Quote from macattack:
I think if you determine volume helps then you should use it; if you determine it doesn't help you shouldn't use it. You shouldn't dwell on it and study it though.
For one thing you never know when somebody is going to put a huge order in the market. I know what your talking about with the cup pattern and the volume; I've seen the pictures in books, but I've seen price move with little volume and stay stagnant with big volume.
If you use volume in the way you speak of you should probably find a different way of looking at it. Everyone looks at it in the same way, and if the majority are doing something, or if something looks too obvious you need to run in the opposite direction.
PS. By the way I've never had a profitable year, so maybe you shouldn't listen to me just yet; just trying to be polite and answer your questions.
No worries Mac, we all have to start somewhere and even most of the best traders will testify that sometimes it can take years to reach the nirvana of consistent profitability. I find these boards useful because I'm challenged to examine my own thought processes and I get value from that. I think the key is to take pleasure from the whole process of trading, analysis and decision making. There are too many who just think about the money and don't enjoy the actual process of trading.
