That is it exactly. I use the MACD and understand exactly what it is telling me, it is invaluable. T/A is useless if you do not understand what chart patterns, resistance, leading and trailing indicators (and know the difference) etc. mean. The combination of a knowledgeable use of T/A, Fundamental Analysis, knowing what news will do to a stock, trading experience, and good intuition is a potent combination
History is full of laughable prophecies, sometimes from undisputed great minds that fell to the so human delusion of self-greatness. Who was the guy who said at the end of the 19th century that "Everything that can be invented has been invented." ?
I have one, it trades strictly on price, and works fantastic...the strategy has taken several years to develop but it works none the less. My suggestion is that you keep researching, when you do find it it makes all the frustration and hard work, worthwhile.
I make very good money and I trade 98% NYSE on TA basis only. I have NO clue how to Tape read, I could care less. I don't subscribe to Open Book either. I trade the same 14 NYSE stocks daily and 2 NASDAQ (WYNN & FITB). Friday I made almost $8,000, best day in some time. I made $4,000 in MO alone. NYSE stocks trend very nicely, I rarely enter any orders before 10:30am. I wait for the noise to filter out and then make my decisions. I gave up NASDAQ, too friggin crazy for me. I'll be sad when the specialist system goes away.
mshey, You've shown your generosity so many times on this website and have been quite helpful to other traders. Any chance of continuing that by sharing this fantastic system?
Tuesdays results, profit of $3,200 Total stocks traded today = 7 2 stocks were NASDAQ for $1.70 gain 1,000 shares per trade (14,000 R/T) Total profit $4.75 or $4,750 TA only. Explain please what YOU mean by "Price Action."
i am beginning to come to the conclusion that NO SINGLE indicator, be it fundamental, technical, intraday, tape, Whatever...can be used alone. furthermore, each security has its own behavior which is constantly in flux. Last week i started to see that no sinlge moving average criteria worked the same for each stock..i am going astep further to find a combination of indicators that create profits. For instance...maybe xyz requires trendline analysis plus a 30, 60 day MA that are both in sync to creat a good signal. Or, another is a 5, 20, MACD with a RSI at 5, 80, 20 to creat a profitable signal with a sell signal being created by a trendline because the MACD is too slow. Luckily i have a bloomberg at work i can use to alter all of these criteria to play with. Most of the basic broker programs have set criteria. Try different things with different securities and a combination of each. maybe you will find something that works a little better!
dac8555 try this for the new year. Forget trading stocks, that is old school and fund managers stuff. The "MODERN" trader is all electronic and trades accordingly. If you are a fan of stocks, great, the best game in town is the e-mini stock indexes. Bet ya feel better all ready.... get modern Dude!!!!!! Suggestion: trade one instrument only, watch it like you would a 3 year old in the mall, hold on tight, focus on the mission. soon you will "FEEL" the upcoming moves. Forget all those blind dates, take the gal of choice to the dance and learn her moves, then have a ball.....