No, i tried that indicator now and it is amazing, concocted the 2 groups of EMA’s, it really helps to know price movement through different angle! Thanks .
As there are loopholes in MA’s, i will try to acquire more and more perfection on other indicators and things to get my trading decision right more times and clear the price picture! Thanks😇
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Will need some time to process
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As you said, i trade when the price cross near support/resistance with retest or with 1-2 candle when it is in favor with MA’s, but that too is not successful every time, but i keep my stoploss that small that what i gain makes me profitable and forgive my stoplosses. But yas, i need to improve it a lot!
Taking trade when support/resistance breaches may look a simple thing well .
The 2 indicators that you have mentioned is seems impresive to me , well, I mainly used MA’s, so yas, I’m saying with little experience. But last one is little difficult for me to apply what you are saying on it.
Well you are saying that don’t take trade with haikin ashi, but i don’t know loopholes with which you are saying but i think it can help in trade confirmation too!
Till now, I’m using 20EMA for trailing, sometimes, it gives impressive gains, sometimes, i thrown away in mid of trend by it . But one thing is sure, which i seen is i end with profit if i entered into trend:innocent:. But entering into trend what i miss sometime or judge wrongly:frowning:
Did you check Supertrend indicator, which I think can also be used for trailing stop loss.
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Not, applied that in my chart now , but it also working great, correct me if I’m wrong, one cannot take trade but most of the times, it can help capture the full rally. Do you using it for your analysis?
Just have one indicator test it individually , note down win and loss in excelsheet. Note down the winrate. Next change settings test find wind rate. Do it for for many indicators then choose the one with highest Winrate. It doesn’t matter how terrible winrate is among them even it is 40 or 38%. This is your nuclear indicator , put it in your pocket don’t share it. It keeps you away from Crowd.
Next put a secondary indicator and see how many losses are negated. Even if number of trades with wins are less , see how many losses are reduced
Then put a secondary indicator and see how
Then put the baseline and see how much losses are eliminated .
Optional:- use a volume indicator, I don’t mostly use this as nifty , crude oil always has volume. Don’t know about your stocks.
- Primary conf
- Secondary conf
- Baseline (not needed if you prefer going reverse, I still use)
- Volume(optional is volume is there
- Exit indicator
Well if you are interested in pure technical analysis with MM, trading psychology, google no nonsense forex. They have a discord and give you a structure. It’s the best. I tested so many systems none of them worked on paper and was always breaking even. Just using their algo structure changed my account and actually saw some gains. NNFX is a lot to take in , it takes a while unlearning some stuff especially they hate price action altogether. I probably recommend you seeing there. That guy Patrick from Las Vegas and many of the people in the nnfx discord channel work for prop firms and they give prop firm standards which you can apply to your trading account and be very sure you won’t blow your account to 0, if you held them.
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Supertrend is for following the trend, although sometimes I found it to be late, and it did not match my delivery trades, so I am not using it. But it can be used for trailing SL, so mentioned it.
Like I said, we need to find those few indicators, which suit our trading style and strategies, which give us different information, using which we can come to a reasonable conclusion to take a trade or not. Find what serve our purpose.
A small is enough for my small home, but Himanshu may need a to protect his mansion
I don’t know if all the indicators that work for delivery trades can be used for day trading. For example, I don’t remember seeing VWAP for delivery trades, but people use it for intraday.
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I tested price action thoroughly it works but better to avoid altogether.
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The vast majority use them, it’s the simplest method, if you have traders using same tools they all head into one direction and pretty much whales , bears, bulls, volved & every other big institutions & big banks will react adversely in most cases. You don’t want to be part with them as tempting as it may sound, better avoid killzone. Just having your own algo and not using same tools and being a ghost with MM is enough and better.
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It’s way confusing. It’s not straightforward as indicators. Support turns resistance, resistance turns support, support turns into rebound. I still ask myself just how do people even trade properly. Nothing seems solid.
I am saying don’t use heikin ashi for entries. It works terribly for entries. I myself tested with so many indicators. It works best only with exit.
So after you entered position in normal chart with your system and after price moves little in your direction and scale out half of your position and then change the chart to heikin ashi and ride the trend till candle turns color.
After you made entry in normal chart, change the chart to 1 min, and change it to renko with block size ATR. Then add a MA with setting 3 period & 3 offset.
The renko system is what I am working on currently. There are lot of things here and I wouldn’t recommend you trading with renko charts, too many things to learn and you may confuse. Just use it for exit as I mentioned above.
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Forgot to say you, you are a beginner! Before algos maybe play with ichimoku kinko kyu, that works best too. Here
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The thing about exit Indicators or about any exit indicators is you cannot catch the exact bottom of a trend. Reality is not catching exact bottom. My suggestion to you is test with many exit indicators calculate the return i.e which brought you most pips and consistent and use that. The thing you are trying to do here is you can’t exit at exact bottom but you are trying to say very near it.
Use this risk structure.
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