What type of charts do you like to use? I am currently using a line chart, I know it doesn't show enough information for many about price action but then I don't really care I just want to see the immediate direction of price and that is what I see using the line chart. It's simple and quiet just like me. I also might only use a couple indicators like a 20MA, VWAP, RSI, 89EMA but that's it nothing else. Pretty clean charts
I use to be one of those guys that had so much chatter on the chart you couldn't even see the candles and it did me absolutely no good whatsoever, It was a mess to look at. But it was cool looking like I knew something about trading.
Fast forward a couple years and my charts almost look like a sand worm on the ocean floor with my line moving up, down and sideways at times but it gives me a sense of calm when trading because Im not concerning myself with the inner characteristic of each candle, I'm just monitoring price direction and not trying to think ahead of price.
I am currently trying a strategy that an older trader suggested to me and so far I am getting great results, but I won't call it a winner for another week or two. Well I suppose I need to back up a little, I have incorporated his strategy with what I have learned watching Sykes video "Penny Stocking Framework Part Deux" and "Buying Dips/Panics. 4 out of 5 trades today were winners, it figures when I am being very conservative with my trades they are winners but when I go in large, Boink I get hosed.
Well I have my watch list to dissect over and over and over again until I feel I have found the sweet spot to trade tomorrow.
Right now I tend to learn towards, MACD, RSI and STO. These three tend to tell a better story of movement and potential direction changes. After I look at those I'll look at volume and price.
I keep is simple. 5 minute candle chart with volume. Easy to zoom in and out to see patterns. Live charts are great to watch the action.
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