TA - Technical Analysis

[dmedin]

16 minutes ago, Caseynotes said:

They have to, they pay about 2k a month desk fees for those benefits you list.

They pay?

What's the point then? 

 

[Caseynotes]

16 minutes ago, dmedin said:

They pay?

What's the point then? 

 

access to the firms fund to trade with.

[Caseynotes]

I was reminded of this gem of an educational video from years ago but still just as relevant today;

'A Blueprint For Trading Success'

50 min.

 

 

[phillo]

Tom's best video in my opinion

[dmedin]

Tom Bombadil?  

[phillo]

[dmedin]

'A guy making $250,000 a week consistently'

😆

[Caseynotes]

Good little 10 min video on Pitchfork basics, how to draw them and trade them, entries, stops and targets.

 

[Caseynotes]

Another old Dante classic, many need to know home truths;

55 min

 

 

[dmedin]

6 hours ago, Caseynotes said:

Good little 10 min video on Pitchfork basics, how to draw them and trade them, entries, stops and targets.

 

 

 

How much money have you personally made from drawing 'pitchforks'?

You could draw a picture of a dirty great meat and two veg on a chart and it would probably work once or twice. 

 

[dmedin]

5 hours ago, Caseynotes said:

Another old Dante classic, many need to know home truths;

55 min

 

 

 

 

 

What was most interesting for me was when Tom Bombadil says that he no longer trades every day, and that he waits for patterns to complete and be confirmed on a daily close basis.

So, why isn't he spending every minute of every day on 5 minute charts looks for opportunities to scalp?

[Caseynotes]

11 hours ago, dmedin said:

 

 

 

What was most interesting for me was when Tom Bombadil says that he no longer trades every day, and that he waits for patterns to complete and be confirmed on a daily close basis.

So, why isn't he spending every minute of every day on 5 minute charts looks for opportunities to scalp?

The only thing you seem to get from educational material is triggered. What was actually said was that on the 17 markets he follows he draws up levels he's interested in on the daily chart and only when price is nearing one of the levels does he then drill down to the M5 chart to plan a more precise trade execution. As noted on numerous occasions previously you're not a good listener, you seem to have an opinion bias that translates what is actually being said into what you really want to hear.

[dmedin]

I got a second-hand copy of Stan Weinstein's book and I'll read it and comment shortly

[DavyJones]

Bit of useful information for ya all

I did 10 experiments using  the barchart.com over last few months . Ran 2 equally weighted portfolio's  (swing trades <1 week)  10 long positions in one and 10 short positions in another . The stocks were taken at random from their screener, only ones with med - high vol and only ones with a 100% BUY / Sell  on a 'BarChart Opinion' etc 

https://www.barchart.com/uk/stocks/signals/top-bottom/top?viewName=main&timeFrame=daily

Time frame 1 week, Mon to Fri  Risk / Reward 1: 1.5, stops usually 1 Daily Standard deviation 

Results: nothing more than random! 0.45% from memory 

Sure I could have fiddled about with limits stops, portfolio weights  etc  but it nothing convinced me that there is any evidence to pursue expert screeners

 

[Caseynotes]

57 minutes ago, DavyJones said:

Bit of useful information for ya all

I did 10 experiments using  the barchart.com over last few months . Ran 2 equally weighted portfolio's  (swing trades <1 week)  10 long positions in one and 10 short positions in another . The stocks were taken at random from their screener, only ones with med - high vol and only ones with a 100% BUY / Sell  on a 'BarChart Opinion' etc 

https://www.barchart.com/uk/stocks/signals/top-bottom/top?viewName=main&timeFrame=daily

Time frame 1 week, Mon to Fri  Risk / Reward 1: 1.5, stops usually 1 Daily Standard deviation 

Results: nothing more than random! 0.45% from memory 

Sure I could have fiddled about with limits stops, portfolio weights  etc  but it nothing convinced me that there is any evidence to pursue expert screeners

 

thanks for the share, shame about the results though.

[dmedin]

Analysing stocks is really difficult.  I don't know how people did it in the old days (before computers).  It's hellishly difficult to get something that works half-reliably for all stocks.

Edwards and Magee's book is insane - equivocates everything.  Causes more confusion than anything else.

Edited July 15, 2020 by dmedin

[DavyJones]

15 minutes ago, dmedin said:

Analysing stocks is really difficult.  I don't know how people did it in the old days (before computers).  It's hellishly difficult to get something that works half-reliably for all stocks.

Edwards and Magee's book is insane - equivocates everything.  Causes more confusion than anything else.

I tried fundamental analysis for years and its was pointless from a trading perspective (well for me anyway). long term investment sure . It takes ages and market just doesn't do what it says on the tin. 

I see that many pro traders just focus on a few stocks for their whole career, maybe that's the way to go. Hard to know 

Although it seems that everything is equally difficult. I never try FX as I know diddlysquat about that.  

