Hi oraclewizard77, 10x for your feedback. I'd like first to marter the TA (swing and day trading) and later I can try to dig and develop other methods. Step by step. So guys, I'd like to add a few setups for tomorrow, for day trades, as follows: 1. Tiker: BA, Long trade Buy @ 79,00 Stop Loss @ 78,00 Trailing stop @ 4 hours, no target level 2. Tiker: F, Short trade Sell @ 6,72 Stop Loss @ 6,82 Trailing stop @ 2 hours, no target level 3. Tiker: HD, Long trade Buy @ 28,50 Stop Loss @ 28.00 Trailing stop @ 2 hours, no target level I get a bit confused proposing the Long and Short at the same day, but this is what the TA proposes. Guys, if some real and experienced trader can give feedback, it would be great. Cheers,
Stop trading and read this thread (link below) until you can validate and understand the entries he posted on his graphs. Then and only then start trading again. Stop wasting time reading books on technical indicators. If you must use one, stick with stochastics 7,3,3 or 5,3,3. The first setting is slower but has less whipsaws. Second is faster but you must know which signals to take. After you have enough screen time, you can learn to read price action. After that, you don't really need indicators. Study trendlines and look at minor and major trendlines both intra day and longer time frame (2 days, a week, a month, 3 months, 6 months, etc.). Study S/R lines. Price moves from support to resistant lines and vice versa. Resistant/support once broken become support/resistant lines. Study candle sticks so you zoom into a break-out point in order to see momentum or lack off. Nobody is correct 100% of the time - even the best of the best. You need to understand and take high probability trades. Think of it this way, you don't really know for sure if price will move up or down. But you know that if you short/long, the probability of a down/up move can be huge. If you're wrong, take a loss quickly. Lose small and win big. Always set your stops at strategic locations. Don't just set them for the heck of it. Know why and where to set them. http://www.elitetrader.com/vb/showthread.php?threadid=99283
Hello people, I'd like to thank all the people who supported me with my trading!!! Thank you Palatine and Dinoman, too. Now I'm getting more and more confident with the game. Actually there are a lot of trading situations: breakouts, fake breakouts, S/R, reversals etc. I just have to spot them and trade them. Cheers.