I've only recently started doing basic TA on my ES trades, but I agree with Anek 100% and that's where I first started paper-trading my TA.....that said, frankly, I'm not looking for, nor expecting, to be "in" and "out" of a trade *exactly* at the high or low point on the graph.....if you go in expecting that, you'll get burned repeatedly. I might get into a position and see it move a few more points against me before reversing and going my way, but that's built-in to my planning anyway.....if I get stopped out, it went TOO far against me, which means my planning/analysis clearly was wrong to begin with.
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Price Action v Indicators
- Thread starter mgabriel01
- Start date
I've only recently started doing basic TA on my ES trades, but I agree with Anek 100% and that's where I first started paper-trading my TA.....that said, frankly, I'm not looking for, nor expecting, to be "in" and "out" of a trade *exactly* at the high or low point on the graph.....if you go in expecting that, you'll get burned repeatedly. I might get into a position and see it move a few more points against me before reversing and going my way, but that's built-in to my planning anyway.....if I get stopped out, it went TOO far against me, which means my planning/analysis clearly was wrong to begin with.
Quote from Anekdoten:
Mostly stuff based on highs and lows. Learn geometrics for high probability patterns, 50% areas between any two points of interest and time and sales.
Looks like you are a newcomer to technical analysis. If you start without relying on stochastics, rsi, macd, cci, ergodic, smi and any of that lagging crap, you will already start with an edge because you will learn to be faster than the typical daytrader. Don't let any of the fans infect you with divergence either, divergence is a product of the imperfection of the indicator which leads to results as good as 50% or also commonly known as flipping a coin.
Anek
Absolutely correct Anek - I am as green as they come!
(and we all know what Kermit says about being green)
so my first book is Murphys Technical Analysis of the Financial Markets --- in your opinion is that a good place to start?
Thanks again
Quote from rickf:
....that said, frankly, I'm not looking for, nor expecting, to be "in" and "out" of a trade *exactly* at the high or low point on the graph.....if you go in expecting that, you'll get burned repeatedly.
Agreed --- first step I think is learn how to make them profitable at all -- not suck every dollar out of them you can
kinda like when you learn to hit a 9 iron
first you just aim for the center of the green
as you get better try to get it closer to the pin
but dont think you can get close to the pin if you cant even get it to the green
Quote from mgabriel01:
Agreed --- first step I think is learn how to make them profitable at all -- not suck every dollar out of them you can
kinda like when you learn to hit a 9 iron
first you just aim for the center of the green
as you get better try to get it closer to the pin
but dont think you can get close to the pin if you cant even get it to the green
You got it.
Quote from mgabriel01:
but these forums are very helpful [/B]
There's a bunch of helpful people here, some great threads and great info, and yes, there will be times where you encounter the occasional idiotic troll or arrogant snob. But if you ask intelligent questions and at least show folks you're doing your homework and not looking for a quick answer, you'll get more respect.....at least that's what I've seen here in the past year that I've participated.
Quote from wiesman02:
I'm still a noob at this but through watching daily price action for the last 6 months, I've realized its more important to study price action.
Indicators will lie. Yet, they can be a good entry confirmation after price action has given you a setup to entry.
Got a recomendation for a book on helping to learn to evaluate price action?