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I want to test something. It's simple. Place some random lines on your chart prior to the day opening, and see if at the end of the day you feel like those lines were important (try to imagine they weren't random, but some expensive or complicated …
4) For hundreds of other questions and answers, read this thread:
I'm creating this thread with the purpose of a 'catch all' for any trading related question that NexusFi (formerly BMT) members want to ask, but don't want to create a new thread for -- or find an existing thread to reply to.
As already discussed in other posts - using Ichimoku Cloud in the daily chart:
If price is IN the cloud - chop chop - NO trade
Price above cloud.. go after your plan or pivots
Price underneath cloud - dito
Hope this helps to avoid unnecessary and costly trades
There is an excellent chapter on pivots in John Carter’s book Mastering the trade. I learned some good points that I find hold up a lot of the time:
- Be open to fading the 1st test of both S1 /R1 and S2 / R2.
- About 80-90% of the time intraday movement is contained between S2 and R2 and moves to S3 /R3 are rare. (I find that if there is 2 or 3 days of tight consolidated trading in a particular market that this rule can be violated and prices can easily surpass those levels but for a lot of the time it holds true)
- I normally place a stop a few ticks over (R) or under (S) the pivot if I am using them
- Half pivots work well when there has been large movement the day before
As always price action is first and foremost, but those were some good tips I learned.
"I have two basic rules about winning in trading as well as in life: (1) If you don't bet you can't win. (2) if you lose all your chips, you can't bet."
--- Larry Hite from Market Wizards by Jack D. Schwager
