I don't use the indicators. I have put them back on for the 100th time just to see if I will even take a look at them. I am still not watching them. Not even the basic one like the moving averages. I go long and sell short under them, and go long and sell short above them. So they are basically there for show only.
Pardon me for not being able to tell you something that I hardly use. I mean, I've used them in months of backtesting, and through that I came to accept that because good signals don't come often, I'll probably never be able to use them to trade successfully. Coz if I were to follow them faithfully, I'll not be able to scalp.
I'm a scalper. I watch very basic things like horizontal price lines and trendlines. I plan my trades based on chart patterns. And I keep tabs on whether the patterns still hold when I'm watching the market. I rely a lot on Fibonacci levels too, and I like to see that they coincide with major support and resistance.
The other thing I look at is market depth. I won't enter a trade without having observed it for a while first. On a daily basis, I stare at it for 12 hours minimum.
The only indicator that I've used a few times is the NYSE Tick. But I've stopped looking at that too. I have only one pair of eyes and a very small brain. I can only process so much data in matters of minutes and seconds :-)
Sorry I'm not able to help FOR NOW. I'm doing a forward testing on some of those indicators you see there. I'll do a posting whenever I have any findings.
5 comments:
My sentiments exactly...at least I'll try to stay out ;)
Stay out, MM! Go to the gym, go to a movie! just don't watch charts. They're hideous looking!
Dear Jule
Shoul´d be possible to explain how you use the indicators you plot? It´s important for me.
Recuerdos desde España.
thanks for explaining that about the brokers
Hi Slait,
I don't use the indicators. I have put them back on for the 100th time just to see if I will even take a look at them. I am still not watching them. Not even the basic one like the moving averages. I go long and sell short under them, and go long and sell short above them. So they are basically there for show only.
Pardon me for not being able to tell you something that I hardly use. I mean, I've used them in months of backtesting, and through that I came to accept that because good signals don't come often, I'll probably never be able to use them to trade successfully. Coz if I were to follow them faithfully, I'll not be able to scalp.
I'm a scalper. I watch very basic things like horizontal price lines and trendlines. I plan my trades based on chart patterns. And I keep tabs on whether the patterns still hold when I'm watching the market. I rely a lot on Fibonacci levels too, and I like to see that they coincide with major support and resistance.
The other thing I look at is market depth. I won't enter a trade without having observed it for a while first. On a daily basis, I stare at it for 12 hours minimum.
The only indicator that I've used a few times is the NYSE Tick. But I've stopped looking at that too. I have only one pair of eyes and a very small brain. I can only process so much data in matters of minutes and seconds :-)
Sorry I'm not able to help FOR NOW. I'm doing a forward testing on some of those indicators you see there. I'll do a posting whenever I have any findings.
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