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Before I traded using price only, I had a slew of technical indicators, most of which have been mentioned here. Dropping those comfort tools was really a challenge until I overlayed those technical entry signals with the price action signals I learned.
What I discovered was that my "old" entries (which usually required multiple confirmations from a variety of indicators) were anywhere from 1/2 to 2 ES points behind the price action triggers. That's a huge difference which I now, in retrospect, view as slippage. That slippage went right into the pockets of the pros who took the other side.
In the ultra-competitive game of ES day trading, one can't afford to give that much up and hope to consistently turn a profit. |
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So Trex, anything more to add???
: rofl: