DislikedBo, thanks at lot for all your efforts - appreciate that very much. Went through the last weeks again using your usual fibs in combination with 5min fibs for entry / exit. Looks very promising - at least to understand the market action much better. I am not sure anybody knows but all market action IN EVERY TIME FRAME depends on fibs. Really fascinating!
I am slowly understanding now what senior traders in FF mean with creating your own habits for trading.
Getting rid of all the indicators I had on my charts (despite market volume what seems still interesting to me) I would be very interested in your opinion about momentum indicators, e.g. Auslancos Momentum method. Investing lots of time with those 5 MAs I was able to figure out that they are usable for mid-term trading - especially to recognize trends and reversals. Understanding that this is not main topic of your forum I would be glad to have your opinion about that.
Thanks a lot for your honest opinion in advance!Ignored
My take or suggestion is to learn the market flow with support and resistance until you get to the point you can trade from that successfully, then apply an indicator and you will see something different when applying them. You will find yourself looking at the chart and price first for entry's and exits and the indicator second as a confirmation of you decision. Instead of looking to the Indicator for your decisions.
Auslanco is an experienced trader, he has fine tuned what he found to be successful for him. He understands market flow and has apllied what he has learned over time. You take what you find works for you from other experienced traders and dump the rest, dont try and mimic what someone else does, but take from their experience the things that make sense to you and you develope a style from that into what works for you.
For me it was fibonacci, over time it began to make more and more sense to the point I no longer needed anything else. The market became clear to me, but it was experience of using them on a consistant basis that I developed to the point I am now. Its never the system or the method its the Trader using it. I can show you the tools but I cant teach you to trade.
Experience using the tools of the trade is how you become successful. Whether its a naked chart, fibonacci, elliot wave,ma's, secondary indicators, they are all tools of the trade it doesnt matter but at some point you'll find you have to stick with something to become successful with whatever weapon of choice you decide to use.