Yeah Failing on future tests means I still need to work on it some more. Hopefully I can figure this out soon!
Very nice read. I've noticed a few cyrpto assets that are somewhat correlated with Bitcoin, though I have not found (yet) any with a time lag on the daily. I've read into volume (PVSRA). I think there's a benefit in factoring this in, I did look at it briefly in lower timeframes, though it made the strategy more complex. I will think more about it. I also think that after reading into a lot of material, listening to a lot of people, and watching several videos, it's now a little hard to figure out a specific style to start with. I am now encountering lots of confusion, and sometimes contradicting information. Fully aware of it, and I need to get back to set my priority on trading style.
In day trading, there are 2-6 setups daily? I believe you trade S&R? I would like to see a chart showing these S&R setups you like. I don't trade S&R so it would be interesting to see what you like to trade.
What ??? If indicators follow the price, why are they even on a chart? And why would anybody ever pay for a chart service that didn't help predict direction, amplitude, reversals etc? This young guy wants to learn some TA. Why confuse him ? Or stop kidding with him. *** Quick glance through this thread, seems the obvious thing is missing. The only way to make money with charts ... is to look at a ton of charts. MO When I was a kid, I had Mansfield Charts - heavy loose leaf binder. I didn't buy it. ?The Office bought it. Total Old school. What chart service does the OP use?
Just read everything you can on the subject and watch charts on all time frames every day. At some point something will resonate with you, you will become worthy of having an intuition. Build yourself a book of rules so you can first have rules that can then be broken. I also recommend The Strat by Rob Smith - google it, youtube and twitter search it - a lot of free educational materials on it and it makes a lot of sense.
I agree, I know I have to be comfortable looking at a lot of charts! Right now, I'm on a TradingView subscription. It's pretty neat, has custom timeframes, can backtest strategies, and has a screener. There are some things I still like to analyze on a spreadsheet such as comparing performance between instruments, but for the most part, I'm happy with it. Since I'm on crypto, the data is updated in real-time for major exchanges like Binance without the extra cost (I think some exchanges will require extra payment for data like this).
Thanks for the book recommendation! I do believe it's a matter of time and practice until I find something I'm truly comfortable with. I'll develop a framework and understand more rules until then.
Very helpful! So somehow many people are trading this ES (it's actually the first time I heard of it ), I might have to take a look soon.