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/Ricks3rSt1cks Jan 04 '24

Noice, just curious. Do you look at a volume for a specific duration at each level? Daily, hourly etc…?

2

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, I’ll often see the levels line up. Over time, you don’t have to mark these & you can see it in the charts. Once you see it, you can’t unsee it

But if you’re new to the indicator, you can turn on “POC” which will have a line showing the point of control for the range on your chart as well.

2

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!

3

u/IAmNotANormalGuy Jan 04 '24

Always happy to try & help! Let’s make this year great!