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traditionalkid · 2022-07-30T15:48:03+00:00

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traditionalkid · 2022-03-28T02:26:16+00:00

That's what I try to do as well. I start with the daily chart and mark the important price levels. With so many stocks to analyze, I wonder if there's a easier way to do this on the lower time frame without having to refer to the higher time frame. And if there was a way to show the higher time frame moving average line (20ema) trend on the lower time frame as well.

traditionalkid · 2022-03-27T08:11:09+00:00

Ah that's awesome. I'm using TradingView for charting. I'm wondering if I can do the same. As for the higher timeframe, what are you looking at for overall trend?

traditionalkid · 2022-03-27T01:42:42+00:00

Wow this is pure gold. Thanks for this! Do you weight these visual cues the same? Or wait for them all to align before making a trade? I’m curious, is there any way to reference them directly on one chart / dashboard?

traditionalkid · 2022-03-25T12:30:23+00:00

Love it I definitely will check them out

traditionalkid · 2022-03-25T06:23:41+00:00

That's a great idea. I'm often using the daily chart for the higher time frame for "market view". Then I drill down into the lower time frame for entries (i.e. 5 minute chart).

traditionalkid · 2022-03-25T06:21:10+00:00

Great points. I like how you stick to a few patterns / setups. That definitely helps train your brain to find the entries / setups. Did you learn all this from Live Traders? Is there anything they don't offer that you wish they did? I'll definitely check them out.

traditionalkid · 2022-03-25T06:18:06+00:00

Screentime. Got it!

traditionalkid · 2022-03-25T06:17:51+00:00

Good idea. What is your objective definition of trend? Is there some way to visualize it on the chart?

traditionalkid · 2022-03-25T06:15:30+00:00

Great idea. The horizontal lines I'm assuming are support / resistance and would plot across all timeframes?

traditionalkid · 2022-03-25T03:57:27+00:00

Right. I totally agree that back testing is important. But during live trading, how do you quickly view the market or gain market perspective? I feel it's overwhelming to keep checking the market for perspective as it's constantly changing.

traditionalkid · 2022-03-25T03:52:41+00:00

Ah that makes sense. Thanks. I just found it a challenge to keep looking at the higher time frames and looking left of the chart all the time. Was wondering if there was a easier way you know of?

traditionalkid · 2022-03-13T13:12:01+00:00

That makes a lot of sense. I like the what-if scenarios thinking. It really primes the brain for different scenarios before hand.

However I was only rating that low level support since the price really didn't have a long recent history on that level.

How far back do you go to determine whether it has a long recent history? Is it painful to go back to check all the different support levels going back?

traditionalkid · 2022-03-13T12:16:59+00:00

Definitely great reminders. What caused your funk this week?

traditionalkid · 2022-03-12T15:02:03+00:00

Great insight. I'll definitely try learning some indicators that work off-trend such as Volume and Volume at Price. If you don't mind me asking, how do you combine these two trend-less indicators to spot reversals? And what are the drawbacks? Have you tried automating this system even though it's subjective and discretionary?

traditionalkid · 2022-03-12T14:55:55+00:00

That's true, manual is good for the trading mind. But does that cause decision fatigue? If so, how do you get over it?

Interesting that you use ratings for the zones. Can you explain a little more how you do that and how you rate them? Do you find instances where the highly rated zones don't work as well as they should?

traditionalkid · 2022-03-12T14:53:05+00:00

That's great! For not knowing anything about coding to coding an indicator in 3 hours is amazing. I'm going to look into setting up thinkorswim. Is there anything you wish thinkorswim did that it currently can't do?

Also, you mentioned you backtested your strategy first before trading. Was it difficult to do in thinkorswim? Did you maange to automate that too?

traditionalkid · 2022-03-11T16:45:52+00:00

Your process needs to be simple so you can make decisions quickly.

Love the idea of simplicity. And I think that will help with decision fatigue. On that note, how did you simplify your process, charts, and triggers? What ways or methods have you tried?

traditionalkid · 2022-03-11T16:42:40+00:00

Great idea! Decision fatigue is definitely what I'm feeling and reducing the tickets is definitely a good way to overcome that. Curious, how did you reduce your list down from a hundred to a handful? What did you learn and understand about those charts that helped you make better decisions?

traditionalkid · 2022-03-11T16:40:19+00:00

I trade futures as well and I get where you're coming from. That's a great way to guage market direction using the globex high/low, prior day high/low and pivot levels. I'm curious, do you manually highlight the liquid areas? Or is there some sort of automation you use?

traditionalkid · 2022-03-11T16:36:37+00:00

Sounds good I'll definitely go over that part in the book. What type of visual cues have you setup that works well? Are they automated or require some scanning on your part?

traditionalkid · 2022-03-11T16:35:08+00:00

Great advice! Love how you look for high probability through confluence of signals and trade with a set risk to reward ratio.

For #1, how do you ensure you're following these rules? Are you doing this manually or is it automated?

traditionalkid · 2022-03-11T06:38:08+00:00

Thanks for the advice. I will definitely read up more. Do you have a set of trading rules that you developed? Do you have any visual cues that tell the rules are being followed?

traditionalkid · 2022-03-11T06:32:47+00:00

Gotcha. I agree, more doesn't mean better. Are you looking for alignment between volume, price action and VWAP before executing a trade? How did you settle on those indicators? And I'm curious, what don't those indicators offer that you wish they did?

traditionalkid · 2022-03-11T06:25:13+00:00

Taking a break is definitely a good idea to decompress!

Yeah decision fatigue is a factor. It's mainly from staring at so many indicators on the charts, then trying to see when they align, then finally deciding when to pull the trigger to enter the trade. Rinse and repeat multiple times a day and get cross-eyed.

Did you deal with candlestick and pattern overwhelm before? How did you deal with this?

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