hmm.no edges in the markets

[Ned Stark]

So much spoofing and misdirection. Far easier ways to make money trading than trying to make sense of that jungle.

Quote from cornix:

Book indeed shows limit orders before they are filled, but only limit orders and DOM impact on the market is very short-term, absolutely not usable to catch anything but the closest few ticks (HFT-like activity).

 

[marketsurfer]

Quote from bwolinsky:

There's nothing futile about looking at charts.

The trader that doesn't look at charts before he trades is an idiot.

.

Why don't most prop firms that rely on your profits teach chart reading? They do teach book reading and a variety of other edges but somehow chart reading isn't featured. Every wonder why?
Because charts are very decieving.
surf

 

[cornix]

Quote from Ned Stark:

So much spoofing and misdirection. Far easier ways to make money trading than trying to make sense of that jungle.

Yep. Whatever Surf says, even single time-frame bar or candle chart is enough to become consistently profitable trader.

 

[HopelessTrader]

Quote from marketsurfer:

Years ago some quants and I tested the basic candlestick patterns as described on lit wick.com--- there was nothing significant that couldn't be ascribed to randomness.

After reading this, I tested the "Doji with confirmation". I didn't find anything. There was one specific set that looked kinda ok. But it fell apart completely after I went from 5 years to 10 years with it.

 

[marketsurfer]

Quote from HopelessTrader:

After reading this, I tested the "Doji with confirmation". I didn't find anything. There was one specific set that looked kinda ok. But it fell apart completely after I went from 5 years to 10 years with it.

Yes, and isn't doji/confirmation suppose to be among the most reliable candle patterns? Without an edge, success in trading is all about how you deal with uncertainty and nothing to do with the crutch of technical analysis. surf

 

[ammo]

if you reduce the dom to one pile of volume in bid and offer,it shows the turns follow the volume side wait for it to change

 

[Ned Stark]

Absolutely. It's not how I trade because I use MTF's but I don't ever discount someones method when they are having success.

Quote from cornix:

Yep even single time-frame bar or candle chart is enough to become consistently profitable trader.

 

[marketsurfer]

Quote from Ned Stark:

So much spoofing and misdirection. Far easier ways to make money trading than trying to make sense of that jungle.

Yes, today it takes software to interpret it for the most part-- but this is easily and cheaply available on the market.

 

[jamespond]

Quote from NoDoji:

I've only played early entry on this setup a few times, BUT it's a very low risk trade because your stop loss is a few ticks.

I see two reasons for the trade based on James' chart:

1) A potential support zone (a Fib level?)

2) On the 1-min chart, price appeared to have printed a failed final flag around that support zone.

You only know it's a failed final flag if the LOD holds at that point, but again, with such a small stop and with the expectancy of a very strong reversal if in fact it holds, the R:R is excellent for these setups following a strong directional move, so it overcomes even a mediocre win rate.

It's actually neither of the two. (But since I don't want you to lose any sleep over it I'll send you a PM about it. I guess it's only fair since you show your stuff too...)

I very strongly agree however on the low risk entry (I believe my stop was 6 ticks), which is key in cutting your losses. I know many don't believe in small stops, but why risk more when it's not needed ? I can have a lot of stops blown and still come out on top with just a single trade like that.

JP

 

[HopelessTrader]

Quote from marketsurfer:

Yes, and isn't doji/confirmation suppose to be among the most reliable candle patterns? Without an edge, success in trading is all about how you deal with uncertainty and nothing to do with the crutch of technical analysis. surf

In my opinion there needs to be more.. Maybe if I get around to it.. I will add x amount of slope for y amount of time. then doji.. to see what that looks like. I do agree with the concept of doji.. I mean the "buyers drove price up.. then sellers took it down. .ended in indecision, so then waiting on confirmation. .but theres more to it for example.. what is the dollar doing. whats going on in the bond market.. what instrument am I trading