OPENBOOK , TICK, TRIN , MA, MACD , ADDX , LEVEL2 As someone who is going to be trading big money in about a month or two. I have now noticed, All these indicators are given to the retail investors to let them think they are getting an edge when in fact all of them are: <b>All useless</b> I use to use TICK , <i>"man I have the best indicator around, I better not tell anybody on ET, My secret: short when +600 buy when -600 $nastick"</i> What do I think of it now? <h2>Useless.</h2> Edge they are not getting. They are getting a small hope which is similar to a freebie "lock" tip to a gambler to keep them hoping they will win soon. I use none of these tools now when I trade. Only things I use: 1. Volume 2. Candle bar price 3. Pivot points (I don't use them for entry but for slight resistance areas headsup) 4. Time & Sales I will post later what I use the MA for, its usually backwards to what most traders use the MA for Real Money is only made thinking/looking outside the box.
every indicator you listed works sometimes. no indicator works all the time. it is your job to figure out when.
coolweb Registered: Jan 2005 Posts: 622 11-16-05 04:39 AM OPENBOOK , TICK, TRIN , MA, MACD , ADDX , LEVEL2 As someone who is going to be trading big money in about a month or two. I have now noticed, All these indicators are given to the retail investors to let them think they are getting an edge when in fact all of them are: All useless ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ i guess you have never seen all the screens in an institutional trading room.
Tick is like the gas pedal, good for timing entries and exits. Also keep an eye Tick charted, can show you clearly that, for example, all ticks today so far fired greater than +1000 and none greater than -600. All in a glance. But agree overall that new traders focus too much on tick and trin...I know I did
I don't yet have a great deal of experience with TICK, and I'm not sure how well it would apply to trading individual stocks, but I do think that it is a useful indicator for someone that is trading indexes. For example, I've seen some basic trading systems described in books (i.e. how to define a trading system), such as "only take a long position if stock is above 8 day EMA". I think that TICK could fit into a trading system in terms of providing one with an indicator to base part of decision making on.
I agree that the TRIN is mostly useless. I don't use MA, ADDX or LEVEL2 I DO use the 1min TICK as one of my main indicators. It took me months to determine what chart settings and indicators to use on the TICK for my particular style of trading. But now that I've got that smoothed out, I'm very happy with the results. As vhehn pointed out, "no indicator works all the time" There are times when the TICK chart screams "buy" and I ignore it.....but not too often
The option cracks on this forum wouldn't like that statement. I think I've read pages of reasons why the Put/Call ratio is meaningless.
I have never seen any benefit in using traditional indicators, too. However, to my surprise, there are indeed people who are profitable by using MACD, stochastics etc. Have a look at http://www.trading-naked.com/TradingNakedAwards.htm Personally , so far I haven't found a way to make use of the traditional indicators. After growing tired over MACD, MAs, and all that jazz, I became excited about TICK, but then... However, I think I have found a sure fire thing , modified fibonacci extensions that are smoothed and stuff...