Not everythings's trend based, this was using the TTV method - catalyst , levels. There are others, eg accumulation & distribution.
If something is reacting the recent opening, or an event in the market (a catalyst), then that will override a trend.
A Trend means a run of higher highs etc, so that takes time.
I don't use MAs unless I'm in a rut. TBH I don't know the defaults of how they work on the T212 new platform yet.
If you want a quick MA-
ISH indicator, look at the Alligator. Look it up, it's not as simple as it looks, quite. It dumps some shifted MAs on the chart though.
Here - there's an obvous level where the 0% line is, and another where I put the dashed green line which was a SUPPORT level.
My
ins and
outs were about where the arrows are,, and I was only going long.
I went long when the price hit the dotty green level for the third or fourth time, off a pending buy order, then got out when there was an extra tall candle, similar top to the previous one as I've mentioned before.
Swore at it when it went higher, but nothing lost. Thought it might bounce off the level at "0%" , which it didn't reach but went back to dotty green so I went in again. Iirc I entered when it rejected the level - that long bottom wick, so at about 3%. I can't catch the wick like Catena does, but the new platform is better for quickly setting pending orders, on the chart, so I shold do better.
Have you checked the new chart yet? It's a bit of a hybrid but once you find "single click ordering" and the Plus sign on the horizontal crosshair it becomes better than it was.
Then there was another extra-high candle breaking the "0%" level, so take profit and exit. Then when it decided it was deffo breaking the 0% I went long for the third time, untl it wasn't, so quit around 20% mark.
If I'd been a proper day trader I may have followed it down, but iirc the catalyst had expired.
I put the Alligator on (3 lines) just now just to show it. You can adjust its time periods. If I had entered when green came up through at least red and the price above blue and was rising (there are variations on the "rules") then I would have made money, but not as much. Looks like the periods deaults are a bit long. The blurb will go on about teeth and lips and mouth. IN combination with the levels, you have
confluence, tick tick. It's quite a reliable thing, but you have to obey ALL the rules.
Like most but not all indicators, Alli is lagging, but the Price action, ie off the levels, only lags by one candle! Catalysts are a lagging indicator if the event was a once-off and has happened. If people are still getting the news and reacting to it, then it's
leading indicator.
Ope that elps.
You have to try this stuff without the pressure of the handbag on it, so maybe take a day off and only use the Sim.
When I started, I would think something was justified, but with any money at all at risk, I'd get scared. Even a couple of quid.
Then when you think "I'll try this" you realise you're being stupid - you're "seeing" if it'll lose you money.
Then I read something and took heed of what I'd heard so many times, that IF and only IF you are making money in the sim, then the losing trades are just part of doing business, like damaged goods in a shop.. Avoid them at nearly all costs, but they exist.
It's also good to see whether a trade would "come good" or not. If it's sort of meandering around all day and ot just went the wrong way on you, estimate how much you COULD lose. Would that be bearable? If not, get out ASAP.
One thing I've done (if the spread's small) is enter a counter trade for a slightly larger amount, so you start winning again while you hold on to the original (losing) trade. Then either close both when you're even/up a little, or close one of them. If the new (unintended) ove comes back, youclose your remedial counter trade, and watch the original's position come good, then hopefully go into profit. It works if you're range trading. That's raising the stakes so try it 10 times in the sim before you use money.
I may not bother today. A friend's 18yr old kid wants some help reading a book. Yoof of today, honestly.... And the dad will ask "do I owe you anything".
