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Found 36 results

  1. The Ins and Outs of Scaling Out In general, scaling out means exiting part of your position at one price and part at another price. There may be several different exits for the same system. By comparison, scaling in means building a position by entering the market at different prices, also known as pyramiding. For purposes of this discussion, I'll assume that all entries occur at the same price; i.e., scaling out will be examined in the absence of scaling in. Scaling out is often presented as a way to reduce overall position risk. For example, if you enter long with two contracts and the market moves in your favor, you might sell one contract at a fairly tight target, then let the other contract ride. If the market continues in your favor, you would benefit from the contract you still hold. On the other hand, if the market reverses, you at least profited from the first contract. More precisely, here is the basic scale-out approach I'll discuss: Enter with the full position at one price. Set a money management stop for the entire position, and set a relatively tight profit target for one-half the position. If the target is hit, move the stop to breakeven and trail a stop for the remaining half of the position. SCALEOUTSYSTEMS.ELD scaleoutsystems.txt
  2. The Relative Strength Indicator is one of the most commonly used technical indicators in today's forex trading markets. The RSI offers traders an objective way of determining when a bullish or bearish trend has reached its end and it ready to reverse.
  3. A trading indicator may be supplied on the trading platform by default, opr may be designed by the trader and added to the "custom indicators" folder of the trading platform. A trading indicator is usually attached to the currency chart for the purpose of technical analysis in order to discover and utlize trading opportunities.
  4. During my trading journey I regularly encounter very interesting people from various fields. Their unprofitability in trading is what often unites them, however, which is why they are seeking advice. Aspiring traders are unable to reap consistent profits off the financial market despite having been involved for many years and having tried various approaches. I assert that this is due to the lack of a fundamental understanding of trends, which is why my attempt is to demonstrate how price action is interpreted correctly. I personally had the luck to be taught by a mentor myself, and forged a trend trading strategy on top of this precious teaching. The nature of trends is the first thing an aspiring trader needs to fully comprehend. Trends do not stop from one moment to the other but last for a significant amount of time. A trend evolves in a sequence of support and resistance levels along its way, and reversals always take place after breaking an aforementioned level. Hence, there will be enough time to recognize a reversal and to adjust your position accordingly. If you look at the 1 hour chart of the ES for example. You will notice a repeated pattern of uptrends (higher highs and higher lows), downtrends (lower highs and lower lows), as well as support and resistance levels along the way. A break of such a level is taken as an entry opportunity to catch a reversal and follow a newly established trend. You never do anything prematurely and always wait for the market to tell you what to do. By doing so, you will avoid entering and exiting positions based on gut feel. That is all you need to boost your chances of becoming profitable. Let us think back to our childhood when we got our first bike. Our parents might not be particularly good cyclers but they knew one thing: to ride the bike we must be able to balance. Consequently, they do not bother teaching us which gear to use, or how to do dirt jumping. They leave it at the basics. But this is precisely what aspiring traders venture into. They start off with the most challenging stunts like scalping and picking tops without knowing anything about chart reading. Seeking answers in indicators is one of the major mistakes they succumb to. Whenever an aspiring trader comes to me, I will ask him to turn off all indicators, then give him the basic understanding he needs to start trading profitably. This includes price action, understanding the battle between bulls and bears, and trends. After that we go into more details such as risk management by using stop loss orders properly. To my surprise, many are able to find entries and manage positions with a bit of assistance within a few weeks, or have developed a totally new strategy with the help of the basics I provided. Most importantly, they do this without looking at any indicators that they used to love so much.
  5. Hi guys, Can anyone help me out by porting the following code originally made to ThinkorSwim to NinjaTrader? Here it is: declare lower; input length = 20; def closeLog = Log(close[1] / close[2]); def SDev = stdev(closeLog, length)* Sqrt(length / (length – 1)); def m= SDev * close[1]; plot spike = (close[0] – close[1]) / m; spike.setPaintingStrategy(PaintingStrategy.HISTOGRAM); spike.AssignValueColor(if close > close[1] then Color.UPTICK else if close < close[1] then Color.DOWNTICK else GetColor(1)); Thanks a lot!
  6. Hi everyone I am new to this forum and new to forex trading. I am looking for an indicator for MetaTrader 4 which gives an alert when stochastics for several time frames align and move in the same direction. Anybody has something like that? Cheers P.
  7. Hi fellow traders, I am a newbie to trading by technical indicators. I want help from you for identifying useful indicators which can be use for short term trading. There are many of them but please let me know significance of them and based on your experience which are very useful and reliable.
  8. Is there an indicator out there that monitors the rate or change in ATR indicator? This would show the ATR spikes & troughs as highs & lows depending on how severe they are.
  9. I will be sharing my EasyLanguage Indicators here. Some of the codes are of my own creation. Others are public license open source stuff that I have modified.
  10. Hello- A little help would be great. If someone could code two simple indicators - would be greatly appreciated. I use these in TS but want to also use them in NT - its been a long time since I've coded and my time is limited (due to current 9 - 5). The first one is Chick Goslin's 3 line indicator. (From his popular book Trading day by day back in 2004/2005) http://www.tradingdaybyday.com I've include the code from a TS post (code is in the public domain) I find this indicator to be pretty good at signaling trends and reversals (especially uptrends). Although it is simple - it is one of those things that just seems to work (I'm using it for 150, 300 Emini Tick charts) The second is an exponential moving average of the ratio of buy to sell volume plotted as an oscillator around zero. Thx Code fo Chick Goslin's Goslin Trigger.txt
  11. THE DOUBLE CCI TRADING METHOD I'm using my own CCI trading method using some of Woodie's "observations" to trade stocks and eventually options. I have collected some sophisticated nuances for each set-up and I do keep an eye on the price. I call a Head & Shoulders a Head & Shoulders , not a Ghost. Same goes for Shamu and Famir... there are run of the mill continuation patterns. :missy: Anyone for "meows" or "batman" set-ups? :crap: I never visited Woodie's trading forum. Have read most that has been written by Jeff, DrBob and others. From what I read, I have concluded the the old man has reached senility and has a Napoleonic complex along with a small and closed mind. The use of the double CCI does not produce a leading indicator ... just another tool like the 14-day stochastic. By the way, the same set-ups that you get using the 6- and 14- day CCIs are EXACTLY the same as the ones produced by the 6- and 14- day exponential moving averages. If you doubt me, check it out in your charting system. :helloooo: ***** If anyone is interested in discussing the technicalities of trading with the dual CCI sytem, I'm game! I will frequently check this forum to see if anybody has come alive. SAM6691
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