What the most compatible methods or indicators for short term trading? I know it depends on the person but why u chose that?
Thanks!!
Thanks!!
What the most compatible methods or indicators for short term trading? I know it depends on the person but why u chose that?
Thanks!!
Depends what you mean by short term. Do you mean scalping the 5 min charts or 15 min charts?Or, do you mean intra day trading using the 1 hour charts?Or do you mean using the 4 hour charts with weekly pivot lines?Do you see what I mean?Something that means long term to you might mean short term to someone else.So, you have to be more specific and tell people exactly what the fuck you are talking about.I hope this has enligthened you a little.
Sorry if I didn't being specific. I mean an intraday trading
I use bagovino's MAVGs,combined with Vegas 1 hr tunnel works well for me RSI 12, Stochastic 5,3,3 which gives me the heads up. At the moment the 5 min chart probably because I still got to learn patience. Hope this gives you the general idea in good market makes for great scalping.
Happy Trading
Trader777
Great Milenko,
She wasnt asking rocket science as you know the more information we have on different trading systems the more we can understand the markets. Take a CHILL PILL.
Happy Trading
Trader777
Great Milenko,
She wasnt asking rocket science as you know the more information we have on different trading systems the more we can understand the markets. Take a CHILL PILL.
I use bagovino's MAVGs,combined with Vegas 1 hr tunnel works well for me RSI 12, Stochastic 5,3,3 which gives me the heads up. At the moment the 5 min chart probably because I still got to learn patience. Hope this gives you the general idea in good market makes for great scalping.
Happy Trading
Trader777
Great Milenko,
She wasnt asking rocket science as you know the more information we have on different trading systems the more we can understand the markets. Take a CHILL PILL.
I trade intraday on the 1-min chart. I have the 5-, 15- and 60-min chart open too. But I don't define me as a scalper because my trades are longer open (>10 min) and get more pips (>15 pips) than what is everywhere defined as scalping. I use mainly opening ranges, elliot waves and price action to define how to trade. Its completely discreationary.
Indicators that I think are useful: Stochastic, Fibos, Trendlines, Pivots and Vegas lines on the 15-, and 60-min chart.
What is vegas lines? and I dont know how to draw the fibo, i mean where to start and where to end. What parameters u use to RSI and stochastic? And I dont know anything about elliot. Bad!! 
1. Vegas lines = From the 1h-Vegas system, you can find it in this forum. They are drawn fibos by two moving average lines. See here: http://www.forexfactory.com/forexfor...ead.php?t=4365
2. I draw fibos from the extreme top to the extreme bottom of the last trading day. They are used to see retracements better. The price will move along those lines, to 23.6, 38.2 up to 61.8. With fast movements I draw it along the move's direction to see if there will is a retracement when it will halt (mostly 23.6) and then start again to move further in the same direction.
I forgot to mention that I use the Fibo Extensions as well.
Some people say that they are useless but I think that those people haven't used them properly. I'm everytime amazed how accurate the market reach these lines (like with Vegas).
3. On Stochastic I use the standard parameter (14,5,5). Its only for a fast look on overbought and oversold conditions. Divergence and hidden divergence can be seen there too but because I trade in lower timesframes I don't use it much.
I don't use RSI.
4. Elliot Waves are very useful. The market isn't random, it moves in waves. Five impulsive waves and three correction waves. See the books of Robert Miner. At first it looks complicated but it isn't. You must not define every single wave, thats the most failure traders are doing. See the impulsive trends and trade them. And never forget: Trading is a business of losses and based on probabilities. With elliot waves the probabilities where the market will go to can sometimes be >90%. The more basic indicators are showing the same target, the better the probability that the market will reach it. Thats why I use several basic indicators to define the best target to close my trades. Because opeing a trade is easier, a little retracement and you are in.
I trade from 8:00 to 17:00 CET (Central Europe time). A fulltime trader because I'm jobless. I think I learn very much more about the market and its movements than other people because I'm sitting all the day long in front of the screen. Concentrate yourself at the beginning on one pair only. Then you can get a feeling for its price action. Because every pair is different how it reacts (or say: The people which trade it react differently).
