indicators!! as useful as a polished turd

[tropical_goblin]

Triangle and wedge BOs supplemented with a 20,50 xover is supposedly the elite setup, but it emptied my account in days and i was only risking 5% on the 5min charts.

5% is too much risk and 5m charts are far more random noise than higher time frames. people must understand that the markets these days are extreme risk, its not the 70-90s where other than usual economy cycles the market was normal. today we have massive issues out there and its affecting all the big players so you can bet it is more chaotic out there than what is defined as normal. trying to zoom in close is the wrong thing to do, you need to take a step back and see what the market is really doing.

you should try the same technique on say a 1 hour and above.institutional players use 4 hour as baseline so keep that in mind. try keep your risk as small as possible so that your winners pays for your losers.

 

[Paul71]

I want to be a daytrader though. That's where all the champagne and sports cars are. I've been going on the sunbeds down at the gym, i just want to be cool and flash, a real city boy!

I'll get the hang of these indicators one day, in the mean time, i'll just keep feeding my SB account small amounts of dosh, i'll be hammering the overtime in the next few months.

 

[tropical_goblin]

I want to be a daytrader though. That's where all the champagne and sports cars are. I've been going on the sunbeds down at the gym, i just want to be cool and flash, a real city boy!

I'll get the hang of these indicators one day, in the mean time, i'll just keep feeding my SB account small amounts of dosh, i'll be hammering the overtime in the next few months.

patience danielson

rome wasnt built in a day, take your time and backtest ideas until something holds. remember you up against the best of the best so think of this as a degree education followed by experience.. when you have something that is consistent over at least 6 months then you can start adding to your risk and find the right amount for best results. i would say first step is get away from the small time frames and start learning to read price without indicators that only fools most. maybe spend the next 2 months with just charts channels and trendlines and start to take note of how price interacts with these levels then demo trade some ideas. you should look at LRC or pitchforks to describe price giving the flow of price and adding structure, then you will not only have direction but also low risk entries. i use pitchforks and nothing else, price tests the median line 80% of the time so hows that for great probability! just extend your horizons a bit and experiement a bit.. if you want to learn a bit what i do then join me on paltalk on the forex traders room and ill gladly work with some ideas with you.

 

[Victor90]

I have a question: Is price action the same as tape reading?
if that is the case, how come most on this forum say that volume doesnt matter in most cases but tape reading is more about volume than price, at least that is how i understand it.
If someone may clearify all of this to me i would be thankfull.

 

[Paul71]

I've tried just price only, it's meaningless, up down, up down, big green bars, small red bars, there is nothing there.

And volume, don't even go there. I buy buying the price drops, i sell selling the price goes up!

Sometimes news works, but mostly i get in late on that and get squeezed out.

Some say everything is in the price, the strength, the weakness, the intent about a price, YEH RIGHT!

Give me the indicators, at least i will lose with hope.

 

[tropical_goblin]

I have a question: Is price action the same as tape reading?
if that is the case, how come most on this forum say that volume doesnt matter in most cases but tape reading is more about volume than price, at least that is how i understand it.
If someone may clearify all of this to me i would be thankfull.

in cashfx there is no such thing as tape reading.

reading price action:

right let me try explain this as best as i can. there are a few fundamentals you need to master to such an extent that it becomes second nature. firstly the term higher highs lower lows or lower highs and lower lows is basically characteristics of a trend. ranges consolidations is typical when price is resting and building up energy for the next move. when price makes higher highs and lower lows you have a widening effect and thats really a sign to stay away until direction or consolidation starts to take shape. now this is basic stuff then you start to add the quality of price bars to it. now unless price is at these areas of interest you shouldnt bother with price bars. when they are at areas of interest you want to see things like price testing maybe even pushing through to explore the other side but only to close well within with a good size wick. this tells us that buyers or sellers had their chance to break this level but the other side came in and took control. this represents high quality entry zones and you can either wait for a retest for an entry or enter on the next bar open but just make sure you calculate risk properly or you might get bitten. good luck

 

[tropical_goblin]

I've tried just price only, it's meaningless, up down, up down, big green bars, small red bars, there is nothing there.

And volume, don't even go there. I buy buying the price drops, i sell selling the price goes up!

Sometimes news works, but mostly i get in late on that and get squeezed out.

Some say everything is in the price, the strength, the weakness, the intent about a price, YEH RIGHT!

Give me the indicators, at least i will lose with hope.

sounds like you need to take a time out to refresh your mind... come speak to me on paltalk next week and ill show you some stuff. but you defenitely need a time out.

 

[Paul71]

sounds like you need to take a time out to refresh your mind... come speak to me on paltalk next week and ill show you some stuff. but you defenitely need a time out.

Cheers bud! I suppose some people just get it, and others don't, but that's life. Take care, TG.

Good trading.

 

[dcraig1]

sounds like you need to take a time out to refresh your mind... come speak to me on paltalk next week and ill show you some stuff. but you defenitely need a time out.

And sounds to me that this thread was started to generate business for your chat room and for no other reason.

 

[Atilla]

And sounds to me that this thread was started to generate business for your chat room and for no other reason.

I concur. Don't know what the big deal is really. All this high brow business.

Andrews Pitcfork

What ever floats your boat knock your self out with indulgance I guess... :cheesy:

 

[tropical_goblin]

I concur. Don't know what the big deal is really. All this high brow business.

