One of the most useful sentences I read in the book "Rocket science for traders" said something on the lines that every market has two charts at any time. One shows the cycles of the market and the other shows the usual participants' inputs. It is our job to find the time frame for both charts. If we are able to see both pictures working together we will then be able to apply indicators. If we try to apply any indicators without finding these two time frames first, every signal will be wrong or late for us.
Keep in mind I'm an EOD trader. I get price and volume. I can see where price changes direction and the volume associated with that change. I trade momentum. If demand is pushing price up I buy. I can see that on a chart. What other information do I need?
There is always trand in the emini market in some tradable time frame. I trade with no problem during the day the 10 seconds chart. My bigger time frame is 1 minute. I have chart which gives me a weekly view on the market. The market dropped Dead only when there is no action in 10 seconds chart. When those 5 minutes Marboza rais up. It's fun to be there from second 30.. High resolution with simple rules... It's fun. 4K withe the razor of occhum. That my style. At last. Took few years and -30k. Nothing is missing for my family.l loved any second in the last 5 years. But... At list now I can say.. I HAVE MY STYLE. like I can throw all the books. From ET I get much more from any other book. Fun to be here. I did all by myself. Thanks
It does work for me and has for the last 20 yrs. I was just responding to the blanket statement "There is no way you can trade profitably with charts alone."
I'm pretty sure that you don't just look at a chart and say: "this is going up" If you've done this for the last 20 years you have soaked up a ton of side info into your subconscious and that's what's driving your decisions. I can look at a chart and see that there is an iceberg order sitting at 80.75$. But I've seen so many of them that I can use the chart as a shortcut. Would I? Probably not. As a matter of fact, there is no quantifiable edge in patterns. So if there isn't, you use them as a piece of the puzzle, not as the sole source of alpha
%% I used to use that vp; until i kept noticing some of the time frames were all buys, on monthly charts\which i knew was in big error. I dont use l2 anymore/ but daytrading is not my main time frame. MR Mute9003/200/50; 200day/moving average\50dma, /don channels. Sounds like you are overtrading\too big position or 2 many sells in an up/trending bull/market.............................................. IF you cant beat SPY or sso; join them\most full time pros cant beat spy. I did not beat it last FRI, but did for the oct/ month, so it can happen to anyone,
That’s not what he’s saying though. He is saying that your experience helps you “read chart” in a profitable way(subconsciously perhaps). There’s way more to your edge than just chart pattern. But you seem to disagree.