To be frank, This is one of the simplest methods, and i think if a 12 standard kid will look into that then he will become a master.
But it needs time, a lot of time.
From my college days, i usually sat with my father and keep watching only trading terminal screen UI to see the PA, and today also this is my favorite time-pass even though i don't want to trade on that day.
The thing which is so important to trade are:-
1.)Trend : I can easily see the trend through my Excel Sheet, for a
swing/day trade i am using only day time-frame(no 1 min or 5-min data). and i track only 5-7 days data only.So this will help me to see the trend.
2.)Momentum: In my 12th standard Physics i learnt that:
p=mv;
where p=Momentum
m = In General term you can say that It's a DAILY RANGE
v= Velocity
where further
Velocity( v ) = Delta 'X' divided by Delta 't'.
Here Delta 'X' = Displacement or simply we can say Distance
and Delta 'T' = time interval which is DAY TIME-FRAME.
so How to Calculate Velocity using Excel Sheet Data's.
Simple It is the rate of change of the particular security over DAILY TIME-FRAME.
so I'll see that how much percent falling is happening in Higher-High or close from last 2-3 days.
3.)Overbought : That I'll calculate Using ATR.
4.) S&R : sorry that is too complicate point, but if you are watching terminal screen UI from last 2-3 days for that particular security then you will get and idea.(and yes i never put automatic SL, always manual only generally after watching PA only even though SL hit)
That all my strategies for my DAY TRADING and SWING TRADING.
Thanks a lot
Best Regards,
http://www.traderji.com/futures/53550-my-trading-strategies-future-6.html
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The best trading method is to take advantage of the crowd's greed and fear.
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How about some bacground ... some ideas etc on PA / Quant ...