This sounds like I'm a very experienced trader but thats not always the case. I make mistakes, but I'm learning from them. Keep in mind that you can learn more from mistakes, especially the repeated ones.
2. I draw fibos from the extreme top to the extreme bottom of the last trading day. They are used to see retracements better. The price will move along those lines, to 23.6, 38.2 up to 61.8. With fast movements I draw it along the move's direction to see if there will is a retracement when it will halt (mostly 23.6) and then start again to move further in the same direction.
I forgot to mention that I use the Fibo Extensions as well.
Some people say that they are useless but I think that those people haven't used them properly. I'm everytime amazed how accurate the market reach these lines (like with Vegas).
3. On Stochastic I use the standard parameter (14,5,5). Its only for a fast look on overbought and oversold conditions. Divergence and hidden divergence can be seen there too but because I trade in lower timesframes I don't use it much.
I don't use RSI.
4. Elliot Waves are very useful. The market isn't random, it moves in waves. Five impulsive waves and three correction waves. See the books of Robert Miner. At first it looks complicated but it isn't. You must not define every single wave, thats the most failure traders are doing. See the impulsive trends and trade them. And never forget: Trading is a business of losses and based on probabilities. With elliot waves the probabilities where the market will go to can sometimes be >90%. The more basic indicators are showing the same target, the better the probability that the market will reach it. Thats why I use several basic indicators to define the best target to close my trades. Because opeing a trade is easier, a little retracement and you are in.
I trade from 8:00 to 17:00 CET (Central Europe time). A fulltime trader because I'm jobless. I think I learn very much more about the market and its movements than other people because I'm sitting all the day long in front of the screen. Concentrate yourself at the beginning on one pair only. Then you can get a feeling for its price action. Because every pair is different how it reacts (or say: The people which trade it react differently).
This sounds like I'm a very experienced trader but thats not always the case. I make mistakes, but I'm learning from them. Keep in mind that you can learn more from mistakes, especially the repeated ones.
Wise words of wisdom
1. Vegas lines = From the 1h-Vegas system, you can find it in this forum. They are drawn fibos by two moving average lines. See here: http://www.forexfactory.com/forexfor...ead.php?t=4365
2. I draw fibos from the extreme top to the extreme bottom of the last trading day. They are used to see retracements better. The price will move along those lines, to 23.6, 38.2 up to 61.8. With fast movements I draw it along the move's direction to see if there will is a retracement when it will halt (mostly 23.6) and then start again to move further in the same direction.
I forgot to mention that I use the Fibo Extensions as well.
Some people say that they are useless but I think that those people haven't used them properly. I'm everytime amazed how accurate the market reach these lines (like with Vegas).
3. On Stochastic I use the standard parameter (14,5,5). Its only for a fast look on overbought and oversold conditions. Divergence and hidden divergence can be seen there too but because I trade in lower timesframes I don't use it much.
I don't use RSI.
4. Elliot Waves are very useful. The market isn't random, it moves in waves. Five impulsive waves and three correction waves. See the books of Robert Miner. At first it looks complicated but it isn't. You mustn't define every single wave, thats the most failure traders are doing. See the impulsive trends and trade them. And never forget: Trading is a business of losses and based on probabilities. With elliot waves the probabilities where the market will go to can be sometimes >90%. The more basic indicators are showing the same target, the better the probability that the market will reach it. Thats why I use several basic indicators to define the best target to close my trades. Because opeing a trade is easier, a little retracement and you are in.
I trade from 8:00 to 17:00 CET (Central Europe time). A fulltime trader because I'm jobless. I think I learn very much more about the market and its movements than other people because I'm sitting all the day long in front of the screen. Concentrate yourself at the beginning on one pair only. Then you can get a feeling for its price action. Because every pair is different how it reacts (or say: The people which trade it react differently).
This sounds like I'm a very experienced trader but thats not always the case. I make mistakes, but I'm learning from them. Keep in mind that you can learn more from mistakes, especially the repeated ones.
Once again, Thank U!!
- #19
- Last Post: Jan 19, 2007 6:11pm Jan 19, 2007 6:11pm
- Joined Nov 2006 | Status: Trader | 1,758 Posts
