well , explain your method here (as we were told - nothing to fear), I will confirm
Umm why post. Ego booster? Aren’t forums for traders to supposedly help each other or are they an exercise in ego stroking?
Ok i will spill the frijoles. I use a 5 minute chart. With a with 20 ema and 50 SMA. The EMA helps to clarify a few setups. And gaps ..etc. The 50 SMA is just a visual glance for the longer trend from the perspective of the 5 min chart. Neither are for use as crossover setup BS. They are just there as a visual aid to pull the brain back to the larger picture (from a 5 min) perspective. That is, to see the forrest and not just the trees (details). If I am in the mood I sometimes use a 21 EMA and an 89 SMA. It doesn’t matter. Either set will work. You can even invent a different set! ROFLMAO. I LOOK for typical old fashioned dinosaur patterns such as flags (in different forms), wedges, channels, micro channels, tight channels, broad channels, ranges tight and broad, triangles (symmetrical, ascending, desending), breakouts (overlapping and spikes), reversals, gaps (in the traditional and non traditional sense), bars (size..bear..bullish..sequence..overlapping or not..open and close of such critters...), trendlines, general context, an occasional glance at volume but 99% of time i don’t need it), an occasional glance at a 1 minute chart but most of the time I don’t need it, support/resistance levels, volatility, buying selling pressures, nested patterns tringles in triangles..wedges in wedges...wedges in ranges..etc ad nauseum.
In addition, i look at “moment by moment” dynamics. That is, for me, it isn’t enough that the patterns form I want to see “how” they were formed.
I generally just look at on chart..5 min. Can you imagine looking for all this stuff on say, multiple time frames? I just let price action confirm price as opposed to indicators confirming PA, even though they are derivatives of PA.
I realize the markets are uncertain and that that fact is a great thing. It creates the opportunities and presents the challenges. I embrace uncertainty. It is a wonderful thing. I assess the probabilities of the more immediate contextual move within the larger contextual 5 minute senario. That is, I try to actually ANTICIPATE the immediate future ROFLMAO. I shall speak more plainly. I try to predict..ROFL. SHHH DON’t tell anyone..that is TOP SECRET.
I trade the 5 min chart so I don’t care about 15 min..30 min..1 hour..daily weekly..monthly. I watch one chart. I trade it’s price action. I am focused. Occasionally i dial down to 1 min to clarify some entries or exits but there really is no need to. But sometimes it is fun.
I don't listen to the news or news report. Whatever effect they may have it will show up on my 5 min chart. I don’t care to hear the tv pundits screaming out their viewpoints. None of their possible multifaceted, bloated opinions, mean diddly squat to me. I don’t listen to tips. I don’t care about ANY report such as economics....job...feds..and the other multiple Bags of BS the gov loves to politic with.
I am totally focused on a 5 min chart and the PA that appears therein. And, of course, the lines I draw as I doodle on the chart give me something to do but I realize the markets don’t see nor care about the patterns I see and draw and that I can be wrong about 40% of the time. That is the wonderful thing about the markets. I can fail my way to success! I just have to be flexible and reverse my opinion faster than you can say “let’s run to dairy queen for an ice cream”.
I have no secrets except the TOP secret mentioned above but even that is no longer “my” secret since I just divulged it here on ET.
How I trade the patterns formed i.e. the details is no secret sauce under lock and key. You got a question about any of them i will answer or just say “i don’t know the answer”. But if I know it I don’t mind telling it.
Bye gotta go work in the garden...
