Sorry, I usually do, but got lazy on this one...
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- #22,065
- Aug 20, 2008 8:12pm Aug 20, 2008 8:12pm
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Here is a 1-2-3 buy formation on a 15 min chart
Just trade between the fib levels , if we break 61.8 we go to 78.6 at 1.4810 , but it is to late to get into this trade due to the position of the rsi in the overbought territory.
The entry for this trade would have been the shallow bull flag and test of 38.2 % fib at 1.4740 , just above the 50 sma on the 15 min
who ever says indicators do not work I will disagree with them 100 % of the time
why do indicators work .. .well that is simple. Computers make indicators work , When there is a moving average cross over there are 1000's of computers all firing off trades at that very moment pushing up or down the price.
Attachment
How do you know those thousand computers are using the same indicators?
That's why S/R works not indicators.
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- Aug 20, 2008 8:16pm Aug 20, 2008 8:16pm
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- Aug 20, 2008 8:17pm Aug 20, 2008 8:17pm
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How do you know those thousand computers are using the same indicators?
That's why S/R works not indicators.
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- Aug 20, 2008 8:28pm Aug 20, 2008 8:28pm
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- Aug 20, 2008 8:50pm Aug 20, 2008 8:50pm
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How do you know those thousand computers are using the same indicators?
That's why S/R works not indicators.
how about using support resistance levels and an indicator ???
double tops , head and shoulders etc etc are often easier to spot in rsi than on the price
divergence breakouts in rsi can often be seen BEFORE the price breaks support / resistance levels.
I trade , very effectively, using mostly rsi ... so please do not tell me that indicators do not work , every single trader out there has a different style of trading . You use support / resistance .. that is great , but there is more than one way to skin a cat.
A few charts ...
1) gu short on bearish divergence on rsi .... could see that trade a mile off
2) eu double top rsi 10 min chart this morning gave VERY safe trade off resistance
3) same chart for EU gave value of 50 rsi failure for nice 40 pip trade between fibs
maybe the issues is you do not know which indicator to use and how to become a master using it.
remember no 2 traders will ever trade the same.. I have buddies that use EW , wolfe waves , gann theory , simple moving average crosses all the way to an ex programmer for JP Morgan that did risk matrixs and has some awesome custom developed indicators.
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