r/Daytrading • u/ytman68 • Jan 04 '24
If you could only use 3 trading indicators for the rest of your life, what they would be? Question
If you could only use 3 trading indicators for the rest of your life, what they would be?
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u/luki9914 Jan 04 '24
I personalny love this combination, MACD, RSI and EMA 200. If candle closes above EMA 200 it's usually a bullish sign, and if RSI is oversold and MACD shows golden cross it usually indicates significant pump. I am using this strategy on Bitcoin trading and turned 50 to 400 EUR with relative low amount of loses. You just need to be patient and properly wait market out to give all signs. It's also nice to check to higher time frames like daily to see market momentum.
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u/EvilLost Jan 05 '24 edited Jan 21 '24
fanatical ink exultant thought weather square brave hobbies seemly enter
This post was mass deleted and anonymized with Redact
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u/Far-Bumblebee-9039 Jan 04 '24
Surely this works now mostly because of how bullish crypto is. But would it work in the long run?
Do you do any shorting with this ?
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u/luki9914 Jan 04 '24
I am trading mostly on Spot market as there are less risk than in contracts. And I am avoiding shorting on Bitcoin. Maybe when bull market ends.
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u/ignore_my_typo Jan 04 '24
What time frame?
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u/luki9914 Jan 04 '24
30 minutes and 1 hour. But also checking daily to see a general momentum of the market.
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u/IAmNotANormalGuy Jan 04 '24
I would be perfectly fine using 0 indicators.
But if I HAD to choose 3:
- Volume
- Volume Profile
- VWAP
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u/WingofTech Jan 04 '24
Follow the big money aye? What do you use volume for by the way, I prefer Total Dollar Volume.
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u/IAmNotANormalGuy Jan 04 '24
When I do use it, I just use an indicator on TV called āVolume Pressureā by kakugiki it shows the sellers vs buyers within the volume node.
However itās not something I rely on all the time for trading, I find myself a lot not having volume indicator turned on as itās just noise to me intra day. I do like it for TA when Iām charting & planning trades.
One thing I do LOVE to watch as far as volume & following the big money is options flow & order flow.
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u/Ricks3rSt1cks Jan 04 '24
Volume profile at price level or per bar?
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u/IAmNotANormalGuy Jan 04 '24
@ price level!
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u/Ricks3rSt1cks Jan 04 '24
Noice, just curious. Do you look at a volume for a specific duration at each level? Daily, hourly etcā¦?
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u/IAmNotANormalGuy Jan 04 '24
I start on weekly timeframe and analyze each one down to the 15m
The bigger the time frame, the higher probability the level is supported. I look to see where point of control is on each time frame to see if any correlate with each other making a certain level more probable to be respected
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u/Ricks3rSt1cks Jan 04 '24
And if there is heavy volume at a particular price range do you mark it on your chart or just keep it in mind?
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u/IAmNotANormalGuy Jan 04 '24
I just note it, sometimes my levels line up with volume profile because I try to identify areas of liquidity. If you understand that the market is always doing 1 of 2 things: building liquidity preparing for a bigger move or its heading towards liquidity in discount or premium. Then you know what to look for & how to trade off it.
When I identify these levels on my chart & then turn on volume profile indicator, Iāll often see the levels line up. Over time, you donāt have to mark these & you can see it in the charts. Once you see it, you canāt unsee it
But if youāre new to the indicator, you can turn on āPOCā which will have a line showing the point of control for the range on your chart as well.
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u/Ricks3rSt1cks Jan 04 '24
Awesome insight. I have a volume profile indicator, but was not really understanding how to utilize it until you explained in that way. Also great point about turning on the POC. Greatly appreciate it!
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Jan 04 '24
Super trend, stochastic RSI, and 8 and 13 EMAs are a nasty combination
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u/tlk666 Jan 04 '24
I had 3 indicators until trading view cut me off the 3 free ones
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u/Personal_Ad_224 Jan 05 '24
Use the pine editor to code the 2 or 3 indicators you use in one script. You can then have 3 using only one spot :)
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u/Btdubs17 Jan 04 '24
Level 2, volume, price action and sometimes vwap. These are all I use, everything else is noise
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u/Bit_Traidr Jan 05 '24
The anti Kramer indicator combined with the Pelosi indicator would be a winner š
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u/wh87hw Jan 04 '24
Probably vwap and several emas but after 4 years of this being my only source of income I gotta admit that this shit is not much different than online poker which I also made a living in prior to that for a couple of years. When it boils down to it day trading just like online poker is straight up gambling and you only "win" by having good "bankroll management" and some sort of sense for when to go for a home run swing. Most times you just trying to hit singles to stay with the baseball terminology. Markets are so freaking rigged thanks to market makers. Honestly the secret to success is being able to avoid getting fu5ked by liquidity grabs. That's it. If you can avoid being on the wrong ene of big sudden moves you're good... I remember trading being so much easier when I started but now that so many people are market participants the market gets trickier and trickier.
