That sounds to me like TAs don't work 70% of the time. So trading opposite what the TAs tell you to do would be profitable 70% of the time? I already made a thread about that and I was told that's not a successful trading strategy, in case you were wondering. So: Follow TA = lose Do opposite of TA = lose Because every single time it will have been a time when you should have done the opposite of what you actually did. I kid, I kid.
Here is an excel that covers more than intraday, but it gives a context. The comment that more trades is more mistakes doesn't ring true to me. It is necessary for a person in transition to trade only at his level. As more skill and expanded data sets comes into the picture, then more trades appear as the trade shares responsibilities with the market. There seems to be a myth about making money that involves trading methods. A person builds in knowledge, skills and experience as time goes by. This means he sees more deeply into the markets. Layers of skills are acquired as he goes upward from plateau to plateau. some people think that you change tools as you skill improves. This is not true. Mostly, your data sets become more comprehensive and you have a clear understanding of thedata priority and significance. A good way to illustrate this is the "freak out" nature of traders who are in over their heads for a given skill level. Generally, the trader's original and beginning belief sets, screw him royally as he begins to try to take on additional skills. He seems to just use single data elements to base his trading upon. he freeks at every new signal he acquires so he is jumping around all the time seeing and acting on a plethora of signals he has finally found. Signals have rank among others and only data sets of signals may be taken as a trader monitors. A way to look at it for learning faster and making a lot of money each day is to think of holding through lessor signals and only trading the 4 to 6 that come in a day at first. Later a person can take signals in between these and double the trades up to 10 or so a day. Finally whwn a person is a pro, he can take all the signals offered, especially by the smart money. It takes some skills to trade in front of the smart money all day long and you really have to have a screen display that is set up for maxing making money. If you look at the thread on treading equipment pictures, you will see that there are no expert set ups being shown so far. Attached is an Excel that shows a range of different trading types that I use and there are signal names for each of the TA components. You can see that expert tading on futures has a lot of display considerations. 20 to 40 times a day, some parts of the screens come into play as a reversal is carved. Most of the time however is given to the "continuation" part of trades while money is being made. Here the focus is not on details most of the time since the price is just translating to put more money in your pocket. the market tells you when to go to look at details when a turn will be coming up. these leading signals make it possible to eak out what is there for the taking. During the day the market pipeline is open to different extents. That has to be taken into accountas well. When it is a consideration the T&S is telling you how many cars you can be trading. The level of the volume (one of six levels tells you this also. It is okay to carry 50 cars when the money velocity is at 2 ticks per minute on the ES; other times it is not allowable or you cannot do the turns in accordance with the market movement. Getting the full drift of he content of the excel chart is not easy. Don't worry about it. Later it will come into play for you. If youare still doing edge trading the chart has no relevance as noted in the title. the chart is for people who are high velocity traders.
What are those? In for more info on pivot points, too. QuoteTracker has some pivot point indicators but they don't ever do anything when I enable them.
the statement regarding the 70% thing does not logically follow first of all, you cannot quantify the % of time TA "works" unless you are privy to data on all traders results using TA second of all, even if TA didn't 'work' 70% of the time (you get stopped out), it does not mean you would be successful with 70% winning trades. it depends on risk distance (stop) vs. target(s). TA is not just lagging indicators. i don't use lagging indicators. but i sure as hell use TA. if it's a derivative of price, it's TA. iow, if it's not FUNDAMENTAL analysis, it's TA (and yes, i use fundies too for longer term trades) USING TA is a skill and an art. most people fail at trading, just like every other business this says nothing about specific TA techniques, because ANY TA technique that is widely disseminated and followed, will become less successful or even a losing strategy (it will lose its robustness)
After you enable them do you edit them? The different specs are blank in the default. You have to go in and check the ones you want and specify the color. If you need more help pm me.
I would suggest you read this very carefully. http://www.tacticaltradingmethod.com/indicator-trading.html If you wish to be successful you will need to understand price movements of the market you wish to trade. Good luck!