If I use one hour or half-hour time frame increments to view the market what sort of indicator or indicators would be useful to use in conjunction with?? thanks
When I day traded for a living - I would print out charts of the Weekly and Daily every so often just to use as a reference. I currently keep them tabbed. I would day trade off of 360, 15, and 5 minute charts. I have always found that using multiple timeframes was incredibly useful in terms of keeping a perspective on both short term spec order flows and the longer term institutional bias. In terms of TA - after a few years I came to write my own study programs. It was just a natural progression for me in my quest for consistency. I would urge the OP to experiment with intervals (never use the default values) on a moving average study, an oscillator like RSI, and a volatility study like the Bollinger Bands. I've always found that experimentation works best - both with sampling period intervals and with more advanced concepts like a study-on-a-study. Personally I use a custom study I developed expressly for futures spreads. What's more important is the four rules sets that have to be satisfied in order to confirm a buy or sell entry. i also have an ATR/volatility-based procedure to determine both a stop-loss level and a profit target which I set at the time of trade entry. YMMV I wish everyone good fortune !
" Once you have the determination, courage and confidence to delete all your 'precious' indicators, you are getting closer to reaching financial freedom !!! "
Years ago, I attended numerous trading courses. 2 of the coaches who taught outright trading and were unsuccessful traders used tons and tons of indicators. of course I didn't know they were hopeless traders until years later. 3 of the coaches who taught outright trading and were successful traders hardly use indicators 2 of the coaches who taught spread trading didn't use any indicator. course fee ranged from $2k to $4k. that was years ago. anyway go discover yourself and Good luck mister.