What is your personal favourite indicator for daytrading
- Thread starter bradstal
- Start date
My indicators would be spikes either on the down side or the up side and rapid order entry is a mus for me !!!!
I would have to say when the Sun rises in the east.
Quote from lindq:
A very short term moving average of a linear regression channel.
Try it, you'll like it.
Oh....and price.
That is a sound idea. I don't think it is availlable on charting packages. Is it homemade ? LR channel and MA might substitute for that IMO.
Correct me if I am wrong .
Thanks,
because intraday has a VERY high degree of chaos to it, i say price and chart patterns w/wo central pivot point and multiple timeframes.
learn to sepparate the wheat from the chaff and you are ahead.
the idea is to trade only very good looking patterns intraday, otherwise you will be chopped by chaos.
and you'll lose money.
MACD, RSI, the whole bunch might work on weekly/daily charts where markets move in a more fluent manner, but down here it's hell and you are going to lose your shirt if you don't have that keen eye and fast hand.
oh, and the most important tool to possess when dealing with intraday: scaling in. gets you a better risk:reward ratio much faster and so you can be out before the public. also secures your trade the moment you make your first add to the position. that IS a real edge vs. market analysis.
just my 2 cents.
learn to sepparate the wheat from the chaff and you are ahead.
the idea is to trade only very good looking patterns intraday, otherwise you will be chopped by chaos.
and you'll lose money.
MACD, RSI, the whole bunch might work on weekly/daily charts where markets move in a more fluent manner, but down here it's hell and you are going to lose your shirt if you don't have that keen eye and fast hand.
oh, and the most important tool to possess when dealing with intraday: scaling in. gets you a better risk:reward ratio much faster and so you can be out before the public. also secures your trade the moment you make your first add to the position. that IS a real edge vs. market analysis.
just my 2 cents.
Here is my little contribution:
1. All commonly used technical indicators are equivalent to each other.
2. I trade risk free (not the usual way,but my way).
3. I take risk only for pleasure/fun. Here is one way I do it. I look at the price action of today, from which I derive exact times to sell and exact times to buy. I may decide only on one (buyer or seller). Then I show up 5 minutes before each of those two times, place my order, and determine the exact time when I should show up to take the profit (either later that day or the next day).
Timing and no risk is everything. If you do otherwise, you are just paying commissions, funding people like me, and hopefully extracting some thrill/fun doing it.
Keep doing the good things (good for yourself, or for myself depending on what you do)!
1. All commonly used technical indicators are equivalent to each other.
2. I trade risk free (not the usual way,but my way).
3. I take risk only for pleasure/fun. Here is one way I do it. I look at the price action of today, from which I derive exact times to sell and exact times to buy. I may decide only on one (buyer or seller). Then I show up 5 minutes before each of those two times, place my order, and determine the exact time when I should show up to take the profit (either later that day or the next day).
Timing and no risk is everything. If you do otherwise, you are just paying commissions, funding people like me, and hopefully extracting some thrill/fun doing it.
Keep doing the good things (good for yourself, or for myself depending on what you do)!