well, come on now, listen carefully, any that are available to the general public aint gonna be worth sheesh.. they are all derived from the price right ,oo yes they are ! - and what has been..think outside the box.. - your aim is to be the guy charging fees at the exit when the cinema is on fire and they all gotta get out at any price. The muppets lose, keep telling yourself that and your on the way . Best Kap.
. I found the "Perfect" indicator once..... and was getting ready to use it .....and then the guy up's and dies on me. No more indicator...... gotta Laugh. This is a TRUE STORY. Well, it may not have been "Perfect" ..... but it was the best I've ever seen to this day ......proprietary of course. With all the articles on Ichimoku charts lately, I thought I'd get the book "Ichimoku Charts" by Nicole Elliott. So.....I'm almost done reading it (its short).... and she makes some good observations. She says "Most" Commercial Japanese traders always have them up. She also says ...... that they work well in trending markets .....and don't work at all in congestion. They are pure indicator.....and they are interesting. However...... a good many of the above posts are correct.... in that .... there are NO SHORTCUTS here. You must learn how to read price action....it ain't gonna happen overnight, and it ain't gonna be painless..... can you survive - that's the question. Keep those losses small ! My suggestions are....... Read everything you can get by Joe Ross. ....he does a great job tearing apart price action. ......his books are rather expensive.....and worth every dime. Read and more importantly "LEARN" Elliott Wave....( read Prechter). ....it sure ain't the holy grail.....but It helps to gain price action perspective - and everyone worth their salt understands it. Hope this helps you.....and good luck. .
a bit of a tongue in cheek comment, but the best indicator is when a trader around you is screaming cuz a position is carrying him to the cleaners. When he finally capitulates, that's when YOU want in.
Granted, while I've traded equities for years but only traded futures intraday for several months, please allow me to pontificate on the subject. After months of research, paper trading, reading, and live trading using different indicators and techniques with the goal of profiting from the futures market (to include looking for that *perfect* or *best* indicator to profit with in any market condition that everybody looks for when starting out in the futures market) the answer is simple: You are your own best indicator. Your assessment of price action, fundamentals, trends, market activities, geopolitics, risk potentials, or whatever you base your trades on determines your entry and exit points for each trade. Whether that's based on a combination of popular "technical indicators" or "customized indicators of indicators" or simply uses these tools in some particular sequence from trade to trade, or trend to range, it all comes down to what YOU think the market is going to do and how it's going to do it in your given timeframe. No technical indicator, chart, dial, or grail will be a silver bullet solution for all cases. In all cases the onus, and the responsibility, for the trade, rightly or wrongly, comes down to the perceptions and judgments of the individual placing the order. Win or lose, profit or not, it's not a problem with a given indicator or tool, it's how such items are used on a given trade. Sorry to preach, or sound pompous, but as a (new) student of day trading in recent months, that's one lesson I've taken to heart in learning from other traders, and is something I have come to truly believe in. In short: 1) You are your own best indicator. 2) Different markets require different trading techniques. ...and no, I make no claims of "knowing it all' -- just sharing some words of wisdom that have been passed on to me and also some observations of traders I respect and admire.
I can be the best indicator for everyone. When I buy, you sell and when I sell, you buy Surely, you'll make money everytime...lolz~! JUST KIDDING...or may be not~ lolz~
He was asking about indicators for day trading at prop firm. So, fundamentals don't help at all. I think S&P future and price/volume chart, plus time&sale and L2 as main tool for entry/exit points, of course.
Definitely, nothing beats the Price and Volume, they are so obvious but so easily ignore (or on purpose), the thing is how many traders know how to read it, traders always chase the fancy indicators, some famous group (I don't need to mention them, you know them) even put price, volume, and time away as a rule - by just looking at CCI alone, LOL..
I do a lot with intraday futures, but with predictive models. So my findings are from that perspective as opposed to that of a technical or indicator trader. Most indicators or simple combinations of popular indicators don't work very well, seldom getting a profit factor above 2.0. Correctly used in a soft computing predictive model (neural network, GA, etc.) the PF goes considerably higher. There are several reasons for this: 1) Markets are very complex semi-chaotic phenomena. The idea that all this can be reduced to one number and a few trading rules is wishful thinking or good marketing if you are a seller of trading tools to mass market traders. 2) Most are designed to be simple and easy to calculate. Several reasons here: A) Many were designed years ago when computing power was expensive or if you go back several decades when they were calculated by hand calculators. B) Simple is easy to sell. If you are a system seller doing a seminar like Wilder did, you don't want to dampen sales with complex math. Averages and division is about all most people can remember from school. 3) They loose their edge as everyone looks at their historical results and decides that a given combination of a few is a good trading system and uses it. So that said my approach for predictive modeling is this: 1) Along with the indicator give the model the component values used to calculate the indicator. Instead of one number for the RSI, give it the four or five values needed to calculate the RSI. 2) Create new indicators using a level of mathematical complexity that will never sell to the mass market traders such as Wavelets. 3) Let the model figure out how to combine all of these as opposed to creating manual trading rules like if the MACD > X - Close AND RSI < .80, etc. This approach works but only if you are an analytics trader using predictive models. If you are making manual trading decisions the level of complexity required to integrate many dozens of decision points is beyond human capacity. A neural network has no problem doing it but the human mind can't look at much more than 7 factors in making a decision. Jerry030