Obviously reading comprehension is not your strong suit; you completely missed the point. No surprise there. st
I note you donât deny not having money to trade and being a store clerk paper trader. I appreciate your honesty!! The Professor must have smacked you like a bug hitting a fast moving windshield, as it seems you are not able to get him out of your mind. Perhaps if you straighten your act up, heâll allow you back into his good graces and help you become a real trader instead of the pretend one you are now. st
I might as well post a chart also It's been a while All the good stuff has been removed. Indicators are not canned, so don't ask. Setup is when OSC's go to ob/os together. Entry is Touch of bands. Sometimes I will do open of candle as entry. But never a bar takeout or similar price action entry. This method is for scalping only. Goinglite
hehe, like it Going... but it will confuse the hell out of the price action only cave dwellers. Ug Ug they say: what we don't understand and what we have not been able to formulate can't possibly work. Indicators lag, well, because we say it lags. Duh! Thank God they don't work in the patent office. One gentleman here even thinks price can rise without volume and that will suck the buyers in. The voice of another cavedweller who has not studied volume in depth. Wyckoff would laugh his head off. That's a contrived move and only works under certain conditions. One of the surest signs of a reversal is blow out volume before the reversal as the smart money leaves. No volume - no gas. And volume is realtime. Learn Price Action - it doesn't require much effort to learn. Learn indicators - but it requires considerable effort to take a canned indicator and convert it into a money making machine. Meanwhile, the cavedwellers post... well... nothing. A true representation of their contribution to this thread. I'd like to see two identical price action set ups, same time of day, similar in every way, and a cave dweller show how PA alone indicates expectancy of a different outcome. Put up or shut up!
http://www.elitetrader.com/vb/showthread.php?s=&threadid=122236&perpage=6&pagenumber=1 There ya go. I just put up.
One advantage of indicators over price is that a lot of indicators measure "momentum". MOMENTUM always comes before PRICE. A trendline break on a CCI, MACD Histogram, or even the RSI may often be earlier than just a trendline break on price. Lag is a relative sort of thing. Some lag is good because it filters out the "noise" of price. One hour candles will lag behind one minute candles. But one hour candles may smooth out a lot of the noise that's in one min candles. One hour chart setups may offer a higher reward setup than just a one min chart setup. But one hour charts clearly "lag" behind one min charts. For those that have an issue with "lag", try trading price action on a "nano" second chart Even price action traders have to draw trendlines on charts in order to "slow them" down Trendlines on price is "lag". But trendlines are needed to "filter" out "price noise" and produce patterns that will offer a chance of a winning trade. The key to trading is how to use "lag" to your advantage. Goinglite
Yoohoo was not referring to you. I've been looking at your thread. It's absolutely excellent. Nice work Goinglite
No, but he was saying that you can't learn from price alone. You have to have volume because there is no gas. I say bullshit. There are many ways to be successful. Saying volume is a necessity is just not true. People prove it every day.