I have found the Holy Grail indicator for the Dow Jones - 100% right so far

Brilliant day out in Chester - Italian meal at Sergios - thank you!
Golf tomorrow but hope to be back to take advantage.......
TEAMTRADER
 
Closing price of the Dow Jones on Thursday the 4th May 2023.

SmartSelect_20230504_210148_Finance.jpg
 
As you can see on the chart, there are support and resistance lines. This indicator is called Ezalgo SR. The DOW is almost sitting on the support level (see blue dotted line). The DOW is going to have to break this support level for there to be a possibility of anymore downside. The other thing it could do is bounce off this level and then and go back up.

Screenshot_20230504_210457_Samsung Internet.jpg
 
batsonar said:
Do you use the platform Tradingview for any of your charts?
Click to expand...
No - I dont use them, I trade CFD's but I am going to change to spread bet platform.
However, my internet connection has now become erratic so am waiting for a solution from my provider. What would concern me is that I was in a trade and the connection drops for more than a few seconds and my exit would not be as I planned. It has happened before and whilst it would not make a difference if I stayed in the trade for longer periods I often do not get the time.
TEAMTRADER
 
TEAMTRADER said:
No - I dont use them, I trade CFD's but I am going to change to spread bet platform.
However, my internet connection has now become erratic so am waiting for a solution from my provider. What would concern me is that I was in a trade and the connection drops for more than a few seconds and my exit would not be as I planned. It has happened before and whilst it would not make a difference if I stayed in the trade for longer periods I often do not get the time.
TEAMTRADER
Click to expand...
Have you never used Tradingview? I think it's brilliant. Lots of community script indicators created by traders. You should try it if you haven't. The basic package is FREE for 3 indicators on the chart at once but I pay for the Pro+ package as you can have as many as 10 indicators on the chart. If you decide to use Tradingview I can set you up with some good indicators. Fortunately I don't have a problem with my Internet dropping out. Been quite stable really for years. All though it was a few weeks ago. Virgin Media Internet when down.
 
TEAMTRADER said:
No - I dont use them, I trade CFD's but I am going to change to spread bet platform.
However, my internet connection has now become erratic so am waiting for a solution from my provider. What would concern me is that I was in a trade and the connection drops for more than a few seconds and my exit would not be as I planned. It has happened before and whilst it would not make a difference if I stayed in the trade for longer periods I often do not get the time.
TEAMTRADER
Click to expand...
I don't use Tradingview to execute trades, although I think you can connect it up to brokers. I use Trading212 to trade CFD's. I just use Tradingview for the charts and indicators. I mainly only look at daily chart of the Dow.
 
batsonar said:
I don't use Tradingview to execute trades, although I think you can connect it up to brokers. I use Trading212 to trade CFD's. I just use Tradingview for the charts and indicators. I mainly only look at daily chart of the Dow.
Click to expand...

Hi batty, hope you're well (y)

Take a look into City Index, they connect into tradingview for cfd's, though not spread betting last I looked.
 
Lightning McQueen said:
Hi batty, hope you're well (y)

Take a look into City Index, they connect into tradingview for cfd's, though not spread betting last I looked.
Click to expand...
Hey Lightning MacQueen. I'm good thanks, hope you are OK. Not heard from you in a long time. Funny I just clicked on your profile somewhere about half an hour ago. I knew you were a moderator. Do you know how I can edit the title of my thread? I'm a bit embarrassed now where is says at the end "100% right so far" ha ha lol. Need to get rid of that bit.
 
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Lightning McQueen said:
Noooo, please don't request a title edit, leave it, It's good!! your stamp of authenticity.
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Oh OK then. I suppose its a "clickbait" title lol. I eventually came to the realisation that a 100% win rate indicator just doesn’t exist in reality. I was told that though many times on here by people. To be honest I only used back test a few months. It irritates me now on YouTube when I see trading indicators in videos that say 98% win rate or perfect signals. You are never going to find an indicator that does that. I managed to get one of my indicators with a win rate of 75% over 3 years of back testing which is really high by traders standards. I think a 75% win rate is going to be the best you are going to get or near to it.
 
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This is my BATSONAR indicator. As I can see, the indicator is at the zero line and about to cross back into the "GREEN". This is a "BUY" signal. This means that the DOW could be about to make a move to the upside in the short-term. I would be a little cautious because as you can see there is a "Pivot Point" resistance level (see blue line) at 33,812 so any upside could be limited. Also the DOW was up 546 points today so there could be some profit taking tomorrow.

SmartSelect_20230505_211003.jpg
 
This is my ADS Oscillator which has a 75% win rate when back tested 3 years. This is also giving a "BUY" signal. As you can see the indicator is about to cross the zero line back into the "GREEN".

SmartSelect_20230505_212046.jpg
 
+50 - thanks again for the heads up on direction.
TEAMTRADER
 

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TEAMTRADER said:
+50 - thanks again for the heads up on direction.
TEAMTRADER
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Good one TEAMTRADER. To be honest I don't trade that often because I haven't got the confidence. I went bankrupt 20 years or so ago because of trading and its not easy to get your confidence back. I hesitate too much as to whether or not I should enter a trade and eventually when I do I start to worry. Even using a practice account has the same effect.
 
batsonar said:
To be honest I don't trade that often because I haven't got the confidence
Click to expand...

Batsonar.

It's good that you take a cautious approach; I reckon there are many people who blow their account, and then just start again after a period of time thinking they were just 'unlucky' last time. But I am intrigued why you pay for indicators but don't use them for your own purposes?
 
BigDeal said:
Batsonar.

It's good that you take a cautious approach; I reckon there are many people who blow their account, and then just start again after a period of time thinking they were just 'unlucky' last time. But I am intrigued why you pay for indicators but don't use them for your own purposes?
Click to expand...
Never paid for an indicator in my life. If I needed money, which I don't, I'd trade all day, every day and patiently wait for entries and exits - patience is something that did not come naturally to me so I had to learn via demo and become 'detached' from stress and make it into a competition for me - to see if I was (according to my wife) "as clever as I thought I was"........ I hate making losses when I made a mistake but in truth I did, and do, make some mistakes but it inspires me to put them right straight away on the day. I rarely trade as I prefer to golf in the summer.
TEAMTRADER
 
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