Mick, I'm still trying to make sense out of this;
in my TradingView settings, the Open is different from yours...
Does it matter or do you see price as a continuüm?
Why Is The Obvious Not So Obvious?
- Thread starter nysestocks
- Start date
in my TradingView settings, the Open is different from yours...
Does it matter or do you see price as a continuüm?
Yup, I've too noticed a discrepancy between barcharts.com and finviz.com charts.
Barcharts only display 5 days per week on bitcoin, whilst finviz is 7 days per week.
Also I noticed daily volume on barchart.com is incorrect, they only display 4 days of volume.
I think Tradingview & Finviz charts are more accurate than barchart for bitcoin.
Only 4 days per week on volume, bitcoin, barcharts.com
So the Daily Open is not a crucial benchmark for your principle...?
You're trying to reinvent the wheel without a base understanding of how it works/moves.
Why do you not trust traditional basic often repeated ideas? Is the distrust backed by data you yourself have collected & tested...or because you're listening to people on a forum where most think everything is bogus?
If you're going to trade on discretion you need to be able to identify when something that typically happens doesn't happen and make a quick decision on what to do next. To do that you need to know what typically happens. To do that you need a consistent benchmark to measure against.
You can build on information and ideas readily available, or you can try to do everything on your own from scratch. I'd recommend the former.
Let me ask you another question: What makes you think you can predict?
Please don't take it as if I was trying to make you feel bad, and I wasn't pontificating.
I asked myself the same question, over and over, for years, in fact since 2010 when I started trading.
Prediction and reaction are two faces of the same coin.
Ok so I went through a lot of the OPs posts in other forums etc. I did that before but I had forgotten some things he mentioned. He spells it out plainly in other threads. To be honest, I’m sort of hanging onto his every word.
1. 95% of traders fail and it’s because of doing all the popular methods out there and not thinking for themselves. TA is not inherently good or bad but it needs to be understood why it happens. TA more so explains what already happened.
2. A signal should smack you in the face. You shouldn’t have to debate whether you’re seeing a signal. It should be clear as day.
3. You need to analyze your own account for data gathering purposes. Trading your own account is more valuable than loading to learn.
4. Gems DO exist. You just have to look for them (so now he’s saying that learning is good. Just don’t pay to learn). He’s saying it’s actually very much required to learn as much as you can about the FACTS. My guess is the facts pertain to how trends typically evolve around certain seasons and historically resounding events
5. Small losses all the time is bad (I experience this one). Regularly take profits and losses.
6. BLASH AND SHABL 90% of the time. Do the former 10% of the time.
7. Not sure if this was the OP but someone mentioned that narrow range bars proceed wide range bars and Vice versa. Considering price moves in this context most of the time, I’ve started to observe the daily to try to pinpoint what type of day it’s more likely to be. I’m seeing if that can help me with reversals AKA BLASH and SHABL.
8. Most traders don’t have an edge and all the risk management in the world will not save you without having an edge. (2nd post in this thread).
With that said, I feel even more confident that what I really need to do is keep trying my hardest to develop an edge. Something I can do more of is start studying the specific aspects of certain movements. I am finding that quite hard. I’ve considering using retracement measurements (not standard fibonnaci) to try to learn this better. It sounds quite hard actually. I also need to simply read more…. But what to read? That’s the question. I have to sacrifice time for one thing over another either way. I think gathering my own statistics through any means necessary is probably the best way.
1. 95% of traders fail and it’s because of doing all the popular methods out there and not thinking for themselves. TA is not inherently good or bad but it needs to be understood why it happens. TA more so explains what already happened.
2. A signal should smack you in the face. You shouldn’t have to debate whether you’re seeing a signal. It should be clear as day.
3. You need to analyze your own account for data gathering purposes. Trading your own account is more valuable than loading to learn.
4. Gems DO exist. You just have to look for them (so now he’s saying that learning is good. Just don’t pay to learn). He’s saying it’s actually very much required to learn as much as you can about the FACTS. My guess is the facts pertain to how trends typically evolve around certain seasons and historically resounding events
5. Small losses all the time is bad (I experience this one). Regularly take profits and losses.
6. BLASH AND SHABL 90% of the time. Do the former 10% of the time.
7. Not sure if this was the OP but someone mentioned that narrow range bars proceed wide range bars and Vice versa. Considering price moves in this context most of the time, I’ve started to observe the daily to try to pinpoint what type of day it’s more likely to be. I’m seeing if that can help me with reversals AKA BLASH and SHABL.
8. Most traders don’t have an edge and all the risk management in the world will not save you without having an edge. (2nd post in this thread).
With that said, I feel even more confident that what I really need to do is keep trying my hardest to develop an edge. Something I can do more of is start studying the specific aspects of certain movements. I am finding that quite hard. I’ve considering using retracement measurements (not standard fibonnaci) to try to learn this better. It sounds quite hard actually. I also need to simply read more…. But what to read? That’s the question. I have to sacrifice time for one thing over another either way. I think gathering my own statistics through any means necessary is probably the best way.
In addition to that, I’m not even really sure where to get started with gathering my own data on trends. I guess I just need to start somewhere and hope that what I’m doing matters. I do think my experience might be counting for something but experience might be an illusion to some extent.
I guess experience shouldn’t be totally discredited. If the market is repeatable (which it seems that way), then I should be able to retain some of that information if price action is useful in any simple way