NP!
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- Thread starter ganesh6
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NP!
Quote from Landis82:
So (basically) it is a 25 and 30 period moving average "crossover" that is weighted back 6 periods?
Feel free to send me an e-mail here at ET if you wish to avoid disclosing any further info here to the masses.
Thanks.
thats just part of it. It uses price action from earlier bars and then if the MA" are in line it will then check 1 more conditon and then fire a signal.
I found thru the years that you have to be able to use a multitude of confirmations expecially lately in the markets so you don't get chopped out.
Secondly, price action algo's are best in that they do not lag like MA's do or other indicators for that matter. You need to use price action to achieve Consistent results otherwise your just playing with fire.
Thirdly, you need to combine a period of time that the sysem can stabilize togive consistent signals that is also consistent with your risk/reward. I prefer using a 2 or 2.5 Range Bar setup as opposed to candlestick charts in that they are time independent and are just price oriented. But thats jsut the way I have developed after trading for so many years.
Good Luck and Good Trading.
How about posting the code and specs for your chart, so we can all try it out?
What fireatwill is saying is all true and the correct approach to take to succeed at intra-day trading.
There's a lot of information revealed in the chart and what he's saying here ... saying anything more is just spoon feeding. Part of the process of being able to trade is getting your mind to speak the language of the markets.
Here I'll make it easy for you:
1. See the chart he posted.
2. Try to replicate it.
3. Watch it for the next 6 weeks, recording your observations and trades. Keep track of what works ... this is the key to succeeding for yourself.
4. Keep track of what works.
Amen to that Mandel.
Another thing is this: I think its important to be able to read price action and trade consistently off that experience (for me it took a year and 30K gift to the markets lol) before anything else.
I could remove the indicators from the charts and trade successfully now because of it. The indicators just help me know where things are at. Also I have an autotrade setup using them (indicators) but I still have to watch it so I prefer (most of the time) to trade the old fashioned way.
I also trade the ES 95% of the time and ZG (gold) so I know how they react price action wise for the most part.
When I started out I thought I could use a shortcut and tried Stochastics, MACD, etc to no avail. Lagging Indicators=Losing most of the time.
I hope this helps anyone and also hope you do what I didnt 6 years ago and that was trade and watch, trade and watch, trade and watch ON A SIMULATOR!!!
Good Luck and Good Trading
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Same happened to me with those "popular" indicators.
My problem is I'm not good at coding at all I would therefore appreciate a few more informations about :
what Range Bars are - same as RENKO charts (thus bricks)?
what exactly you mean by "price action" algo's
what you mean by "getting in sync" of
those 2 MA's. Line up/Crossing/else?
Thanks for your help.
Ch.