. If you want to learn to be consistently profitable, look for what consistently occurs on your charts. This will allow you to build consistent decision making habits. The key word is consistent and volume isn't consistent as it relates to time.
Hi goalgetter. My point is forget indicators. Anything that is available mainstream as indicator will not work; that's the crux of my argument. 90-95% of retail traders are net losers...Why do you think that's so? Look to see what they are doing and then you might be able to build a system that works for you. I would recommend looking at patterns of RELATIVE volume, time, and price. Think context. Majority of technical analysis is bunk without thinking in terms of context...
Read the book "Evidence Based Technical Analysis" by Aronson. None of these simplistic TA methods work...My group of trader friends and I call it dummy TA. Crucial to understand because it colors 'Context'; it's all about context....
You are correct when you say that the majority of technical analysis is bunk. IMHO that is because anytime you apply analysis to a variable you can't expect consistency. That is common sense and something lacking in most retail traders . . . most institutional traders too for that matter.
Thanks for ALL replies. Might sound like a silly question, however what do patterns of RELATIVE volume, time, price look like? Are there any examples via charts or indiocators? Thanks again.
не еби мне мой fragile eggshell mind, я тебе говорю!!!
I will divulge a secret that will change the whole way you view price action. Sigma channels. Set up 4 separate bollinger bands, the first at 1 standard deviation, second at 2, third at 3, fourth at 4. Then set this on intraday, daily, weekly, and monthly charts. Then let the magic happen. You're welcome.
If you have to use an indicator(let alone buy one) to be profitable, then you have no idea what you're doing...