Thanks for the help yoohoo. I havent looked at bollinger bands as of yet but it is on my "to do" list, so I will definitly check them out. Do you think it would be better to use SMA's as S/R instead of drawing horizontal lines. If so, what SMA's would be best used for a 2-4 day hold (im assuming the 50 and 200 as u stated in your post). Right now I use channels as S/R but would like to add another inorder to reduce risk further (im pretty new so I want as little risk as possible until I get better). Could you tell me how u plotted your trailing stop (the lighter red dots with attaching lines) on the first $INDU graph. In your post u said "On one 60 min I copy the daily chart ", do u mean that u overlap the two and then look for the two charts to line up for buying signals?
This is a joke thread, yeah? Heres the tip, all aspiring traders are looking for is an unbelievable, pixie dust all in one platform that charts properly, and provides decent on line ordering capability, without costing most of their respective risk in fees. And provides a solid degree of scalability, from the get-go, without screwing around too much.
TimDog, the most important thing is to become familiar enough with a few tools that you have proven with set ups that really work 80% + of the time. If you clutter your chart you get analysis paralysis. Trend lines and horizontals are ESSENTIAL and channels are a superb use of trend lines.The reason I use Bollinger Bands is to have something dynamic that does it's thing without my input. Moving averages have zillions of possibilities and can be a complex subject. Bollinger Bands are really a kind of suped-up moving average band - the centre line is a moving average. At this point I'd suggest you learn to combine what you know with the info I gave you. That will require a lot of testing on your part. Then you will be ready to add more. Re the trailing stop, on Ensign the only parameters are number of bars and offset. I have it set to 2 bars and offset 0. The 60 minute chart is simply changing the time period from daily to 60 minute. In actual practice I have both 60 min and daily charts open, and you sure will need your horizontals and trend lines on the 60 min. Take a look at my response to tyler for using 5 min chart horizontals for intraday S&R's.
lol acronym. Isn't that the dream we all bought into before we crashed and burned? You're dead right mate, but I found out that 20 years hard work with countless 100 hour weeks produces results my pixie dust couldn't. A perfect all-in-one platform is a perfect way to loose your shirt if you can't work out why your longs and shorts are screwed. So if I can help someone sometime somewhere, then the thread is worth it. But you still have to pay your dues in time and effort - this is not the silver bullet
Thanks for that, that is what i was trying to say, ultimately. Personally, all i ever wanted was a low cap platform, that did the goods, didnt totally rip one off, and maybe, had tradeable products, generally. Trust me on this, thats all any entry level newb SHOULD want, and your quite right , it DOESNT EXIST. But, what are you selling? My method hasnt failed in 4+ years to produces less than 2000% returns, paper wise at least. But heres the thing, I'm not selling shite, what's your angle? Don't tell me, you can't out'perform a hobbyist. I need a challenge..............
Oh, and the pixie dust is what you make it. Such a platform is nearly there, i should point out, but......needs some work, maybe for another thread.
acronym, guess I must be wierd or something cause I'm not selling anything and won't be. This thread is and will always be a freebie. I think it's fantastic that you have a working paper system with huge potential and no doubt reflects huge effort on your part. But after 4+ years quit kickin' the tyres and turn it lose. Even if your figures are down on slippage, you should do well. Why don't you trade the minimum contract size now, the risk is tiny and your rewards gigantic. Go for it. That is all the challenge you will ever need - beat the market for real.
If you followed the set up I gave you, the attached charts show what you would have seen on the daily and 60 min charts. Please scroll down below the Moon Charts (different thread). I included the moon charts to broaden your thinking and because the use of trend lines like this is essential. enjoy!