Chart of the Day Video:
I love these indicators so much.
It’s kind of obvious that I am a technical analysis nerd, and I love RSI, I love Stochastics, pin bars, and all kinds of other indicators.
But in the video above I talk about a new “consecutive bars” indicator that I’m loving for my short-term trading in the morning.
You can get them in the indicator package on TradingView.com right here. And they’re on sale right now, when you subscribe for a year, and you don’t have to do anything special to get the discount.
We’re adding indicators every week almost these days, so it’s kind of awesome.
Ok, here’s what is happening on that chart above, in the video:
- I’m looking for areas where price has gone overbought or oversold on 5 time frames simultaneously (thats a big deal!!)
- I’m looking for areas where we have 8+ candles going bullish or bearish consecutively
When that happens, I know I want to look for a trade in the opposite direction.
What I love about this is the focus: I am not looking at the market all the time. I’m only looking at the market when something extraordinary happens.
Too many people are looking at the charts all day long, or trading on anything they see, or trying to justify a trade because they want to trade.
On the other hand, the successful traders are waiting and watching and waiting some more. Or, like me, they just wake up, scan through 10 charts, and see if anything is overbought / oversold on 5 time frames – and then they take a trade and walk away.
I’m off to have breakfast with Joel (a trader). I’ll try to update this post later with a photo from breakfast.
Have the best day ever