Intraday FX Player
- Thread starter CFerret
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yoohoo, thanks for the kind words. To expand on my last post... I've tried a variety of indicators in my attempts to learn to trade intraday off of charts alone. And I've come to the same conclusion you mentioned in a previous post, that they're too slow. Sometimes they pick out a good trend but they just give it all back in the chop. Following indicators for entry and exit or just for entry using trailing stops for exit, both yield around 50% winners for me.
You're absolutely right about my sense of direction, or at least my sense of non-direction. I often get a very strong gut feel to get out of a trade that isn't moving. But I almost always ignore it because it's not supported by any indicators. I'll need to work on listening more to my instincts because they're usually dead on for exits.
One last thing. I've been reading this thread on and off for the last week or so and to be honest I totally didn't follow what the heck you guys were talking about at first, but it sounded good so I kept at it
Tonight (I'm on EST) I went back and re-read from the beginning and it makes so much more sense now! Suddenly I'm seeing patterns where before it was just noise.
Thanks again to you both CFerret and yoohoo for all your sharing!
You're absolutely right about my sense of direction, or at least my sense of non-direction. I often get a very strong gut feel to get out of a trade that isn't moving. But I almost always ignore it because it's not supported by any indicators. I'll need to work on listening more to my instincts because they're usually dead on for exits.
One last thing. I've been reading this thread on and off for the last week or so and to be honest I totally didn't follow what the heck you guys were talking about at first, but it sounded good so I kept at it
Tonight (I'm on EST) I went back and re-read from the beginning and it makes so much more sense now! Suddenly I'm seeing patterns where before it was just noise.Thanks again to you both CFerret and yoohoo for all your sharing!
dejatrader I think thereâs a lot more going on in how you process information than you realise, but it will take you a little bit of time and analysis to be able to refine it. Iâd suggest you read Blink⦠itâs about how we process information and reach a conclusion before we are aware of why or how we did it. This might be important for you to reach your full potential.
Just to clarify, I was being specific about the kind of indicator set up being used when I said it was too slow. I am restricting my input on this thread to PA because most traders only use PA set ups that were discovered 80 yrs ago⦠even centuries back like the case of P&F.
Candles are centuries old but only used in the West from the 80âs and few understand how to use them intraday. Just as things have moved on in every sphere since Henry invented the Model T Ford, TA has made use of every available tool to refine and improve old and ancient methods of analysis.
I am a PA/Indicator trader. I absolutely believe in the power of indicators as I explained in the Stochastics thread. However, very few learn how to set the things up and thus are resolute in their belief that indicators donât work. There are a small group who prefer to pee ourselves laughing rather than argue with cavedwellers who âknow betterâ than those of us who use indicators to make a killing. Arguments are futile.
However, if you master the set ups on this thread and learn how to use multiple timeframes and clock watch, youâll make loads of pips and get in and out before those using much older techniques that indeed, thankfully, do work. They are the fuel that pushes these trades into big profits.
Learn these techniques and then experiment with indicators to enhance your edge, not the other way round.
Just to clarify, I was being specific about the kind of indicator set up being used when I said it was too slow. I am restricting my input on this thread to PA because most traders only use PA set ups that were discovered 80 yrs ago⦠even centuries back like the case of P&F.
Candles are centuries old but only used in the West from the 80âs and few understand how to use them intraday. Just as things have moved on in every sphere since Henry invented the Model T Ford, TA has made use of every available tool to refine and improve old and ancient methods of analysis.
I am a PA/Indicator trader. I absolutely believe in the power of indicators as I explained in the Stochastics thread. However, very few learn how to set the things up and thus are resolute in their belief that indicators donât work. There are a small group who prefer to pee ourselves laughing rather than argue with cavedwellers who âknow betterâ than those of us who use indicators to make a killing. Arguments are futile.
However, if you master the set ups on this thread and learn how to use multiple timeframes and clock watch, youâll make loads of pips and get in and out before those using much older techniques that indeed, thankfully, do work. They are the fuel that pushes these trades into big profits.
Learn these techniques and then experiment with indicators to enhance your edge, not the other way round.
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