learn to trade price action.Would love to hear more about this! I am struggling a bit too..
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learn to trade price action.Would love to hear more about this! I am struggling a bit too..
before entering the trade confirm on higher time frame minimum 30min time frame give signal on macd or rsi. also check the divergence to and how long you carry your trade ?i'm looking for some indicators too for option trading. I have used MACD crossover along with RSI on a 5 min and 10 min timeframe, but that gave me a wrong signal on ROKU and ZM on 12/17 resulting in a heavy loss. What indicators do you use for day trading options?
Thanks @charlie2598 - I've been focusing more on price action using support and resistance. It's bought me some success, but I'm looking for an indicator to help filter out consolidation. I'm usually right on direction, but enter a trade way too early, sell at a small loss only to miss out in a few minutes.i'm looking for some indicators too for option trading. I have used MACD crossover along with RSI on a 5 min and 10 min timeframe, but that gave me a wrong signal on ROKU and ZM on 12/17 resulting in a heavy loss. What indicators do you use for day trading options?
How are you setting your stop loss? Or are you not and panicking when you see the prive start reversing?Thanks @charlie2598 - I've been focusing more on price action using support and resistance. It's bought me some success, but I'm looking for an indicator to help filter out consolidation. I'm usually right on direction, but enter a trade way too early, sell at a small loss only to miss out in a few minutes.
@shop00 - I mainly rely on the RMI indicator. It works great for trend direction, but not so much entries/exits. I don't use MACD or RSI anymore for trading because of those false signals. I do use them for analysis though, just not to enter or exit a trade. Even EMA's aren't reliable in my opinion.
Thanks @michalg95! I'll be sure to check and test it out!
I use a mental stop loss. I haven't learn to set orders with stop losses, yet. If the momentum starts going against my trade, I exit.How are you setting your stop loss? Or are you not and panicking when you see the prive start reversing?
What's the mental stop loss? What I've learned quickly is to set a top loss based on the market price of the stock....usually a recent level, and stick to it. Otherwise I was panicking and bailing out too quickly .I use a mental stop loss. I haven't learn to set orders with stop losses, yet. If the momentum starts going against my trade, I exit.
It depends on volatility at the time. There's times where I just bought too early my technical analysis indicates that it will move my direction. In those instances my mental stop loss is at 20% (pretty high). But if my technical analysis indicates that I bought at a reversal point, I exit right away.What's the mental stop loss? What I've learned quickly is to set a top loss based on the market price of the stock....usually a recent level, and stick to it. Otherwise I was panicking and bailing out too quickly .
Thanks @SJP07. Looking for some indicators as i mostly do options trading.Thanks @charlie2598 - I've been focusing more on price action using support and resistance. It's bought me some success, but I'm looking for an indicator to help filter out consolidation. I'm usually right on direction, but enter a trade way too early, sell at a small loss only to miss out in a few minutes.
@shop00 - I mainly rely on the RMI indicator. It works great for trend direction, but not so much entries/exits. I don't use MACD or RSI anymore for trading because of those false signals. I do use them for analysis though, just not to enter or exit a trade. Even EMA's aren't reliable in my opinion.
Thanks @michalg95! I'll be sure to check and test it out!
I'll be more than happy to share what I use and why. For starters, I use two charts because I want to keep my charts as clear as possible.Thanks @SJP07. Looking for some indicators as i mostly do options trading.
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