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To me simple is better..... I don't want to look at too many indicators. Besides, all indicators are doing is telling me is what the price is doing so.... why not learn to read price action? Some of the tools that help me do this are the 50 EMA and the 14 HMA with Sharky's ECO bars and a swing high/low.....that's it. Knowing what time of day is best to trade is also very helpful. 85% of daily price movement happens in the morning. So, for what it's worth.... here's my 2 cents. Check it out and let me know what you think.
Jeff
The following 73 users say Thank You to Jeff Castille for this post:
i agree simple is better, fewer indicators better than more indicators. but i think you picked a trending day. try a non-trending day and see how you do with the same rules.
i think this is why you must have two time frames. you cannot take every "setup" from just a single time frame chart. you need to look at two time frames two different charts. devise rules that keep you out of some chop and some reversal areas. you will skip many trades, some that work more that don't.
this is my suggestion.
"Let us be thankful for the fools. But for them the rest of us could not succeed." - Mark Twain
The following 12 users say Thank You to caprica for this post:
Indeed, you are correct. I also keep a 15 range bar chart up with the daily pivots on them to keep an eye on support and resistance and yesterdays high/low/close.
However, the 10 range still works even on a choppy day. Check out the attachment.
Jeff
The following 7 users say Thank You to Jeff Castille for this post:
Sure, I'll work on the screen shots. In the meantime.
ColorSampleUniversalMovingAverage(Close,HMA,14) This was downloaded from the Ninja forum
ECOBars_SharkyPkg(3,2,5,14) Downloaded from Big Mikes Forum. My color configuration is slightly different from Sharkys in that the fading colors are different
Swing (3) Stock Ninja indicator
EMA_Colors(Close,30,60,50) I believe that this indicator was packaged with other SMA,EMA,WMA indicators. They all came as a package. The great thing about this is that it has the "flat" dots that denote a non trending market.
That's about it.
Jeff
The following 17 users say Thank You to Jeff Castille for this post:
Yep, that's the one. The only thing that I wish was different is that the rising and falling color is mislabeled. So...... you'll have to put the opposite color in.
I'll try and figure out where I found the EMA_Colors and get back.
