Daytrading based soley on technicals in nyse is stupid...

Quote from Arnie:

Spxdes,

Do you know what those indicators measure? Most traders that attempt to use TA really don't understand what each indicator measures, and that's why they fail. That is the key, you have to know what you are trying to accomplish.

Give me a good trader who uses, lets say, Stochastics. Let me take that indicator away from him and give him another indicator, lets say, MACD. I will garantee you that in a short time, he will learn to successfully trade with the new indicator, because he will study what it measures and learn to use it correctly.
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That is it exactly. I use the MACD and understand exactly what it is telling me, it is invaluable. T/A is useless if you do not understand what chart patterns, resistance, leading and trailing indicators (and know the difference) etc. mean.

The combination of a knowledgeable use of T/A, Fundamental Analysis, knowing what news will do to a stock, trading experience, and good intuition is a potent combination
 
Quote from Spxdes:
. I have looked at nearly everything...RSI, ADX/DM, stochastics, MA crossover systems, money flow, etc.
Am I right??
-Spxdes
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Quote from Walther:

You must be right, you have looked at nearly everything.
Thanks for the laughter.
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History is full of laughable prophecies, sometimes from undisputed great minds that fell to the so human delusion of self-greatness.

Who was the guy who said at the end of the 19th century that "Everything that can be invented has been invented." ?
Patent Office Commissioner Henry Ellsworth's 1843 report to Congress. In it he states, "The advancement of the arts, from year to year, taxes our credulity and seems to presage the arrival of that period when human improvement must end."
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Quote from Spxdes:

After all of my researching and studies, I have come to the conclusion that technical indicators in nyse stocks simply do not work. Tape reading and price action is the ONLY way to go. I have looked at nearly everything...RSI, ADX/DM, stochastics, MA crossover systems, money flow, etc.
Am I right?? Does anyone have a profitable system that doesnt involve strict tape reading in nyse stocks??? No! I am sticking with the price action...

-Spxdes
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I have one, it trades strictly on price, and works fantastic...the strategy has taken several years to develop but it works none the less. My suggestion is that you keep researching, when you do find it it makes all the frustration and hard work, worthwhile.
 
I make very good money and I trade 98% NYSE on TA basis only. I have NO clue how to Tape read, I could care less. I don't subscribe to Open Book either.

I trade the same 14 NYSE stocks daily and 2 NASDAQ (WYNN & FITB).

Friday I made almost $8,000, best day in some time. I made $4,000 in MO alone.:p

NYSE stocks trend very nicely, I rarely enter any orders before 10:30am. I wait for the noise to filter out and then make my decisions.

I gave up NASDAQ, too friggin crazy for me.

I'll be sad when the specialist system goes away.:(
 
Quote from mschey:

I have one, it trades strictly on price, and works fantastic...the strategy has taken several years to develop but it works none the less. My suggestion is that you keep researching, when you do find it it makes all the frustration and hard work, worthwhile.
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mshey,

You've shown your generosity so many times on this website and have been quite helpful to other traders. Any chance of continuing that by sharing this fantastic system? :)
 
Quote from Spxdes:

After all of my researching and studies, I have come to the conclusion that technical indicators in nyse stocks simply do not work.


...price action is the ONLY way to go.


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Tuesdays results, profit of $3,200

Total stocks traded today = 7

2 stocks were NASDAQ for $1.70 gain

1,000 shares per trade (14,000 R/T)

Total profit $4.75 or $4,750

TA only.

Explain please what YOU mean by "Price Action."
 
Quote from spike500:

To me, TA works great and tapereading s*cks.

Conclusion: the only thing that works is what works for YOU. If you make great returns by watching the moon, just watch the moon.
I also ask myself often when something doesn't work: is the system bad or am i too stupid to work with it? Too often people blame the system, while in reality they should blame themselves.
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Very Good, Spike!
Everybody should frame this.

Merry Christmas
nononsense
 
i am beginning to come to the conclusion that NO SINGLE indicator, be it fundamental, technical, intraday, tape, Whatever...can be used alone.

furthermore, each security has its own behavior which is constantly in flux.

Last week i started to see that no sinlge moving average criteria worked the same for each stock..i am going astep further to find a combination of indicators that create profits.

For instance...maybe xyz requires trendline analysis plus a 30, 60 day MA that are both in sync to creat a good signal. Or, another is a 5, 20, MACD with a RSI at 5, 80, 20 to creat a profitable signal with a sell signal being created by a trendline because the MACD is too slow.

Luckily i have a bloomberg at work i can use to alter all of these criteria to play with. Most of the basic broker programs have set criteria.

Try different things with different securities and a combination of each. maybe you will find something that works a little better!
 
dac8555

try this for the new year. Forget trading stocks, that is old school and fund managers stuff.

The "MODERN" trader is all electronic and trades accordingly. If you are a fan of stocks, great, the best game in town is the e-mini stock indexes. Bet ya feel better all ready....:)

get modern Dude!!!!!! :D

Suggestion: trade one instrument only, watch it like you would a 3 year old in the mall, hold on tight, focus on the mission. soon you will "FEEL" the upcoming moves.

Forget all those blind dates, take the gal of choice to the dance and learn her moves, then have a ball.....:D
 
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