need some advice on intraday TA

[midajoh]

hi guy's i am just new to T2W and it's my first time posting i have been trading stock's in america for the past year and i have lost alot of money i wasn't useing any technical indicators and i have been studyingthem in the past three month's i was hoping i would get some advice on what's the best to use

i have been studying the chande momentum oscillator periods 5 on a five minute intraday chart
i have also been studying the ultimate oscillator periods 7,14,28 alsoon a five minute intraday chart
sometime's i have been useing the parabolic sar as a intraday guide with the RSI,SO

i appreciate any information i may get thank you
i almost forgot to mention that i have OMNITRADER,VISUALTRADER,METASTOCK PROFESSIONAL 8.01 software

 

[Agpilot]

hi guy's i am just new to T2W and it's my first time posting i have been trading stock's in america for the past year and i have lost alot of money i wasn't useing any technical indicators and i have been studyingthem in the past three month's i was hoping i would get some advice on what's the best to use

i have been studying the chande momentum oscillator periods 5 on a five minute intraday chart
i have also been studying the ultimate oscillator periods 7,14,28 alsoon a five minute intraday chart
sometime's i have been useing the parabolic sar as a intraday guide with the RSI,SO

i appreciate any information i may get thank you
i almost forgot to mention that i have OMNITRADER,VISUALTRADER,METASTOCK PROFESSIONAL 8.01 software

Hi midajoh: Welcome to the world of "wonder." I wonder if this will work?... I wonder if that will work?... I wonder if there is anything that will work?... Just putting a little humor into a very complex subject. I've read some forums where NO indicators are allowed. See dbphoenix Price Volume forum near the end of T2W pages.
Most often I read where traders say it really depends on your personal emotions. There is no holy grail. There are few investors\traders that will agree with each other for very long. It is for most a personal journey to sucess. My suggestion is to quickly reduce the amount of money your using (reduce your losses) and start searching and reading the forums for well liked books on this subject. Buy'em and study them and determine what type of investor\trader you seem to be best at and then focus on that area even more. Keep records of all trades. Study that to see and correct your mistakes. When you have eliminated many of your mistakes you will most likely be well onto the road to sucess.. Allow a couple of years for learning. Cheers.
Ag pilot
Ps (I'll suggest John Murphys books 2 start with. He's good & easy 2 read)
Edit: I'll also suggest NO intraday 'scalping' as that's difficult for many to start on. Try swings.

 

[TWI]

Do not bellieve that any single indicator will be able to consistently provide you with profitable returns, it will not.
Most people end up using something simple but based on a combination of triggers. Study price action above all else. Think aboout what a combination of bars/candles mean in terms of buyers and sellers not just as red and green bars/candles. Get involved but keep it very small until you become comfortablle with what works and what does not. Do not believe anything you read until you have seen it work out for yourself. It is likely that it will take many many hours of dedication before you find something usable. A good place to start IMO is to learn about horizontal support and resistance, trendlines and volume, forget all the indicators for now, they just complicate the issue.
Good luck

 

[anley]

I used to broke on behalf of some of the biggests private traders in London and bar none they all used charts very SIMPLY. All they were really interested in was the shape of the chart, what did it look like, was it coming up against support/resistence, did it look over-extended etc.

I learnt from them and went from very techincal and making no money to very basic and making a little......

I've also only ever seen one guy make big money of really detailed TA, but I've seen many make nothing with 1001 indicators.

Keep it very simple is my advice because it works.

 

[pttrader]

Keep it very simple is my advice because it works.

Indicatoritus - a disease that comes from having too many indicators and can't pull the trigger because they don't all line up at the same time. Anley is right! Simple is better. Find a few simple strategies that work for you and fit your style of trading and as long as they work in the markets you trade then use them. If they ever stop working just find something else.

PT

 

[limey]

High Midajoh
I too am new to the site and want to spreadbet US stocks and will be using end of day Metastock.I could not agree more with what's already been said..........KEEP IT SIMPLE.

There are more indicators than you can shake a stick at in these software programs and they all work...................some of the time, but we do not know when.
If I had my learning time over again I would read some stuff by an old timer called Mr Wycoff, he used price and volume only.If you look on the net there is a student of his in the US who used to do classes over the net which was free.

I am not saying trade this way that is up to you but as in life in general we do complicate things.
The system that I want to try I learned a few years ago but got sidetracked by all these indicators,and I must have tried them all in Metastock.
I will be using a couple of moving averages,overbought/oversold indicator and then a trigger and finally and of course PRICE!!.
I do wish I could use just price and volume which is just so pure greed and fear, but at the moment I do have just a slight case of indicatoritis...I wonder if you can get treatment for this on the NHS??.

Good luck

 

[Splitlink]

I don't think that I've seen so many non indicator users all on one thread together! I don't use them, either.
They are usually based on an average and that mean's that it is history. Patterns, I am not so sure about.

Split

 

[pttrader]

I don't think that I've seen so many non indicator users all on one thread together! I don't use them, either.
They are usually based on an average and that mean's that it is history. Patterns, I am not so sure about.

Split

I am not completely indicatorless. However, I think too many indicators are detrimental and can get quite confusing resulting in a "freeze" of the trigger finger while the price say "adios to you" as you are smashing the computer screen for having not bought simply because 5 of your 50 indicators didn't agree with the rest.

I do use a few simple indicators but avoid most of the rest.I use a simple overbought/oversold, trend indicator, 2 velocity indicators (today's and tommorrow projected), 3 day cycle indicator (..today..tommorrow projected). The rest of my strategies are geared towards price/volume analysis.

I use charts very sparingly as they tend to be subjective. You may see a pattern I don't and then our different strategies become a reflection of the pattern we each "see". You trade what you "see" I trade what I "see" and price only does one thing. It is easy to forget that the market is going to do what the market is going to do.

All we can do is analize data, try to project that into a more probable future price action, then watch future price action live (tape reading), comparing that with forecast, react to it and adjust and hopefully make our trading account increase in monetary size.

I prefer the few indicators mentioned above, combined which some number crunching of recent 15 days price action projected as a forecast for JUST tommorrow, some analysis of todays price action after market close, a look at what volume is doing on a daily basis, and finally some good ole fashioned "tape reading" as prices unfold live tommorrow, comparing that with the forecasts and the few indicators to then time an entry and plan an exit.

PT

 

[midajoh]

thank you guy's for you're advice

someday i hope i will be as helpful as you's best of luck in your trading so take care.