This chart is used for scalping -- average time in trade is less than 8 mins. Note chart times are 5 and 15 minute charts.
So What and Why is on the charts I post? First and foremost is the Patterns that Time and Price -- reveals. Patterns ( mostly Triangles) combine to define Market Dynamics (Price Action). Important to realize that nothing on a chart is of benefit to profitable trades, unless it is PREDICTIVE, and not just "historic pictures". More explanation soon but first attention is trading now.
Well. You have to try various strategies/methods ... and see which works for you. Why indicators wouldn't work? Because the market moves in various fashion/manner/pattern/speed .... sometimes it moves slower than the snail. sometimes it moves faster than a hypersonic missile.
Points of Interest so far: Nothing is new when it comes to trading systems. Most "new ideas" are just "remakes" to profit from YouTube and system "sales gurus". Fibs are Not New, nor are charts or Trading with Absolute Entries and Targets. Even the often thought of "Martingale" systems -- which can be a dangerous addition to predictive charts. ( On the way)
I am sure, @maxinger , you would agree that the important point is what we see on the charts is predicative, making it Useful to trade with.
Gartleys don't speak to me but they Sing and Dance for Larry Pesavento, lol. Intraday fast charts without the specialized software would pull me away from looking around for the stoopid simple PA low hanging fruit that ripens and falls off the tree waiting to be picked up by yours truly. MACD, How much you pay for that software platform to do all that work? What were it's competitors? Reviews? a gartley that worked, ng Daily https://www.elitetrader.com/et/thre...st-right-here-baby.335635/page-2#post-4920735 " . . . every gartley has 5 possible outcomes . . . " SR https://www.elitetrader.com/et/thre...st-right-here-baby.335635/page-4#post-4922489
Anything is predicative, toss a feather in the air, bet it will eventually fall to the ground. Trading methods, almost all of them have predictive outcomes including trying to find 9 year extremes where my trades are generally wrong 95-99.8% of the time. Most young traders concentrate on getting in, at some point you might realize risk management is the key to accumulating wealth. Whatever you use to enter, most of it reduces trades so you don't over trade.
...if you are on a body of sufficient mass to exhibit a well known physical property of gravity. That's not prediction, that's deductive logic. Some of that logic with some Price Action Setup/Trigger Pairs and sufficient stats can make for a method to watch those feathers float by and pick the lead ones from the downy fluff and apply money management to step into the elevator that's prolly gonna go where one expects it to in context of a turbulent atmosphere that can introduce uncertainty enough to separate the careless from the intrepid. A downy feather in a scirocco wind off the Sahara is prolly gonna take a long time to reach the ground and cash in on. A wet feather boa tossed out the top floor window of a latin quarter strip joint in New Orleans on the Wednesday after Fat Tuesday is prolly gonna be a better Sell to Enter trade.
Tenets: Time now to the "How and Whys" : We all share the same Goal: To profit from trading to the extent that we are achieving a Return on Risk - that is Dictated, not only by the size of our account -- cognizant of duration of trade, and amount at risk -- all Rule Based in our trade plan. Then Discipline --to not deviate from the rules. Probability , or "Odds of Success" -- on each entry and trade are, as we have learned is paramount to consistent profits. (Refer to Mark Douglas, Trading in The Zone.) Find the "Right" trade system and Rules of Engagement and the "Law of Large Numbers will result in consistent profits. BTW, if you do not own that book -- it is available for free online. More Re: Tenets, which is True, 1) Markets are a Random Walk, or 2) Identifiable patterns Repeat -- thereby offering fractal and probable "Trading in The Zone" ("Odds-On, or in Poker "Nuts".) Summary: "Edge" Absolute requirement -- Ya Gotta Have an EDGE Why, of course, to be consistently profitable. How: Learn to find Your Edge. Of course, as most here have seen many threads on Edge and our hard working contributor @easymon1, can attest many Claim to offer and Share their "Edge" it may be "Bogus". Many ET-ers would even say: that if a successful trader has an Edge -- He or She would be Stupid to share it. Define in just a few words "Your Edge" It has been stated that if you Can't then You Don't have one. (More coming on this subject -- be assured.)