Andrews Pitcfork

What ever floats your boat knock your self out with indulgance I guess... :cheesy:

And sounds to me that this thread was started to generate business for your chat room and for no other reason.

i dont remember asking you for your opinions or your permission. if you think me offering help to learning traders is just some con to generate traffic for a room then you certainly are high up on your own ar$e$. there is no need to try knock a person down for offering help to other people but you 2 children seem to take lots of amusment in that. if you have nothing good to say then dont say it at all, all you doing is filling up the place with your immature remarks on a subject you obviously dont know a thing about. juvenile forum bullies ... your mumies must be proud of you...

 

[dcraig1]

i dont remember asking you for your opinions or your permission. if you think me offering help to learning traders is just some con to generate traffic for a room then you certainly are high up on your own ar$e$. there is no need to try knock a person down for offering help to other people but you 2 children seem to take lots of amusment in that. if you have nothing good to say then dont say it at all, all you doing is filling up the place with your immature remarks on a subject you obviously dont know a thing about. juvenile forum bullies ... your mumies must be proud of you...

You aren't mpnnnn reincarnated by any chance ?

 

[Atilla]

i dont remember asking you for your opinions or your permission. I don't remember asking for your permission to exist either??? Who do you think you are? This is a public domain. Do you know what that means? if you think me offering help to learning traders is just some con to generate traffic for a room then you certainly are high up on your own ar$e$. No it means we have an opinion and you have an ar$e$ ache! there is no need to try knock a person down for offering help to other people but you 2 children Arrogant twit. Grow up and learn your place in society! seem to take lots of amusment in that. if you have nothing good to say then dont say it at all, all you doing is filling up the place with your immature remarks Do you have an inferiority complex or something? on a subject you obviously dont know a thing about. juvenile This thread runs along all your blogs. What's with children and this hate? forum bullies You know you are talking about your self here... your mumies must be proud of you...Oh please leave mummies out of this.

You attitude and approach to answering any questions or critics leaves a lot to be desired?

 

[shadowninja]

For the record, I couldn't answer the poll. I need both indicators and watch price action. One without the other will lose me money. Not emotionally attached to indicators - what a strange thing to say; bit like having an emotional attachment to shopping trolleys because they, too, are useful devices - but I know they are useful. And like shopping trolleys, if you have too many in use at the same time, you're not going to get very far.

 

[Trader333]

You aren't mpnnnn reincarnated by any chance ?

Highly unlikely in my view as mp did not believe in using stops whereas they are an integral part of the TG approach.


Paul

 

[new_trader]

People who become consistant traders are just born lucky or something. I mean look at Jesse Livermore, when he sold Union Pacific, when its was price was going up, and added to an initial losing trade. He didn't know anything about price action or darksiding, he just knew when earthquakes were going to happen, but so do a lot of people.

No one even knows how the markets really work for gods sake, wether they are stochastically driven, bollinger driven or wether or not it's the macd that carefully binds it all together.

Just some input.

Cheers.

That's why I always trade with my trusty seismograph by my side. Sure, the Richter scale is a lagging indicator but when there is confluence with the 20MA, 50MA and 200MA it produces unmistakeable triggers. I don’t think earthquakes are random.

 

[trendie]

i dont remember asking you for your opinions or your permission. if you think me offering help to learning traders is just some con to generate traffic for a room then you certainly are high up on your own ar$e$. there is no need to try knock a person down for offering help to other people but you 2 children seem to take lots of amusment in that. if you have nothing good to say then dont say it at all, all you doing is filling up the place with your immature remarks on a subject you obviously dont know a thing about. juvenile forum bullies ... your mumies must be proud of you...

you started a poll, FFS!

the kinds of provovative responses you are getting are reflective of the provocative way you started the thread, and your own attitudes.

......
i have absolutely no problem with sharing how i do things but dont think for a second i can explain in in a single post. like everything it takes time to absorb things so give it time. i plan on opening a thread where i will offload all my methods. but to satisfy enquisitive minds here is the one short overview.
i use 2 time frames daily (get markets current picture) and the hourly where i make all my trades. the only tool i use is the andrews pitchfork which i use to describe price and the current frequency it is operating. i then track price action along the frequency where i take high probability\ low risk\ high reward swing trades. now before i get all the disecting bottom feeders throwing back at me "but the andrews pitchfork is an indicator"... if you term a geometry tool as an indicator just think before you reply to that.

just abandon this thread, and start afresh with the new thread.
set out your stall, and forward post with analysis in context of your methods.
(thats how the better threads on T2W have been conducted)

 

[Paul71]

That's why I always trade with my trusty seismograph by my side. Sure, the Richter scale is a lagging indicator but when there is confluence with the 20MA, 50MA and 200MA it produces unmistakeable triggers. I don’t think earthquakes are random.

Hey, just for the record: If anybody uses indicators or tipping services or whatever, and they are making money, go for it...

 

[PKFFW]

How does that old saying go?

"One man's meat is another man's poison"

When will people learn that just because one person does not find indicators useful does not mean they are not useful. It only means they are not useful to that person.

If one person uses a confluence of MA's as a trade trigger and is consistantly profitable doing so how can anyone reasonably argue that the MA's are not useful to that person?

One carpenter may use a lazer pointer to draw lines in preperation for cutting a piece of timber and another may prefer the old chalked up piece of string for the same task. Would it really be sensible for one to argue the tool used by the other is not useful?

Are indicators necessary? I guess one could argue they are not simply because all mathematical indicators are based on price so if you can read the price you wont need the indicators.

Are indicators useful? That will depend entirely upon the individuals viewpoint and no amount of arguing otherwise will change that fact.

Cheers,
PKFFW

 

[4xKid]

I know tropical_goblin, i have talked to him in paltalk. He really does want to help new traders.