i think new traders focus on the reward of catching a long term top. what they do not realise is that the probability of doing this successfully is so low. Invariably where the perceived reward is high the probaility of success is low if you have deep pockets you can keep on doing this because eventually all trends end
confirmation by moving average is excellent but only if it is a trend.....if in a range.. moving averages do not confirm anything except that price is not going anywhere and that you can see you do not need the moving average.
if you are trading by instinct, my instinct says learn either fundamental or technical analysis or say bye bye to yr money
I remember asking you about a similar thing a while ago. lol Fortunately, our conversation combined with further personal experience showed that horizontal S&R areas are the best way to do it. I used to wait for confirmation bars and whatnot until I found that I was missing the move in many cases. I admit, it did help to put the odds in my favor but I found myself chasing the market by waiting on some confirmation signal, thereby needlessly making the trade more expensive.
Yes. And even when you got the confirmation bar... it sometimes failed shortly thereafter, invalidating the "confirmation", did it not?
Moving averages "confirm" ... what has already happened. PA confirmation is what gets you in right and I use it every time.
%% Something like that; except i seldom pick up quarters ,mainly because not many people throw/lose quarters. Strange; i foud more dollars than quarters. You have to really do some sort of trend confirmation; other wise you short /lose your shirt stuff like all time big tech trend shorts in 1999.Makes no difference if you use candles or bars. You could find a use for put call ratio; but i would use a NYSE short ratio[line chart LOL-LOL/true] before the the other.Wisdom is profitable to direct. One of them on a big trading ..... said dont run around around in shorts in a bull market; GE is still in a bear market, below 200 dma.,