Old Time Charting Religion

[profitseer]

At the miniscule level I'm trading at, these doggone indicators aren't worth a darn. By the time I get them peaked and tuned to run at scalping speeds,, about all they do is tell me prices just went up.

So I went back to old fashionecd good old DYO (draw your own) trendlines with a little S&R.

No wonder I was having so much trouble. If you can't draw some kind of trendline on the chart, that market aint worth trading.

And I wasted a lot of time and money to figure that out.

 

[Mr_F]

Originally posted by profitseer
At the miniscule level I'm trading at, these doggone indicators aren't worth a darn. By the time I get them peaked and tuned to run at scalping speeds,, about all they do is tell me prices just went up.

So I went back to old fashionecd good old DYO (draw your own) trendlines with a little S&R.

No wonder I was having so much trouble. If you can't draw some kind of trendline on the chart, that market aint worth trading.

And I wasted a lot of time and money to figure that out.

profit enjoy your posts - what you are saying here is exactly my plan of attack plus maybe a chart pattern here and there...

 

[Gordon Gekko]

i once read in a book (could have been in one of the market wizards books) that this great trader wouldn't mind buying a stock as long as when he looked at the chart from 20 feet away, it was slanting up to the right!

 

[dete49]

We have posted updated charts for the NQ and ES on our site
maybe they will help. Stockstoshop.com
These forums are great keep up the good work.

 

[WDGann]

I completely agree. I have a nice trading system with a 46% Profitability, 2.5+ Risk/Reward Ratio, and 3.0+ Profit Ratio. Also it trades, 15-25 trades a day.

Still, I need to draw a trendline. I can outperform my own system and trendlines let me Monte Carlo the sucker to give me a more positive expectancy.

Yes, I do use Gann Analysis when I put the trendlines on the chart.

 

[toby400]

Here is a perspective on trading from a self confessed old guy whose been trading since 1965. (NO - not me)


http://www.elitetrader.com/vb/showt...6&pagenumber=10


Toby

 

[Mr_F]

I want to thank those who suggested I trade eminis in oder to get out from under the pdt rule. WOW - this was my first day in the ES and it feels good to daytrade again!!!!!!!!! I feel like I was just released from jail - WOW!...

I just used S&R and trendlines being selective resulting in:
7 RT with 2 scratches and 5 wins
7.25 pts 1 ct

Granted this was an easy day and there are probably those of you who may have knocked off +20 points but I am satisified. I saw it and wished I had put more weight to it - the first three 5 min candlesticks - a spinner, a beautiful shooting star, and another spinner. One could have shorted then and camped out all day. But I will continue taking my baby steps and keep it simple with S&R and trendlines.

Good luck to all....

 

[Gordon Gekko]

Originally posted by Mr_F
I want to thank those who suggested I trade eminis in oder to get out from under the pdt rule. WOW - this was my first day in the ES and it feels good to daytrade again!!!!!!!!! I feel like I was just released from jail - WOW!...

I just used S&R and trendlines being selective resulting in:
7 RT with 2 scratches and 5 wins
7.25 pts 1 ct

Granted this was an easy day and there are probably those of you who may have knocked off +20 points but I am satisified. I saw it and wished I had put more weight to it - the first three 5 min candlesticks - a spinner, a beautiful shooting star, and another spinner. One could have shorted then and camped out all day. But I will continue taking my baby steps and keep it simple with S&R and trendlines.

Good luck to all....

Mr_F,

congratulations.. what do you use for emini quotes/charts?

thanks

 

[Mr_F]

Originally posted by Gordon Gekko

Mr_F,

congratulations.. what do you use for emini quotes/charts?

thanks

Gordon, i use qcharts - used to use ravenquote in addition when i was daytrading equities. the one drawback on qcharts if you want to trade equities is it doesn't allow symbol overlay, but if you are just trading eminis qcharts is great. as far as data feed problems when the market gets heavy, i have had problems at times with qcharts on the slow side. on the other hand, there have been times when ib was slower than qcharts. i give qcharts a thumbs-up for the reasonable pricing and reliability and very good charting capabilities.

good luck......

 

[dete49]

Todays ES and NQ charts are posted
hope they help we update the charts several times a day with support and resistance.
Thanks stockstoshop