Welcome to the Traders Laboratory.

Beginners Forum Interested in trading but don't know where to start? Post any questions you may have here.

Reply
Old 01-30-2007, 02:16 AM   #1

Join Date: Jan 2007
Location: Iselin
Posts: 22
Ignore this user

Thanks: 4
Thanked 1 Time in 1 Post

What are the best technical indicators to daytrade YM?

Folks

I am a newbie.There are many technical indicators like RSI, MACD , sma, ema , Williamson% R, Arms indicator, TRIN etc., All of these may not be good for day trading. May be good for swing trading. What are the best indicators to learn for day trading to find oversold/overbought conditions, trend etc?

thanks.
sudha78 is offline  
Reply With Quote
The Following User Says Thank You to sudha78 For This Useful Post:
Old 01-30-2007, 04:05 AM   #2

Join Date: Jan 2007
Location: Toronto, Ontario, Canada
Posts: 236
Ignore this user

Thanks: 1
Thanked 24 Times in 14 Posts

Re: What are the best texchnical indicators to daytrade YM?

in my opinion, price, volume and TICKs.

I'll also compare all 4 markets with each other to see who is leading and lagging for the day. Along with VIX index.

TRIN and put/call, I have it up but they are always in conflict with me, so I just use what best suits me even though they offer clues on its own, I just cannot interpret it to make it profitable for me.

everything else lags because its a mathematical calculation.

I'd suggest understanding the psychology of trading first because no amount of indicators will help if you don't understand yourself and how you'll fit into the trading environment.

Not to be discouraging but its taken me 8 years to understand myself and the trading environment. A whole wack of money along with pain and emotional suffering.

The size of your account helps to survive but it is a right of passage to make it in this type of business. If you give up, you'll never succeed at this business.

Once you get that, its just a matter of working out the kinks to come up with a trading plan that fits your temperment and personality. You might not even be suited to intraday trade .

Last edited by wsam29; 01-30-2007 at 04:07 AM.
wsam29 is offline  
Reply With Quote
The Following User Says Thank You to wsam29 For This Useful Post:
Old 01-30-2007, 04:40 AM   #3

Kiwi's Avatar

Join Date: Oct 2006
Location: the zone
Posts: 1,000
Ignore this user

Thanks: 248
Thanked 859 Times in 398 Posts

Re: What are the best texchnical indicators to daytrade YM?

Price and a couple of moving averages. Learn to observe price and how it acts at support and resistance (prior highs and lows, well chosen moving averages or keltners).

You can use volume if you trade something where it works (it doesn't work so well in heavily manipulated or very thin markets).

Also you could add the behaviour in support and resistance created by action and volume at price levels (aka Market Profile).
Kiwi is offline  
Reply With Quote
Old 01-30-2007, 10:36 AM   #4

Join Date: Jan 2007
Location: Iselin
Posts: 22
Ignore this user

Thanks: 4
Thanked 1 Time in 1 Post

Re: What are the best texchnical indicators to daytrade YM?

Thanks for the vauable replies. Now I trade continuation and trend reversal but not not looking at technical indicators. I heard that too much of technical indicators is a overkill.
sudha78 is offline  
Reply With Quote
Old 01-30-2007, 11:22 AM   #5

Soultrader's Avatar

Join Date: Aug 2006
Location: Tokyo
Posts: 3,661
Ignore this user

Thanks: 539
Thanked 1,445 Times in 502 Posts

Re: What are the best texchnical indicators to daytrade YM?

Quote:
Originally Posted by sudha78 »
Folks

I am a newbie.There are many technical indicators like RSI, MACD , sma, ema , Williamson% R, Arms indicator, TRIN etc., All of these may not be good for day trading. May be good for swing trading. What are the best indicators to learn for day trading to find oversold/overbought conditions, trend etc?

thanks.

Hello sudha78,

Its very interesting you mention oversold/overbought conditions. I had a post with Pivotprofiler indicating the same thing: there is no oversold/overbought condition. My advice for you is to study price action. Market internals will help you significantly such as: TICK, TRIN, PC Ratio, and Prem. But as a new trader you should not enter the wrong path as everyone else does by studying every indicator known to mankind. If you are working on reversal points, identify support and resistance. No need to complicate things, trading is fairly simple. (simple but not easy)
Soultrader is offline  
Reply With Quote
Old 01-30-2007, 12:23 PM   #6

Join Date: Oct 2006
Location: na
Posts: 307
Ignore this user

Thanks: 33
Thanked 92 Times in 60 Posts

Re: What are the best texchnical indicators to daytrade YM?

I personally think price action ( I use candle patterns as I dont know or how to read tape) along with moving average. I try to go with the trend, the path of least resistance is where I want to be.
trader273 is offline  
Reply With Quote
Old 01-31-2007, 04:00 AM   #7

Join Date: Jan 2007
Location: Toronto, Ontario, Canada
Posts: 236
Ignore this user

Thanks: 1
Thanked 24 Times in 14 Posts

Re: What are the best texchnical indicators to daytrade YM?

oh the dreaded stage of learning about every indicator out there to find the one that is perfect, winner everytime.

I remember those times, then you go from 2 indicators to 10, then you try 5, then none at all, then back to 1, all on the same screen to the point its a indicator sandwich with a pickle on top...oh wait, price chart on top.

If and when that does happen, its time to look in the mirror and address the real problem.

Any trader out there denying they never went through that phase I would say are lying or have never traded before in their life.

I'm guilty of the offense.
Attached Thumbnails
What are the best technical indicators to daytrade YM?-sandwich.png  

Last edited by wsam29; 01-31-2007 at 04:08 AM.
wsam29 is offline  
Reply With Quote
Old 01-31-2007, 04:10 AM   #8

Soultrader's Avatar

Join Date: Aug 2006
Location: Tokyo
Posts: 3,661
Ignore this user

Thanks: 539
Thanked 1,445 Times in 502 Posts

Re: What are the best texchnical indicators to daytrade YM?

Quote:
Originally Posted by wsam29 »
oh the dreaded stage of learning about every indicator out there to find the one that is perfect, winner everytime.

I remember those times, then you go from 2 indicators to 10, then you try 5, then none at all, then back to 1.

If and when that does happen, its time to look in the mirror and address the real problem.
hahaha... been there myself. Even bought a book called The Encyclopedia Of Technical Market Indicators my first year in trading. lol Oh man.. how useless it has turned out to be.

I use market internals, market profile, and tape. But on my price chart, I have nothing. Just simple pivot and MP levels
Soultrader is offline  
Reply With Quote

Reply

Thread Tools
Display Modes Help Others By Rating This Thread
Help Others By Rating This Thread:

Similar Threads
Thread Thread Starter Forum Replies Last Post
Divergences: Indicators? newtrader Technical Analysis 34 03-03-2012 03:23 PM
Are Day Traders 100% Technical? Soultrader Technical Analysis 8 08-16-2011 09:51 AM
Why technical indicators are useless in trading Soultrader Beginners Forum 4 08-13-2007 09:30 AM
Broker/Tool for Technical Indicators sudha78 E-mini Futures Trading Laboratory 3 02-13-2007 06:16 PM
strategies, indicators and so forth JayRemy Coding Forum 4 01-01-2007 07:09 PM

All times are GMT -4. The time now is 05:27 PM.
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
CS to VB integration by DeskLancer
2006-2011 Traders Laboratory, All Rights Reserved.