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On 17/09/2020 at 15:26, jlz said:

@HMB

Just in case it could improve anything, this is a message that I get from IG on my dashboard.

Untitled.png.32bdce38bb20efbb94c7864e85185fdf.png

I personally think that shorter time frames are bound to failure. I can' prove it, I am just talking from my own experience. It is difficult to let your trades run over a few days because of the DFB fee but in the long run it pays out.

FWIW here is a video of someone who could trade 250 times a day. But with the preparation and focus required, I think it is the exception which proves the rule.

https://www.youtube.com/watch?v=lK58oT5GTGE

 

 

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13 minutes ago, AndrewS said:

FWIW here is a video of someone who could trade 250 times a day. But with the preparation and focus required, I think it is the exception which proves the rule.

https://www.youtube.com/watch?v=lK58oT5GTGE

 

 

Interesting, I took a few notes. He plays Nasdaq stocks and waits for institutional moves looking at level 2 orders.

He sits down for 6 hours non-stop in front of the screen, I don't know if I could do that.

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On 15/09/2020 at 23:58, HMB said:

ok, closed the trade and entered Dec future long instead (stop 12800).  (R2 here = closing/intraday ATH, I guess..?  will watch out for that..)

looking forward to the money rolling in...  happy to split the virtual demo funds...  ;) 

stop hit - now much lower, no signal..

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19 minutes ago, dmedin said:

Try using MACD to help give you a sense of momentum and direction

does that work?  to me all indicators seem lagging - if I see anything looking at them at all.  I need a view of what might happen in the future and why (in other words:  anticipate the very rich exploiting opportunities to take money from the less rich).

To me at best an indicator works as a self-fulfilling prophecy - which with all the automated trading, indicator trading courses, and guided algorithms may become ever more accurate, admitted.

but I I'm not an expert at all.

let me try to learn - why is MACD better than RSI?   or what does it tell you and when?

Edited by HMB
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2 minutes ago, HMB said:

does that work?  to me all indicators seem lagging - if I see anything looking at them at all.  I need a view of what might happen in the future and why (in other words:  anticipate opportunities for the very rich to take money from the less rich).

To me at best an indicator works as a self-fulfilling prophecy - which with all the automated trading, indicator trading courses, and guided algorithms may become ever more accurate, admitted.

but I I'm not an expert at all.

let me try to learn - why is MACD better than RSI?

Indicators lag the market price, you can set the Indicator for certain things - using the default setting of an Indicator is about as bad as you could get it - If you blindly trade an Indicator it will not result in mega riches if it works as desired at all

That being said you can structure a Indicator to do certain things which can result in them working much better than blindly trading them

ALL Indicators measure MOMENTUM of price action - the maths inside the Indicator determine how it "looks" on a chart and what values it gives

It depends on your trading method as to how you use an indicator - but for getting into a trade right near a low point I don't think you can beat RSI 

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4 minutes ago, HMB said:

ok, how do you use it?

I've found the most use for it on a daily chart, when RSI diverges from price at a bottom (lower price, higher RSI) and during an uptrend when the price is very far away from moving averages and RSI is very overbought, it's a sign to get out.  The MACD is useful for entering positions though.

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Just now, THT said:

Indicators lag the market price, you can set the Indicator for certain things - using the default setting of an Indicator is about as bad as you could get it - If you blindly trade an Indicator it will not result in mega riches if it works as desired at all

That being said you can structure a Indicator to do certain things which can result in them working much better than blindly trading them

ALL Indicators measure MOMENTUM of price action - the maths inside the Indicator determine how it "looks" on a chart and what values it gives

It depends on your trading method as to how you use an indicator - but for getting into a trade right near a low point I don't think you can beat RSI 

thanks!  guess it makes sense to have a view on momentum (i.e. on what momentum traders are likely to do).  will keep your assessment of RSI in mind!

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2 minutes ago, dmedin said:

I've found the most use for it on a daily chart, when RSI diverges from price at a bottom (lower price, higher RSI) and during an uptrend when the price is very far away from moving averages and RSI is very overbought, it's a sign to get out.  The MACD is useful for entering positions though.

thank you!  I guess if you have some experience using these, it becomes more intuitive.  I will try to keep an eye on them.  

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30 minutes ago, HMB said:

typo - 12540 of course, sorry

Apologies again for the typo - really stupid not to check this.  maybe should have left the position displayed in the chart as before to avoid misunderstandings.

lowered the stop now to 12613.5, simply because this would already be a relatively large gain for a single trade for me, and I somehow sense high probability that someone "messes up" the range expansion pattern/move (like a super rich guy taking money from the very rich...) - it kinda would have worked too well  (although Denise Shull points out that it's sometimes the best trades that come with this feeling).

 

1489648205_Germany30_20201002_06_18.thumb.png.9c0e685e0e3af055826853a76013583f.png

 

 

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1 hour ago, HMB said:

lowered the stop now to 12613.5, simply because this would already be a relatively large gain for a single trade for me,

^

This.  Although I do it myself, moving your stop can mean that you limit your profits.  Better to trade with a fixed risk to reward and let it run till the end.

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30 minutes ago, dmedin said:

^

This.  Although I do it myself, moving your stop can mean that you limit your profits.  Better to trade with a fixed risk to reward and let it run till the end.

Thanks, I understand.  

Maybe this is generally true, I genuinely don't know.  It would have run further this time, sure, but I've seen my profits melting away often enough.

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On 16/09/2020 at 12:03, Caseynotes said:

You need 1 indicator for trend direction and force (degree of slope) and a sharper indicator for a trigger. I would use RSI for trend not trigger, same for psar.

this may seem totally unrelated - and I may be missing the point...  but above comment made me think about how to use different time frames more systematically (so thanks again!)...:

Today I believe was a good example case: after NDX overnight low was finally taken out, I tried to catch an expected rebound early.  lost a bit with fake signals I "believed to see" on the 1 min and 10 sec chart..  however the actual rebound was then indicated by higher lows in the one second chart.

probably this was highly dependent on the circumstances today though (Don Quarantino vs Stimulating Nancy...), the extent of the drop, Friday afternoon, etc.

nevertheless will try to keep this (always checking the shorter time frame chart before opening/closing a trade) as a component of a  - slightly - more systematic approach.. 

 

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