right. that's not a good way to trade. one of my sickening hopeless trading coaches ( a professional talker) said at trough, buy, at peak sell, and at trough buy again and at peak sell again... trading is not about drawing thousands of lines and curves and fans and triangles. it is about understanding the macro view, and price action. professional traders trade differently from professional writers/talkers.
Sorry, but I must respectfully decline to do so. I kind of decided this evening to try to stop myself from contributing any more entries to the trading threads here at ET, but since you addressed me directly, I will at least add this one… Since I’m not being transparent about my settings, if you think my approach is nonsense, then I will simply go ahead and agree with you. Images like this trade I am in at the moment, where I am trying to get in near the foot of an initial trend reversal to the north, are indeed very misleading. I get killed every day using my strategy, just as I am probably about to lose money right here. I should have never contradicted you. You are obviously right and I am wrong. I don’t know what I’m talking about. The parameters I’m using are all off. My indicators are a joke. You needn’t waste any of your time testing them since they are not likely to work, and as for me, I shall cease to continue offering my misguided impressions on the ET trading threads in the future (if I can only manage to discipline myself to that degree). Your original post pegged me and my ideas all too accurately—to a T in fact—and I apologize for having ever suggested otherwise.
LOL Did warn you, this place has turned into a Troll site since the Covid!! Remember, only you and me use Envelopes nobody else has even considered them, so nobody will take you seriously, but who cares, as it's working nicely today on DAX Trade the White Direction / Range with the Blue's direction KISS!!
I started trading with hundreds of indicators including envelopes. It was so plentiful till I could hardly see the candlesticks. I made progress after I deleted those lines/curves/triangles/fans KISS or no KISS, do note that for today, dax hardly move. its range so far was very very poor at meagre 120 points (ie reward risk ratio unlikely to be better than 1:1). Last Friday range was rather good at 220 points.
Question for daytraders on this thread: What would be a typical daily $ amount you would accrue? On an average day where you were positive.
Although I agree on the most part, not an indicator fan, I tested all and that's about all I came up with that works for ME, doesn't mean other stuff might not work for someone else. To your method DAX is weak, to mine, DAX is perfect good range and continuation, 6 trades in only 1 loser in the last 90mins +$284. Gets choppy soon with USA waking up so hit the Gym, then trade NQ same method 3pm+ GMT till 5pm ish then 7pm till 8:30pm. p.s. I don't trade when market to strong, too high a risk of giving too much back.
Depends on how Lazy I am, at +$200 I start worrying too much about giving it back, at +$500 I definitely call it a day. I generally have 1 down day per week, last Tuesday blew 2K in just over 1 hour, only just back on live today. VERY BAD down day!!
Standard deviation channels, RSI (custom settings), Moving averages and Stoch momentum index. Oh! And volume profile for some stuff (I don't pay attention to regular volume). Also, for scanning, I sometimes include ADX - everything has different reasons for use. Note, I deleted my original post because "don't want to get into boring arguments" ...also, this is the Forex forum, I trade equities.