Hello linkon Sir
Thanks for your prompt replay and informative suggestions.pls clarify my doubt about TF.Is it allowed to add previous days backfilled data when we watch RT data of current day? I think adding previous days data will make unwanted change in SET UP according to previous days sentiment.But the pblm if we plot only current data it takes long time to get a meaningful shape. For 15 min TF to plot 30 ema we will get the first point of ema after 30*15=450 min when 30 bar will plotted .So what is the sln?
It does not differentiate between a strong signal and a weak one. To him, 0.5 > 0.4 and 50 > 0.4 are given the same weight and generates the same signal
Well explained! Is it better to disable the signal?
Its advisable to use previous day's data, specially in higher time frames. Borrowing candles of the previous day is acceptable because everyone who uses charts do the same thing. But i have my inhibitions. CCI followers need 14 bars to get a reading. For the first 30 min, i use 1 min TF, then i shift to 2 min after 1 hour. After that, i use 3 min or 5 min depending on the volatility.
Just a food for thought. Think like the SMART money thinks. Thats the only way to make money in this market.
Intraday swing is treated as noise. Since its basically a fight between huge group of very well financed people who employ the best brains, best computer systems and every possible resource to trap people like us. What ever they show in the intraday chart is exactly what they want you to see. They know before hand what the news will be and take positions accordingly. Then the news breaks, they start selling. They deal with such high volumes that they cannot off load their entire positions in one day. They'll hold the market up till they finished distribution and will bringing the market down and hold it there till they finish accumulation. And mark it up again.
CCI helps us beat people like us who trade charts. We are always 1 bar ahead of them. This also means we are more susceptible to false signals. Removing the signals from the chart doesnt solve anything. System gives us a signal, we decide if it meets our criteria of a good signal and then we pull the trigger. But focus should always be on the bigger picture.
Many times i hear traders saying, market fell without a reason or market is not moving or there are big wide bars thats eating away the SL both ways. These traders are the ones financing people like us. We finance the bigger fish. Bigger fish finance the bigger sharks. The money chain goes on...like a pyramid.