Moving Average Plots, Charts, Scans For ThinkOrSwim

[MBF]

Hi anyone and everyone,

I am getting a little confused and overwhelmed here and this has been an ongoing problem for me. I am trying to figure out which MAs are more eyeballed as entries and exits. Lately, I have been using the hourly 50 and 200 for day trading targets. I shouldn't say using, but more like experimenting. I'm having a hard time with this. I use premarket as signals with other stuff but honestly, I am trying very hard to be as simple as possible and learn without all the bells and whistles and then integrate them later on. I guess what I am trying to say is, what do you guys use when charting out lower time frames? There are so many choices, how do you know which ones are the most reliable? Is it different for each symbol? Do you look at all the MAs on the hourly and just use the ones that specific symbol seems to follow or is there a rigid set of MAs? I don't know, I think I'm overwhelmed. Any help would be greatly appreciated. I don't know if this is the right place to ask this as this might be just TOS script stuff but thought I'd give it a go.

 

[MBF]

Never Mind That. Stay on point. That discussion, while worthwhile to me, is a rabbit hole for you. (I know because I'm a fearin' our personality's are alike) Ask about that next week!
Are you done with that list yet??

for @markos

 

[BenTen]

@MBF Wow, your dedication is admirable.

 

[MBF]

@skynetgen "you pick 4-6stocks on the weekend for intraweek set ups."
The $TSN trade you show on the chart, was that a weekly pick or do you also pick stocks the night before
depending on set up? You've explained your parameters for choosing this stock; because, it was under POC and next support was $80. What I mean is, do you pick your stocks at the weekend for the week ahead and stick to those or do you also choose stocks nightly? Are your intraweekly and intraday stocks one and the same? I know you do your scalpers at the open and then choose your day trades around 10 give or take.

 

[MBF]

@skynetgen "you pick 4-6stocks on the weekend for intraweek set ups."
The $TSN trade you show on the chart, was that a weekly pick or do you also pick stocks the night before
depending on set up? You've explained your parameters for choosing this stock; because, it was under POC and next support was $80. What I mean is, do you pick your stocks at the weekend for the week ahead and stick to those or do you also choose stocks nightly? Are your intraweekly and intraday stocks one and the same? I know you do your scalpers at the open and then choose your day trades around 10 give or take.

One more thing, last night I noticed ROKU. Was above POC on the TPOProfile there was a gap fill directly to the 20 SMA which was a long play to $117. This morning there was a gap up premarket and the 30 minute opening bar was scary (to me) but volume was amazing. The five minute opening bar was a rejection or a settling of monies overnight. I bought it at the 110.87 support on the five and got out at the 11:55 rejection hammer at around $117.11, rounding top and slowing volume. I shorted JNJ but just on news.
I would not have looked at the ROKU play that way until I went through my notes from you a couple of times. Might have been beginners luck but works for me!

 

[J007RMC]

Well I evolved (or devolved?) to ignore moving averages as entry/exits. I only use them to trail the trend I already entered (based on other factors). And Ideally i take profits and get out even before MAs turn (they are lagging) - based on other things. And other price based indicators (MACD/RSI) etc i only use as confirmation for finer entry - not use them as basis for setups.
Imho price action by itself is a lie - it doesnt reflect true value or true direction of money flow most of the time. More like a broken clock - it is occasionally right but most often its not
Market structure is non-linear and fractal nature - no moving average can describe them. As all of price+ma based indicators (yeah even fancy ones like Ehlers) fundamentally model price action as some sort of cyclical process with well defined function - which its not.

To give a good place to start your thinking I would point to this :
https://readtheticker.smugmug.com/B...tPhasesCyclesv2.png?lastmodified=201909300000
(ignore the gann angles - just focus on what you see as a structure).

Another thing I want to point is: its is of extreme importance to understand Timeframes you are trading on (and its paramount to use at least three: 1)large TF 2) setup TF 3) entry/exit timeframe ). How its structured and the confluence of factors at pivot points on it. Intraday and intraweek trading imho required understanding of gaps, intraday market timing, intraweek inflections, options expirations and more

Something Ive adopted lately into my trading regimen is RSI length 2 and the OBV. I watch the 30 min, hourly, and daily rsi signals and volume to enter and exit... so far its working for me.

 

[markos]

@MBF Wow, your dedication is admirable.

@MBF Very nice pictures young man! Not only are you dedicated but slightly obsessed, in a good way. It's a pleasure to work with someone like you.

 

[markos]

Something Ive adopted lately into my trading regimen is RSI length 2 and the OBV. I watch the 30 min, hourly, and daily rsi signals and volume to enter and exit... so far its working for me.

@J007RMC Glad to hear of somebody else that has a trading plan as well. Very nice.

 

[diazlaz]

@MBF Very nice pictures young man! Not only are you dedicated but slightly obsessed, in a good way. It's a pleasure to work with someone like you.

i think we can all learn something from @MBF

 

[markos]

@diazlaz I would definitely agree. Being diligent with taking notes and really wanting to learn AND being teachable is quite admirable.

@MBF don't laugh, wiseguy, these are real compliments, even if you did have a pink Huffy as a kid. ...

 

[MBF]

@markos ya goof!

 

[markos]

@markos ya goof!

right back at you Goofy is as goofy does!