 

I have given up reading books, sick to death of those cherry picked charts and all the fluff like "trade at the start of trend" How the *** are you supposed to know with any degree confidence  that a trend is starting ? The $64,000 question which they all skip over. 

Also the other usual  one is that "markets only trend of 20% of time". I could never understand that. Change the time frame and you can find trends  everywhere. 

[dmedin]

On 15/07/2020 at 06:36, DavyJones said:

I tried fundamental analysis for years and its was pointless from a trading perspective (well for me anyway). long term investment sure . It takes ages and market just doesn't do what it says on the tin. 

I see that many pro traders just focus on a few stocks for their whole career, maybe that's the way to go. Hard to know 

Although it seems that everything is equally difficult. I never try FX as I know diddlysquat about that.  

 

I have given up reading books, sick to death of those cherry picked charts and all the fluff like "trade at the start of trend" How the *** are you supposed to know with any degree confidence  that a trend is starting ? The $64,000 question which they all skip over. 

Also the other usual  one is that "markets only trend of 20% of time". I could never understand that. Change the time frame and you can find trends  everywhere. 

 

You've got them sussed ... and now you see the reason why all professional 'analysts' slap lines all over their charts and equivocate everything and never bet any of their own money.  The more lines you have, the more likely price will approach at least one of them.  And since you covered your @rse, you can never be wrong

What can we make of 'analysts' who wouldn't even trade their own money on the basis of their own 'analysis'?

Edited July 16, 2020 by dmedin

[Monobrow]

I'm starting my journey, so I know very little, except I consider myself to be of above average intelligence, and have succeeded so far in my professional journey to date...

My observations on trading, especially day trading, after many hundreds of hours of research and coming at it with a fresh mind are:

1. Algos/Bots do not work. at least nothing available to retail. Even if you have a kick **** strategy, it is not possible to time the market and get the SL and TP in the correct places without intervention. or at least, I haven't found a way yet.

2. You definitely need to focus on a few instruments at first, ideally 1. And it needs to have enough volume and volatility / range to make it worthwhile. Indices are perfect for this. Forex seems too tight a range. and individual shares just too susceptible to news events.

3. Indicators are useful (choose one, any one, i don't think it really matters if you choose any of the ones that are known to be solid; MACD, Ichimoku etc), and show possible set ups, but its the candles that you need to master. As the saying goes - "Indicators for show, price action for dough".

So in summary, you need to be in front of your PC, mastering 1 instrument, using an indicator for setups but price action to pull the trigger. Always using TP & SL of course. and yeah, following solid money management techniques - 1:2 sounds great but in reality anything over 1:1 with a better than 50% win rate will suffice - dont get too greedy.

 

i'll come back in a few months and let you know how it went

 

 

[dmedin]

If anyone is looking for an expensive TA book, you might want to search www.pdfdrive.com although I recommend you be careful, use a secure browser and OS

Edited July 27, 2020 by dmedin

[dmedin]

Stan Weinstein's book 'Secrets for profiting in bull and bear markets' is quite good actually  

[Caseynotes]

Early identification of trend or range days using market/volume profile and candlestick charts. 

A mentoring video from the prop firm Axia Futures.

(20 min)

 

[Caseynotes]

A look at the recent gold move and a study of the psychology driving the price action to give clues as to when to join or stay out.

17 min mentoring video from the UK prop trading firm Axia Futures.

'The Psychology Of A Drop In Gold'

 

[dmedin]

26 minutes ago, Caseynotes said:

A look at the recent gold move and a study of the psychology driving the price action to give clues as to when to join or stay out.

17 min mentoring video from the UK prop trading firm Axia Futures.

'The Psychology Of A Drop In Gold'

 

 

 

 

Are those 'market profile' things the new must-have then?

[Caseynotes]

1 minute ago, dmedin said:

Are those 'market profile' things the new must-have then?

A useful tool that gives information that no other indicator manages but not necessarily 'must have'.

There are some useful tips on using market/volume profile in the videos above to identify early on a range or trending day plus they also give good support and resistance levels as well as the key daily 'point of control' level.

[Caseynotes]

Short mentoring video from prop trading Axia Futures looking at Initial Balance and what to use for different markets.

This video is related to the one above, Identifying Range and Trending Markets and to the next one down which looks at Initial Balances on candlestick charts and the different opening times for different markets.

 

[Caseynotes]

Third related video, this one is on Initial Balance and the Open Drive but looking at candlestick charts rather than concentrating on market/volume profile.

 

[Caseynotes]

This is an older mentoring video from Axia Futures that I never watched at the time because of the title but it's actually very good. 

Not really about practicing the ladder but is about knowing your strategy in minute detail so you don't need to think and so achieve precise execution. He goes through a trade on the ladder and shows how and why he completely mucked it up.

Very good and very interesting.

(20 min)

 

[Caseynotes]

New mentoring video looking at candlestick charts and when, where and why you should consider scratching a trade.

(25 min)

 

[Caseynotes]

Axia Futures mentoring video on waiting for a setup.