First ,I'd like to apologize...sometimes I forget that some people work at the office and not at home, like myself. Okay, I think I'm with you on this now. I assume you're using default overbot/oversold levels of 80/20 on the RSI, and if this is the case we just missed a sell signal on this particular example. By the way...what's "pdi and mdi" ? When you get home tonight, post a chart and maybe we can nip this thing in the bud.
By the way...if you like trading breakouts of support and resistance levels like I do, here's a chart to make you're mouth water.
nah, I trade from home, but I'm trying to eek out a few more livings today. I don't know anything about rsi. It's the %bb that I'm impressed with. Another good divergence at 12:23 et on the 1 min. Everythings got you short, but the rising %bb tells you if you want to stay with it you are going to have to endure a move against you. (And you won't see it just looking at the charts. price is hugging band and then still well below ma and adx is rising.) pdi mdi plus directional index minus directional index. I never trade against them. I always take my profits when they cross. Even my negative profits. By the way, I've been splitting a lot of one tick profits with IB today. That's a trick I picked up from you. If youy can't get anything else, at least walk away with commissions. The good rsi signals I got were on 8/21. Sure, I'm ready to break out!
yeah nice chart. Better start a new thread for this one. I've stared and stared at those channels and never figured out how you do it. I've done searches on donchian and looked everywhere. I guess it is so simple they figure you don't need to read about it. How long do you have to wait for a trade? I would love to learn how to trade them. Everybody always fades my breakouts. Every now and then they fade the fade of the fade, but I am usually stopped out by then. Start a thread and share the wealth. I could go for some self fullfilling profits.
It's no biggie...just plot a 30 period "price channel". Traders have been trading breakouts of support and resistance for decades. The trick is to cut your losses and let the profits ride. That's why I like to trade in multiples of 3, so I can let the 3rd unit ride. Here's a close-up of the initial trade, so you can see it better.
Great information and helpfulness from you guys. Thanks for the time and willingness to share. I try to read Elite daily but get put off by all the finger pointing and negative unnecessary feedback given. Please keep it up.
ok, then let me ask you this, do you have a minimum breakout? I've tried it using 21 and 11 and 55 periods. Maybe I just hit bad days. I was using a 1 tick breakout, and it is uncanny how many times the old sr was taken out by 1 tick and then right back to the midrange. I know this is where the money is, but everytime I try it the market usually gets some good laughs.