I have never been able to get a reliable read from volume. I'd get about as many false negatives as false positives from the perspective of my entry points. How many setups do you get in an index on an average day. Ballpark.
Depends on speed. I break intraday up into 3 speeds; Slow Intraday, Fast Intraday and Scalp I find the slow intraday gives me the best profit potential and I can watch multiple markets/charts each day because I only get one or two signals each day per slow chart. Here is an example of a slow Euro FX chart for today. For comparison I will post the next 2 faster charts.
Finally here is the scalp chart. For some this is a great chart. To me it is a mess and aggrevating. For a gamer it is fun but I do this for a living and you can see the difference in profit between the first and second charts. The slower was more profitable with less trades. Less trades is less commission. I would recommend scalping to my enemy . . . well maybe.
I see your point. But "scalped" entries need not necessarily be followed by "scalped" exits in every case. And if you should choose to form a view on the day's overall direction, then a shorter-term chart can pinpoint lower-risk areas to add to the position. Plaid is an interesting and brave color choice for your oscillator. I think I had a shirt like that once.
I agree with the exits. Good point. My exits are all ultra conservative based on entries. Slow chart did net 71 pips this morning. Not a bad single trade. ONE & DONE! The indicator isn't plaid . . . The middle indicator is Trading oscillations (ERG (Ergodic) and Histogram) The lower indicator is a slower version of the same indicator (ERG and Histogram) showing simply chart strength direction. ERG is the slowest part of each indicator. If you notice the Trading Histogram closely nails individual price swings. Blue depicts UP Light Green depicts DOWN Color change is the oscillation point.
Just out of curiosity, what was the size of the largest adverse move during the course of your trade, and how does it compare in size with your initial protective stop?
I invite any and all PA traders to examine my trades from today, please see the attachment. Other than this last long trade, not a good day. A lot of stop losses. How would you handle a day like today, what would you have done differently? Two areas that I need help with: 1)How would you incorporate use of S/R into this chart? 2) Use of trend lines 8 trades today seems a little too much, I need to find a way to filter out a few, I am hoping the use of trend lines, S/R etc may be of some help. Just trying to learn, Thanks very much. A very simple trading method: buy pullbacks in uptrend, sellshort pullbacks in downtrend. uptrend = series of HH/HL etc Stop = previous swing Low for longs etc. purple verticle lines = sell short Entry blue verticle lines = buy long entry PS. I know there has been a lot of discussion of al brooks in this thread, but this method is something I borrowed from reading a bunch of other material. Al brooks is a long term project for me.
I have the profoundest respect for Donna, but backtesting higher highs and lower lows as entry signals for intrady trades shows that the strategy is a loser. If you want to trade better, learn to backtest. She must be making it work some other way.
sorry who is Donna, are you refering to the PA queen Nodoji? yeah intraday is hard, on some days not enough trends to pay for all those losers.