Pin Point Entry

[peedee]

Although there seems a little bit of for and against, depending on what an individual would be better to trade( indexes or stocks ). To sway myself it would depend on the accuracy of the entry/exit points. I pesonally think that by using too many different types of TA may give a larger grey area. Any thoughts?
PeeDee.

 

[ChartMan]

Keep it simple. Less garbage to cloud the picture.

 

[FTSE Beater]

Hi Peedee

I have to agree with you.

One of the things that Alan Farley talks about is have cross-verification for trades, so you not only look at say trendlines but fibs etc as well, and the more points line up, the better the trade.

Having all the various different forms of TA on one chart makes things confusing and very restricting as your always going to be able to find support and resistance points throughout a chart, and therefore it restricts the number of trades

HTH

 

[peedee]

Cheers for the reply ChartMan, i use volume, and i have been thinking of using Candles to give a little bit of exactness( if thats the the right word ), is it worth bothering with more than one type of TA. Cheers, PeeDee.

 

[peedee]

Cheers FTSEBeater, personally i do not know which way to go, but all i want to do is to keep my trading simple and that leads me to one kind of TA. PeeDee, Cheers.

 

[FTSE Beater]

Hi PeeDee

If it ain't broke....don't try and fit it.

If your profitable with just one type, then anything else you add must increase your profit. I'm with Chartman - Keep it simple.

May I ask which type you were planning on using or are you just thinking TA in general?

 

[peedee]

Hi FTSEBeater, volume is what i am using at the moment. The charts are really good, ive got a really good feel for them. Ill tell you who they are if you want, just dont want to be a spammer. Cheers,PeeDee.

 

[2468steve]

peedee,
if it's any consolation I only use support,resistance,and the intraday high and lows.
If I have too many indicators I just confuse myself,look to see if other indicators are confirming the signal,look again at the volume,recheck the various indicators,think about what it all means..........and by then it's too late,the trade escapes.
It's a way I'm comfartable with,trading is an art,not a science,and being relaxed and at ease is so important to making trading profitable.
cheers

 

[peedee]

Cheers 2468steve, thanks for the reply. PeeDee.

 

[peedee]

Personally i would like to think that trading is an art not a science. If it where to be mathematical, then wouldnt more people be trading! PeeDee.

 

[bottomdollar]

Peedee,
I think you're definately correct... it's definately more like an art than a science... doesn't matter how many books you read, the only way to really learn is in the market.. I've learnt that day.. cost me a loada wonga but I've taken it as tuition fees!

 

[peedee]

Thanks for the reply B.D., reading books is O.K. but it is up to you to put them into practice and to see where they may fall short or not( fitting them into your own practice.) PeeDee. P.S. Im only a beginner myself, its just a theory. Cheers, PeeDee.

 

[Finlayson]

simple is best!.

if what u r using works...stick with it, if u use to many indicators u will just become to confused & will just be on a never ending cycle of 'trade hunting', which is no good. trading is like many things in life.....the grass is always greener!, we try to apply more & more analysis to cut out losses & increase gains, but this can only be achieved to a certain point I believe.

consistency & confidence in what u r using is the key

stay with what u r doing peedee I gain confidence in it, this is what will increase your success, u dont want ''paralysis of analysis''......I got into that & it takes a long time to get out of it

Jay