See how prices are touching and bouncing right off the EMA 89. I think that just might be a magical spot. See...it just touched and turned it down again (twice now). That's very interesting. snarlyjack
If you want to see a lot of hits put the 50ema and 150ema on your 2min. YM. These correspond to the 20emas on 5 and 15 min. charts. However the thing that I am learning from this thread is that perhaps the less you watch the better off you are. One of the things that has slowed me down in the past is conflicting signals which lead to indecision. Now I am looking for two things only. Then its GO, and if it dilly dallies around, get the feck out and get ready to go again.
Glad the 89 is working out. My wife says the 69 is good also, but thats altogether differerent. Whoops, better watch out, dont wanna get banned.
bmwhendrix, Those numbers are very interesting. Its uncanny how prices will touch those numbers and stall for a moment and think about things. Currently, I just put EMA 89, EMA 69 and EMA 30 on my chart and I am just watching them to see how prices react to the numbers. Its very interesting...Thanks for your help and suggestions... snarlyjack
Agreed. I like to get up and walk around or something while in a trade. I cant stand sitting there and watching the price bounce around so much. That's just me though. Im looking at 5 minute charts and thinking about trying that out instead of the 2 min. Have you looked at 5 min at all? Seems to be a little less chop, but still enough entries to make it profitable. The 9SMA seems to pop in and out of the price a little more to my liking, instead of breaking through then coming back so often like on the 2min. Once it's out it seems to stay out until the move is over.
I have been trading the 5 minute for a couple of years up until quite recently. I am quite suprised to find that the 2 min. suits me to a tee. I think we all need to find our own timeframe.
You know, I cant find one that suits me. I just 'discovered' this 5 min thing when I posted. It looks alot smoother than the 2min for obvious reasons, but it misses a few of the signals, like this last down move that just happened (YM). Im still debating, but may give the 5 min a try all day tomorrow, or at the very least, switch back and forth between the two for more confirmation. It wasnt this system you were using in the past with the 5 min was it?
No. I was just trading patterns on the 5 min. charts which works ok for some people but I had worked myself into a paralysis situation where I was getting too many conflicting signals from different time frames, different markets, ticks, trin, etc. trying to wait for the perfect signal which, of course, never comes and ended up most of the time doing nothing. I decided, after following this thread for awhile that perhaps an indicator (shudder) might help me in my decision making process and it has. I dropped the 5 minute chart, then I dropped the tick and trin, then I dropped the other markets and, glory be, I can now make a decision in a timely manner.
Hi guys. I am still learning this method, but have found it particularily helpful to have a 2min chart and a 2day 5min chart for the bigger picture. I have also taken a tip from Wint's earlier posts and have a 12 and 26 ema on both charts and look to trade the crosses (same as macd indicator) when both charts are telling you the same thing. Less trades but less risk i think. Also worth going back to reread Wint's posts on the macd and also his comments on support ,resistence and fib etc. He makes a lot of sense. Just my 2 cents worth ! good luck with your trading
Analysis paralysis, indicator overload... these are all symptoms of not keeping it simple.... simplicity is more important than correct use of the MACD... everyone's gotta system... but you need a healthy dose of common sense with even the best method 148 pages later and nothing has changed from page 1... KEEP IT SIMPLE