I am currently trying to simplify my trading strategy. That means getting rid off the indicators I am not using, which will lead to having simpler and cleaner charts. In the 5 min charts I got rid off everything except previous day high and low and the Fib extensions. I am also considering on eliminating the 10EMA That is very similar to the charts that Trader X posts at this site.
I also want make more clear the setups I find more profitable and the ones that are not so successful. So, I am 100% in study mode. Making money is not a priority for me right now. I studied 100s of charts this weekend and today I paper traded with this new setup.
In reviewing Trader X strategy I found this post, and the following paragraph resonated with me:
In my opinion, there is not a Holy Grail in the sense of a single indicator or setup; there is only understanding price action and how to read charts...and that to me is the true Holy Grail.
So this is what I am up to now. I want to dig in and really understand price action because I also believe that that is the key to being a successful trader. I will post some trades later in the week.
4 comments:
Anarco,
I made an EFS for eSignal that automatically plots Fib Extentions/Retracements. It is available on the right hand side of my blog. If you want, you can copy and paste it into a new EFS file and it should work for you and save some time.
Right now it works great if the open is within yesterday's range, but it does not take gappers into account. That is something I am still working on right now.
Anyway, good idea about cleaning up the charts. I did the same thing and it really helps to clear my head.
I will let you know when I get the EFS completed.
Thanks,
Tyler
I am going to make a post about MAs and how I use them [hopefully] later this week. I am partial to the 34SMA and will talk more about it in the post.
Have a good Tuesday!
Hi Tyler~
I found your EFS file yesterday at your site but I have not uploaded it yet. Primarily because I was concerned about the outside days (gap up above previous day high or gap down below previous day low).
But I will definitely give it a try later this week.
Thanks for making that available Tyler!
Cheers,
Thanks X!
I look forward to that post.
Cheers,
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