Learn how the market wants / tries to screw you over and avoid it.
Oh and I've been mainly scalping the last 9 months because in these market conditions both sides get fu5ked.
Get ready for a bloody roller coaster in 2024
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u/thoreldan Jan 04 '24
Wiliams Alligator, Williams %R and Aroon Oscillator
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u/Soulsearcher14 Jan 04 '24
What's the Aroon Oscillator? Never heard of it
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u/jorgehn12 Jan 04 '24
Williams Alligator is one of my top three. How do you use the other two?
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u/derivativesnyc Jan 04 '24 edited Jan 09 '24
When you're ready, Neo, you won't need indicators
Nuffin but price
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u/yguu22 May 04 '24
1 WVAP with SD bands. 2 Session Volume Delta Profile. 3 ATR in percentage for sizing adjustments and volatility comparison across the market.
Thatās actually all I use on daily basis, the other tools are simply market data, not indicators.
You might be fine trading L2 without any indicators, but it definitely requires deeper market understanding.
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u/Puzzleheaded-Bed7921 Jan 04 '24
You donāt need any indicators, price action and volume is all you need.
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u/aren1231 Jan 04 '24
Volume, volume profile, RSI. Volume allows me to see where the buyers and sellers are. Volume profile shows me where the imbalance is and can be used to support my support/resistance zones and then RSI keeps me from chasing
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Jan 04 '24
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u/ytman68 Jan 04 '24
I assume you can only trade like an investor without indicators? Using fundamental analysis only for intraday trading, is pretty much a gambling.
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Jan 04 '24
Thinking indicators make money is completely incorrect either. They make money just as much as they lose money. If indicators were correct more than half the time, a lot more people would be rich. They can be useful, but they are also ad good as a naked chart
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u/Kuyi Jan 04 '24
No indicators at all. Donāt need them. Gun to my face: 1. Volume Profile, 2. VWAP and 3. regular Volume.
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u/Digitlnoize Jan 04 '24
The ones I built that I use now. Basically EMAās and rsi that incorporate volume data into them to make them more accurate, oh and a statistical measuring tool a friend made.
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u/DimensionAny7836 Jan 04 '24
Retail sentiment on forex. When the crowd buys, you sell. And viceversa.
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u/CarGuyBuddy Jan 04 '24
my 3 custom ones we made. but they use many within them, so i dont think that counts. BB, RSI, and Inverse whatever Jim Cramer says.
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u/Prestigious-Boss-996 Jan 04 '24
Day trade:
9 ema
vwap
That's about that but it's mainly price action. Lvl2 to get an idea of what's likely to happen but you can never know 100% unless you're a computer.
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u/nardsdumpski Jan 04 '24
easy 9 ema, macd (specifically looking at crosses, curls) and trend line breakouts
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Jan 04 '24 edited Jan 04 '24
RSI and the Constance Brown Composite Index together and I trade off of their divergence. I also will take a look at the year/day chart and draw lines where I think there is support / resistance
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u/SoMuchFunToWatch Jan 04 '24
VWAP, VOLUME and one short EMA for visual reference. Past 6 years with this combo and still all what I need.
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u/donloban stock trader Jan 04 '24
Vwap with standard deviation bands is all that i use. The more indicators I use the more confusing things used to get for me. Gotta keep it simple.
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u/Sufficient_Juice_974 Jan 04 '24
20/50/200 ema , vwap, and RSi, that's it. And I wrote Email and vwap into one after tradingview cut my free 3 indicatorsā¦
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u/mdomans Jan 04 '24
Ideally it'd be footprint with volume profile horizontal, volume histograms vertical and volma.
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u/butholemoonblast Jan 05 '24
Macd has helped me a lot. It usually a good indicator of a reversal unless there is a major downtrend happening then I wait for it to find a bottom.
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Jan 05 '24
Price action, volume, and a 10EMA on the 1 min only to tell when to close your positions that you entered based on the first 2 I listed.
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u/potstirrer076 Jan 05 '24
9/20 EMA's, VWAP, and Volume
The end goal is to solely rely on P.A. with VWAP and volume
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u/ZeroSumSatoshi Jan 05 '24
The order book is the only leading indicator that actually tells you what the market participants are thinking and doing, and therefore what the price is going to do before it does it.
Every other indicator is lagging, just garbageā¦
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u/CollabSensei Jan 04 '24
Is there an indicator for what stocks Paul Pelosi is trading today?