Well PREM works only as well as your data feed. I've been using it for years and I use it every day and it works VERY VERY WELL, if you know how to read it and few people do.
This is a peculiarity of ET, everyone knows something yet everyone claims few people know when everyone else claims they know. It's like a high school gathering of young teeangers discussing their great sexual experiences. Yet the bigger mouths are nowhere to be found in the P/L journal.
No shit, and that's why it's entertaining. Kinda like.........like............like.....watching cartoons.
Speaking of sound wisdom, this is some of the best I've read this weekend. *** Another guy posted a truly great paragraph on a thread started by NYC212, asking about how traders deal with missed trades that go on for extended runs. Good stuff continues to be posted on this website, despite the ever present troll factor (they always seem to regenerate, LOL).
There is no one reliable indicator. It is a combination. You need something to tell you when the trend might end, and something to tell you when the trend might start It depends on what you are trading as well. IF you are trading the S&P500 futures like the ES, then watching market internals and how they act is important. For example, RSKsys believes if a Trend starts on the Vix going short, most likely the ES or SPOOS are going long. If the TRIN is also trending short, and recent support was just hit accompanied by exhaustion signals like vix divergence and AD divergence, then it is probably a trend that will last a few hours because the market internals are in agreement. You need to also be aware of what program trading and the PREM is and how it can affect your trading. hope this helps
Price action coupled with DMI. Use price action as primary indicator, confirming with the DMI. (DMI+ and DMI- lines cross along with the ADX line being below 25%, flat or rising upward as a trigger).