YungTrader's Ultimate Indicator

[hashy]

Here is a snapshot of my grid.

I've noticed some of you guys have after-hours turned off. It drastically changes the 1H+ candles (vs. having pre-market/AH turned on and the candles starting at 9:00 EST vs. 9:30). Interesting...

 

[martyrjohn]

@YungTraderFromMontana

Is it a good idea to just buy any upward arrow that this strategy presents (with the exception of obvious stocks that will not be winner) and ride it up? Or, do you think this won't work well? Also, are there any indicators that can help distinguish what arrow stocks will provide the most gains. For example, if 10 stocks show up in scanner what should you look for to determine witch of those 10 will get best results.

 

[martyrjohn]

What do the different settings mean? What happens if I change the buy entry from 40 to 100 and lookback from 8 to 6. From what I see, it makes the signals more accurate and less frequent. Is that correct?

 

[HSI1600]

@YungTraderFromMontana

Is it a good idea to just buy any upward arrow that this strategy presents (with the exception of obvious stocks that will not be winner) and ride it up? Or, do you think this won't work well? Also, are there any indicators that can help distinguish what arrow stocks will provide the most gains. For example, if 10 stocks show up in scanner what should you look for to determine witch of those 10 will get best results.

@martyrjohn - SUPPORT/RESISTANCE Lines is a good clue, pivot point are another. My preference is Bollinger bands

 

[Thomas]

Hey I'm using paper TOS and don't believe I can share my workspace/charts.
Here are some screenshots.
So far I'm just using the trend reversal arrows, 10ema, and swinglowshighs (coloured candles from tenacity). I added the RSI w/ FE but don't understand it completely as yet.

https://imgur.com/nI1x7aX

https://imgur.com/XfrqmXy

https://imgur.com/is6uCwv

Develop a high volume scan, I may have shared one,...but I hope you weren't long JCP?

 

[martyrjohn]

@martyrjohn - SUPPORT/RESISTANCE Lines is a good clue, pivot point are another. My preference is Bollinger bands

What time fram should I use to buy an up arrow at market open and sell at end of day? What time frame do you use?

 

[camitos]

Develop a high volume scan, I may have shared one,...but I hope you weren't long JCP?

Lol just observing charts at this point.
I am unable to add custom scanners because I'm using TOS paper.
I currently use Finviz to scan for high volume stocks, this to scan for any potential BB squeezes, this to calculate position size, TraderVue for importing trades from IBKR, and finally Yahoo Finance for real-time data once I come across confirmations on a 30min timeframe lol

It's a lot.

 

[theopacc13]

@martyrjohn - SUPPORT/RESISTANCE Lines is a good clue, pivot point are another. My preference is Bollinger bands

What standard deviation are you using with this strategy, I've been toying around with different settings to try and get the most accurate depiction at these S/R

 

[martyrjohn]

How successful have y'all been doing this strategy on the daily chart buying right at market open and selling at end of day?

 

[theopacc13]

How successful have y'all been doing this strategy on the daily chart buying right at market open and selling at end of day?

we are not all making the same trades. The strategy returns many plays, and you must weed through and find the one you personally believe is the most likely to successfully breakout/continue breakout and has the best risk/reward. This strategy relies on the individual's analysis of the setup. Personally I have been pretty successful using the strategy and cross-verifying setups with other indicators/TA, and have found the scanner/strategy very helpful in finding possible trade opportunities, but again the strategy is reliant on the abilities of the trader. I have had a good amount of success using this strategy intraday, but when I open and close a position in the same day with this strategy, it is because my take profit or stop loss has been hit, when I'm trading with this strategy on the daily chart I do it with the thought that I will be in the trade for 2-3 days.

 

[martyrjohn]

we are not all making the same trades. The strategy returns many plays, and you must weed through and find the one you personally believe is the most likely to successfully breakout/continue breakout and has the best risk/reward. This strategy relies on the individual's analysis of the setup. Personally I have been pretty successful using the strategy and cross-verifying setups with other indicators/TA, and have found the scanner/strategy very helpful in finding possible trade opportunities, but again the strategy is reliant on the abilities of the trader. I have had a good amount of success using this strategy intraday, but when I open and close a position in the same day with this strategy, it is because my take profit or stop loss has been hit, when I'm trading with this strategy on the daily chart I do it with the thought that I will be in the trade for 2-3 days.

Thank you for the response. What time frame have you found the most success with using this strategy. Do you buy at market open or somewhere in the middle of the day?

 

[HSI1600]

What time fram should I use to buy an up arrow at market open and sell at end of day? What time frame do you use?

@martyrjohn - I use daily as an anchor chart for signals, then the hourly chart for entries ( I used 5 min but recently changed to the hourly)

 

[HSI1600]

How successful have y'all been doing this strategy on the daily chart buying right at market open and selling at end of day?

Currently 83% down from the 90% I had for the first 2 weeks of this system. Broke some of my own trading rules (trading in the first hour for example). I wait for the arrow to occur on the daily and look for a retracement (rule 2 - never buy a market. I miss out on some moves but find that I had more loser then winners when buying at the top)

 

[theopacc13]

Thank you for the response. What time frame have you found the most success with using this strategy. Do you buy at market open or somewhere in the middle of the day?

I use daily to find trading opportunities, use hourly to get a more focused picture of the stock's movement, and 5-minute fo entries.

 

[martyrjohn]

Currently 83% down from the 90% I had for the first 2 weeks of this system. Broke some of my own trading rules (trading in the first hour for example). I wait for the arrow to occur on the daily and look for a retracement (rule 2 - never buy a market. I miss out on some moves but find that I had more loser then winners when buying at the top)

why don't you trade at market open? What are some of your other rules? Also, 83 percent is still really strong so good job.

 

[martyrjohn]

Quick question for anyone who has time to answer. What indicator would you suggest for good buy points during pullbacks. For example, if I establish a upward trend with an arrow using this indicator, then I go to a 15 minute chart or hour chart to find a good pullback entry, what indicator can I use to tell when is a good spot to buy. Additionally, does anyone know of any good indicators to tell when I should cut my losses or if I should just do that mentally. Thank you for responding and reading this.

 

[HSI1600]

why don't you trade at market open? What are some of your other rules? Also, 83 percent is still really strong so good job.

@martyrjohn - To volatile at open, I trade after 9am CST to let the noise die down (helps to ward against false signals IMHO).
1. Only trade stocks above the cloud, Ichimoku
2. ADX > 30
3. DMI + > 25, - < 15

Start playing around with Hammond B3 & MOBO (modified Bollinger bands)

 

[martyrjohn]

@martyrjohn - To volatile at open, I trade after 9am CST to let the noise die down (helps to ward against false signals IMHO).
1. Only trade stocks above the cloud, Ichimoku
2. ADX > 30
3. DMI + > 26, - < 15

Start playing around with Hammond B3 & MOBO (modified Bollinger bands)

Wow! Thank you so much for the response. Will do.

 

[jack]

@YungTraderFromMontana ...... I have found your Ultimate Indicator and your piece about breakouts to be very, very helpful. AWESOME WORK and guidance for new traders! I use Trading View. Is there any chance you could code your indicator to be used there. Thank you for considering.

 

[YungTraderFromMontana]

@YungTraderFromMontana ...... I have found your Ultimate Indicator and your piece about breakouts to be very, very helpful. AWESOME WORK and guidance for new traders! I use Trading View. Is there any chance you could code your indicator to be used there. Thank you for considering.

Sorry, I've never used tradingview before and am not familiar with their unique language.