I've only recently started doing basic TA on my ES trades, but I agree with Anek 100% and that's where I first started paper-trading my TA.....that said, frankly, I'm not looking for, nor expecting, to be "in" and "out" of a trade *exactly* at the high or low point on the graph.....if you go in expecting that, you'll get burned repeatedly. I might get into a position and see it move a few more points against me before reversing and going my way, but that's built-in to my planning anyway.....if I get stopped out, it went TOO far against me, which means my planning/analysis clearly was wrong to begin with.
Absolutely correct Anek - I am as green as they come! (and we all know what Kermit says about being green) so my first book is Murphys Technical Analysis of the Financial Markets --- in your opinion is that a good place to start? Thanks again
Agreed --- first step I think is learn how to make them profitable at all -- not suck every dollar out of them you can kinda like when you learn to hit a 9 iron first you just aim for the center of the green as you get better try to get it closer to the pin but dont think you can get close to the pin if you cant even get it to the green
Hehe --- In my case I need to learn how to get the 9 iron out of the bag here --- much less hit it but these forums are very helpful
There's a bunch of helpful people here, some great threads and great info, and yes, there will be times where you encounter the occasional idiotic troll or arrogant snob. But if you ask intelligent questions and at least show folks you're doing your homework and not looking for a quick answer, you'll get more respect.....at least that's what I've seen here in the past year that I've participated.
I'm still a noob at this but through watching daily price action for the last 6 months, I've realized its more important to study price action. Indicators will lie. Yet, they can be a good entry confirmation after price action has given you a setup to entry.
Not necessarily. No system need be right 100% of the time. You may trade the setup perfectly, only to have it run against you.
Nope, just stare at 5 min. candle charts for a very long time. It starts to click after a while. its just starting to come together for me.