DislikedI have spent a great deal of time reading FF forums, VP, James 16 both public and private. Everywhere I have found knowledgeable giving people! Thanks to one and all. I scalp! 5min charts and I usually use the tick chart as an indicatror for entry/exit. There have been many statements against such a risky business. I have found it both fun and painful. AND lucrative! Will I continue this way I do not know. But for now it "fits" me and it works. There are some cautions that need to be put in place. I will lay out what I use if anyone is interested. If not... The first thing I use is trend. My opinion is that a pair is always trending. That statement got your attention if nothing else! Many disagree strongly. I find trends on every time frame for that pair. I use a variation of the "turtles". I have had VP for almost a year now and from time to time my frustration lead me to turn it off. But I paid for it. So I turn it back on again beacause I also paid for a year of CSI data. I use my finger on the mouse and my finger as my ONLY stop loss most often. I spend 12 hours a day infront of my computer trading, watching, worrying, laughing, playing pakman, watching movies (and the screen). All the while wondering why there are so many admonitions against day trading? Most of my weeks are 4 digit profits, if not 5 and I usually only trade GBP/USD and GBP/JPY. My slogan has become: "In the beginning was the word and the word was motion". I do not use an automated system because I do not think it is possible to automate a system that is trying to predict human emotion. With the current level of data and low tech level of our computers. The human mind handles millions of actions a minute. No currently availble "off the shelf" computer can get close to that level of action. The human "interface" is rediculously slow compared to my DELL. By the time a computer is as fast as a person Battle Star Galactica will most likely be a reality! While human emotion can be predicted it is a very spontaneous affair and a very changeable one. The markets are a reflection of human emotion.
I do not analyze charts I evaluate them! Technical analysis is what John Murphy does. I will never write a pgm for a new indicator! When I look at a chart I look for something of value to me! If I can't find it I look else where. There will always be a trend! Because there will always be a difference of opinion amongst the millions that makeup this planet! Thanks to one and all again I have enjoyed your contributions greatly.Ignored
i too have vantage point and dont know what to do with it, can it help us with 5 min trading?