hmm, let's see what we can do with just 2 indicators

[TAjammy]

i was just thinking of a really , really simple system composed of 2 indicators.

I'm using bollinger bands and MACD, let's see if this very basic approach can actually make money.

I am not trading pin bars etc any more but i'm saving up so i can afford to learn to tape read and found out i canget all i want from sierra chart from $65/month.

The basic method here is to aim long at lower band when MACD crosses above 0 line, and to go short at the upper band when the MACD crosses below the 0 line.
I have no idea if this works or not so it's a punt i guess. Will be demoing this obviously on the H1+ timeframes.

 

[Mr. Charts]

James,
Most would disagree with this, but you will save yourself years and untold disappointment if you simply forget indicators completely. Some call reading price action dark-siding. To me it is light-siding as it's totally enlightening.
But still, everyone to their own poison.....it's just that you are so straight and have politely rejected the crap thrown at you by some that I don't want to see you wasting the next three years exploring every cul-de-sac of training "indicators" known to and yet to be invented by man.
Richard

 

[mrsoul]

James,
Most would disagree with this, but you will save yourself years and untold disappointment if you simply forget indicators completely. Some call reading price action dark-siding. To me it is light-siding as it's totally enlightening.
But still, everyone to their own poison.....it's just that you are so straight and have politely rejected the crap thrown at you by some that I don't want to see you wasting the next three years exploring every cul-de-sac of training "indicators" known to and yet to be invented by man.
Richard

I disagree.
There are ways to use indicators to make money.

 

[mrsoul]

i was just thinking of a really , really simple system composed of 2 indicators.

I'm using bollinger bands and MACD, let's see if this very basic approach can actually make money.

I am not trading pin bars etc any more but i'm saving up so i can afford to learn to tape read and found out i canget all i want from sierra chart from $65/month.

The basic method here is to aim long at lower band when MACD crosses above 0 line, and to go short at the upper band when the MACD crosses below the 0 line.
I have no idea if this works or not so it's a punt i guess. Will be demoing this obviously on the H1+ timeframes.

I always like to hear new ideas TAjammy.
I will look at your idea and see if i can see any money in it; then I will post again and let you know what I observe.
Keep the wheels turning.

 

[TAjammy]

James,
Most would disagree with this, but you will save yourself years and untold disappointment if you simply forget indicators completely. Some call reading price action dark-siding. To me it is light-siding as it's totally enlightening.
But still, everyone to their own poison.....it's just that you are so straight and have politely rejected the crap thrown at you by some that I don't want to see you wasting the next three years exploring every cul-de-sac of training "indicators" known to and yet to be invented by man.
Richard

i know that , to be honest mnost retail indicators are quite bad. This is why im challenging myself to see if i can actually make money from them. And like i said im saving so i can afford to access DOM etc

o yeh and i'm not ditching price action, im just heading towards a more raw form of it

 

[cr6196]

you can get DOM for free for SP,DJ, Nasdaq, 30 years, Russell and Dax if thats what your looking for amp futures/mirus demo account do it with ninjatrader and there is ones that do it with TT...if that is what you wanted...

i find the order book is useless cos you get people pulling in and out and everything, T & S is alright tho...
Indicators don't reli tell you anything that isn't already in price, i think they are good sometimes for newbies to get a feel but they should be ditched eventually.

 

[TAjammy]

well im wanting to access DOM,time and sales,$tick,$trin

 

[gedward3]

well im wanting to access DOM,time and sales,$tick,$trin

Have you read - John Carters Mastering The Trade. THis book deal with all your talking about above.

Also have a look at his Trade THe Markets website as it provides brilliant free daily emails to help you trade.

Ged

 

[TAjammy]

Have you read - John Carters Mastering The Trade. THis book deal with all your talking about above.

Also have a look at his Trade THe Markets website as it provides brilliant free daily emails to help you trade.

Ged

it does? so no systems and what not? i hate reading about systems because i feel that they could become outdated at any time

 

[Technically Fundamental]

I disagree.
There are ways to use indicators to make money.

I agree. Look at BBmac for example.

 

[gedward3]

it does? so no systems and what not? i hate reading about systems because i feel that they could become outdated at any time

TAJammy,

John Carter is well known for trading off Market Internals like the Tick and Trin.

Obviously they have their good points and bad points and are not the Holy Grail
but they can help you find some good turning points.

Reviews on the book here.

Mastering The Trade by John F. Carter

You can read a little of whats inside here.

Amazon.co.uk: Books: Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups (McGraw-Hill Trader's Edge Series)

Ged

 

[TAjammy]

you see i was going to get that book a while ago but it was rtoo complicated because i didn't know what forex/futures were lol. then i lknew what the were but i still didnt want them because i thought it'd be all about him touting some system that will be outdated at the time of printing.

i'll look into it , but i think this style of trading will take screentime.

 

[TAjammy]

hmm took a look at the chapters and they actually look like useful information rather than the bog standard trading book telling you sugar coated cliches

 

[TAjammy]

yeh i'll be getting that book soon along with 6 months of siera chart...damn thats going to take a healthy £240 out of my account


noooww. i'll go scan the forex daily for some bollinger and MACD opportunities

 

[cr6196]

yeh just read that book u can get a "online version" , is pretty good, first few opening ones in particular. I'd actually say it is one of the better books i've read, and i've read a few...

 

[rols]

There should be laws against this......

you see i was going to get that book a while ago but it was rtoo complicated because i didn't know what forex/futures were lol. then i lknew what the were but i still didnt want them because i thought it'd be all about him touting some system that will be outdated at the time of printing.

Are you sure trading is for you?

i'll look into it , but i think this style of trading will take screentime.

LOL What style are you into I wonder?

Point and Click?

yeh i'll be getting that book soon along with 6 months of siera chart...damn thats going to take a healthy £240 out of my account

You ain't even started yet mate.....
.....the pain begins when you're taking out the unhealthy money

o yeh and i'm not ditching price action, im just heading towards a more raw form of it

What could that be I wonder? Price action tartare? Price action without the price?

 

[TAjammy]

Are you sure trading is for you?
yes


LOL What style are you into I wonder?

Point and Click?
tape reading


You ain't even started yet mate.....
.....the pain begins when you're taking out the unhealthy money
at least i'll be more prepared than most new traders and havent found out how to trade by blowing out several accounts



What could that be I wonder? Price action tartare? Price action without the price?
tape reading, time and sales, order flow on the ES, trendline breakouts, market profile etc

:whistling

 

[mb325]

No offense TA but why 'challenge yourself to see if you can actually make money' from indicators which are 'quite bad' when, from what I can see, you haven't actually made consistent money using any method? This isn't a game, making a profit comes secondary only to protecting your capital and I doubt this 'challenge' will achieve either of these goals.

At least backtest it a bit. Good luck if you decide to continue.

 

[TAjammy]

No offense TA but why 'challenge yourself to see if you can actually make money' from indicators which are 'quite bad' when, from what I can see, you haven't actually made consistent money using any method? This isn't a game, making a profit comes secondary only to protecting your capital and I doubt this 'challenge' will achieve either of these goals.

At least backtest it a bit. Good luck if you decide to continue.

im demoing as it's the only option at the moment. i did make consistent gains trading price action off dailies etc

 

[mb325]

i did make consistent gains trading price action off dailies etc

So why aren't you sticking with it!?