throw up a daily on your nq and starting 11/21 you'll see a left shoulder start ,then a head and now a right shoulder forming,these patterns payoff well when the work,if you saw this and the naz pulled down to that daily tl,you wouldnt buy there because if it didnt hold,you would get a 75 point drop,so you would look for it to break ,return to the line for a test ,fail and you then get short for a 75 point move,thats why you have to know the bigger picture outside of your 5 or 15 minute scalps
ok i get it, ill watch the daily, hourly, 30min and 5 min. do you think i should be commited to trading just on the 5 min chart, or should i be open for getting into moves based on the 15min?
i think your still pAPER trading,the best way to go broke is trade the 5 or 10 or any short term timeframe,you could trade the larger timeframes 30 or 60 and find 3 trades a day ,learn that first and have a second acct with a 1 lot position trade ,longer term,keep an open mind and find out what you are good at,like a sport,what position will you be best at
ahhh, never thought about trading more than one time frame at a time. yes i should do that! im just so used to trying to get moves on a 5min/512tick time frame....but im not trying to scalp, im trying to find the biggest moves i can while still averaging atleast 1 or 2 trades a day. i dont wanna jump in and out and in and out and in and out.
i like the hourly breaks, but i can still see how the daily trendlines confirm major S/R for the hourly.
Trends to find to become a successful trader. Yearly, monthly, weekly, daily, 60 minute, 10 minute and 1 minute. Come up with a price direction hypothesis often because that hypothesis can change quickly. To me the only thing that matters in trading is developing a correct hypothesis. Come up with a hypothesis often but only dwell on the process of developing a hypothesis. If you find yourself rushing for a trade or entering a different mindset of impulsiveness than walk away until you accomplish the mindset once again. If you think the market is moving so fast you have to take advantage of it walk away. The market gives a trader with the right mindset and strategy PLENTY of time to make successful trades. All other thinking besides developing that hypothesis is either wishful thinking, fearful thinking or overall incorrect thinking.
You seem never tired of giving the same sage advice. That is, same shit, same rhetoric. Under that same bullshit scenario that you give, it's impossible for you to even consider trading unless you're able to replicate the same results for at least 100 times IN ADVANCE. See the point? I thought not.
TraderZones means that the OP is cherry picking charts to illustrate his thesis. In reality, there are thousands of historical situations where the stock has gone up, gone down, or moved sideways from where those lines converged like in his samples. All of those clever lines are just really arbitrary. The stock will move where it wants to go. At least the OP should use candlesticks in conjunction with his pseudo technical analysis to better gauge the stock's probable movement. Japanese candlesticks have shown their effectiveness over hundreds of years. A bunch of spiderweb lines on the chart is nonsense.
i have a nice book explaining candlesticks, Japanese Candlestick Charting Techniques by Steve Nison. visually i dont particularly like them, and if i still wanted to use candlestick signals, i can always look for the same stuff on the OHLC bars, or BAR chart as i like to call it. i might read over those signals again...