chronicles of PA day trader

[primitivetrader]

 

[primitivetrader]

 

[primitivetrader]

thought process-

 

[primitivetrader]

thought process-

 

[primitivetrader]

 

[primitivetrader]

how to identify corrections. one method is look for overlapping swing as suggested by robert miner. very effective way. trend has impulsive leg with not overlapping swing.

 

[primitivetrader]

Indicators or no indicators?
indicators for me are wonderful support tools. imp thing is one should know how to use it. all indicators are lagging in nature. but if use correctly and one understand the interaction between price action, volume and indicators then one have a very robust technical system to trade with.
there is a primary limitation as per me in using indicator(s), at times entries will be late but it will be high probability trade. there is always some trade off and one has to pay the price.
some years back i read somewhere "momentum precedes price, speed of momentum precedes momentum and volume precedes speed of momentum". after contemplating this line for a while i made a technical system using VSA, moving averages, PSAR and modified MACD. the indicators i used for filtering the entries unless all indicators are in line i dont pull the plug. VSA helped me in reading the immediate back ground and who is in control of the market.

below is the today's chart of nf 3m showing the same.

 

[primitivetrader]

4 most imp concepts in VSA are:-
1) no supply
2) test(s)
3) no demand
4) upthusrt(s)

if one can master the above four as per late Tom Williams, one can trade quite profitably.

 

[primitivetrader]

 

[primitivetrader]

system has not generated any trade its been almost 3 hrs in play.