Williams %R

Pekelo,

thanks for your answer. If you don't mind 1 more question?

I've been studying Williams %R and Stochastics.

I'm a short term trader (ym) using trader28 system. Which is
MACD 9-12-26. Along with Keltner Channel (10) and EMA9. I would like to add 1 more indicator to my set-up such as the Williams %R or Stochastics. ( For short term scalping indicator).

I really don't know which indicator would be best for a short term
scalping indicator? For example prices bouncing up/down between the Keltner Channels.

I was hoping that you would help me (I am trying to ask very nicely) and give me some insights into the two indicators and your "gut feel" kinda knowing what I am doing. On which indicator I should really use? In other words pick one and stick with it and learn it inside out. But which one?

Remember, I am a nubee (so be gentle)...

Thanks for all your help!

snarlyjack
 
I use W %R with the Bollinger Bands, which is VERY similar to the Keltner channels. So my answer would be, use the Keltner.

But don't forget, neither the W % nor the BB (or I guess the Keltner) work in trending markets. Usually days after a big move (consolidation) or before a holiday or FOMC meeting is a good candidate for sideway movements and to use those indicators.

Also, why don't you just watch those indicators (Keltner and Stoch) and see how they behave and recognize repeating patterns? Probably both have tendencies to presignal certain market conditions.

The W %R actually tends to be a bit early, which makes it a perfect indicator to act on....
 
Pekelo,

Thanks for your advice on W%R . I'll put it on the screen and watch it. It does seem like it moves early...

I like Williams cause both he and I are from Montana.
He has quite the reputation around here! Not many millionaire
commodity traders run for the senate in Montana. So he must
have been very good at his trading...

thanks once again...

snarlyjack
 
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