KO'd 3 times, looking for some friendly advice

[tech/a]

Update
at a critical area
There is some volume here sorting out direction.
If it breaks below this support it is likely to drop
like a stone. If not it is likely to range.

Click to expand.

 

[tech/a]

And out at 82
will post up why with charts soon.

Click to Expand

 

[tech/a]

Thats it tonight a good night and a typical one if all plays well.
Only traded 1 contract but + $1938 for an hrs work.

Tech analysis --they say it doesn't work---well some do!

 

[blaze182]

Tech/A thank-you so much for taking the time to do this!

Its immensely helpful. I was actually watching that spike before on the demo, but I was playing with Fib fans rather than trading haha.

Looking at where you exited, on the Fib fan you're right, it was recovering, but it (obviously) failed the next resistance.

How long were you watching the DAX and did you have your eyes on anything else? Or 100% focused on the one Index?

Also congrats on the nice profit!

 

[fiftyeight]

Agreed, cheers for that

Links in to a post of mine about how to interrupt volume at different times of a session. Something I am struggling with and have been pondering quite a bit.

Is there a reason you chose to use Tradeguider for the charts? Surely you are not looking at their indicators haha

 

[Modest]

Tech/a very good posts thanks for taking the time I also found them useful

 

[blaze182]

Is there a reason you chose to use Tradeguider for the charts? Surely you are not looking at their indicators haha

What do you mean by '...not looking at their indicators'? I've never used them but I'm just curious why you said it.

Their 'VSA' looks interesting

 

[fiftyeight]

Their has been some robust discussion about tradeguider and their indicators and more specifically the entry and exit signals. T/A has previously said he pays little attention to these, I was being a smart@ss.

But I do want to know why he used tradeguider in his posts?

 

[tech/a]

Their has been some robust discussion about tradeguider and their indicators and more specifically the entry and exit signals. T/A has previously said he pays little attention to these, I was being a smart@ss.

But I do want to know why he used tradeguider in his posts?

The main reason is that my Esignal real time feed goes straight to my Tradeguider R/T software.

After studying/using and developing (My own Volume Spread triggers) over the last 12 yrs now I've found a number of things.

(1) EVERYONE thinks the little triangles are trade triggers.--Well possibly except me and Gavin Holmes and Tom Williams. They are Volume Spread characteristics which INDICATE a possible Volume Spread occurrence.
They should be read in context to the chart landscape in the time frame you are looking at.Particularly good if indicated in various time frames.

(2) The software misses a lot of very good legitimate signals.
Now an algorithm finds it impossible to operate like the human brain although some neural networks I'm told will soon recognize the things I see that many others don't. That face in the crowd analogy.

Frankly the software while having paid for itself on almost a weekly basis is very good for what it is it is clunky and could be designed far far better.

I've been waiting for Todd Kruger's VSA software for 2 yrs and promises to be awesome---

Here is the one minute chart from last night --- plus a bit and the next is a little feature that I watch while trading just to see what other time frames are doing.





Hope this helps a bit.
I'm not trading tonight ---got home late

 

[tech/a]

Links in to a post of mine about how to interrupt volume at different times of a session. Something I am struggling with and have been pondering quite a bit.

Maybe this may help.
Tonight is looking like a ranging night
and as such a smaller time frame chart is easier to trade off.

Click to expand

Have a look at these charts.

 

[tech/a]

Sometimes we miss the obvious
These are where we should be looking for opportunity
this is where you ask---Is support or resistance holding
what will my trade be---IF??

Click to expand

 

[blaze182]

EDIT: Just realised you posted what I just asked for.

You confirmed what I was curious about!

Its a powerful swing tool - you could argue that anyone who sees a large spike would be able to assume a correction, but at times (e.g. ~5.20) they look significant on the chart, but don't have much significance in the VSA.

This is an awesome confirmation indicator.

 

[fiftyeight]

Cheers Tech, will have a ponder over your charts today

 

[blaze182]

I was analysing the last chart tech/a posted, comparing my indicators for entry-exit with the VSA.

https://www.aussiestockforums.com/forums/attachment.php?attachmentid=60585

What is interesting is that the VSA would allow me to get in earlier - 1 or 2 minutes with confidence, which is a 7 to 13 point difference depending where you executed.

I applied dozens (20 or 30) overlays and technical studies to evaluate which ones gave the best indication of this spike and down trend - I know its not helpful moving forward, but I was curious to see which would have been best in this scenario.

The answer is none - absolutely none gave any advantage over the other - they all indicated between 19:04 and 19:08 that a downtrend had begun, and none would be very helpful in keeping me in the trade, outside of my wedge drawings, and S&R lines.

At least now I know exactly the setup and technical studies I'll be using to help me while holding positions.

Just goes to show, how true this is:

Personally I find ALL indicators far to slow. Infact the only place I've found useful for some indicators is in system design on a weekly or EOD basis.

I can agree that longer term they are much better at indicating trend strength and direction, again, I doubt they'd be anywhere close to fast in catching a reversal before it changed direction significantly.

Is there an ETA/Price for Todd Krueger's VSA software/plugin?

Sadly IG offers no such indicator.. I'm probably going to have to setup a completely different data/trading platform