romik............i use barcharts.com......they have 60 overlay and custom studies..........u mentione d 3 or 4 and said what else is there......? about 55 at least for me...........not all oscillator s of course,,,,,,,,,,,oscillators will get u started early morning usually but if volume is low which early mornig usually is, then wait til 9 cst.......or 30 mins. for 9 turn which is 87% of time.............lerarn to follow th e price.........that is all there is to it........learn to follow the price........
I've checked MACD over the last 2 months so far, manually...DUH, and I like the pre-market formations, not sure whether will be brave enough to enter pre-market though, but time will tell. George, I have about 40 indicators on my chart soft as well, to be honest with you I don't want to have a screen full of indicators, I'll probably become more nuts looking at them all the time. I read a system of some shit hot (as always) trader once, where he used around 12 indicators, waiting for 10 at least to provide signal or otherwise he would not enter into a trade, I followed it for a while and most of the time you miss 1/2 of the action ie to much lag as you know yourself. Therefore, simplicity is important to me, if can be achieved, I use very simple approach for my scalping trades, need to find a reliable system to enter at market open. But than again even if the system is not too reliable one would end up with 50/50 probability and by having relatively small stops and riding the trend while being in the black, should be profitable by a margin. But I am keen to find something that provides either by visual or signal type indication of high probability directional move at market open. Hope the above makes sense.
Spike, do you update your statistics regularly and if yes how often? Or do you just rely on the statistics you gained during the development process of your system? BTW, nice market comments today, especially your time predictions. Hope you do not lose your enthusiasm and keep posting.
Nearly identical situation for me. Now, mostly lurk, with an occasional post, after-hours only. Sorry for the off-topic interruption B1S1, it won't happen again. Osorico [ET dropout]
hey guys i m just a beginer this is my first week and i have no idea on what to be doing while trading. cant tell when to go long or short i m absolutely clueless. any opinions what is it gonna do tommorow.
I would not trade at all with real money, use a simulator like brackettrader or similar, that`s like trading real, no difference...(of course it`s emotional different having real money on the table....), if your statement is real, your chance of killing your account is a 99.99%.... 95-98% all traders losing money, why do you think you are one of the other 2% ? I ask again, anybody using TICK ? I`m more and more looking at TICK to define Exitpoints and low risk entries. Levels ~-500 were good shortexits/longs today and ~750 -1000 longexits/short. That meets the general advice about TICK too, I would not try to go long anymore if TICK is already high i.e. Of course this is different from day to day and needs some experience.... I marked the Low and high TICK extremes with elipses on my chart
I watch TICK (similar levels as mechtrader41), TRIN, and ADD to gauge market internals as ES nears key S/R levels,....I closely watchuse market profile levels and look for confluence with other S/R levels such as pivots, S1, R1, etc, as well as yesterdays OHLC. I rarely look at MACD or osccillators. I also use Time & Sales.....I have never even looked at DOM because of my years as an equity trader I learned that bids and offers on level 2 are basically eye candy and close to meaningless. Check out www.marketdelta.com for a cool way to watch Time & Sales. That about sums up my basic futures trading strategy.
Since the system got mature i threw away my stats. I am convinced that it performs well and will perform well in future. It has to do with the way the system was build. As soon as the returns go down i will be forced to redo the analyses, adapt my system probably and make new stats to see the new risc/reward ratio. But at this moment it is not necessary. The only use of stats is to know with high probabilities the future outcome of your trading. I will still post in future but mostly no exact entries or exits.
Could you possibly post a chart with TICK same time-frame as chart and directly under it? I have used TICK before and 1) futures prices used to front run TICK 2) making a decision based on TICK was not accurate enough, I was simply using the widely recommended levels. IMO highs/lows of WRBs together with usual S/R levels are adequate to see potential S/R would happen. EDIT: Exit point does not necessarily mean a good Entry point via TICK